BusinessDay 11 Jan 2019

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he economic slowdown is hitting Nigerians so hard that they now cannot afford to buy the right drugs that will cure their ailments. This has led to many people resorting to cheaper and sometimes very dangerous substi-

L-R: Mahmoud Isa Dutse, permanent secretary, Ministry of Finance; Chukwuweike Uzor, director, highways planning and development, Ministry of Works; Babatunde Fashola, minister of Power, Works and Housing; Zainab Ahmed, minister of Finance, and Patience Oniha, DG, Debt Management Office, during the presentation of N100 billion 2018 Sovereign Sukuk Symbolic Cheque to the Federal Ministry of Power, Works and Housing in Abuja, yesterday. Pic by Tunde Adeniyi

3M 0.00 13.21

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Drug sales slump 50% as Nigerians cut spending, seek cheap substitutes T

ODINAKA ANUDU, ANTHONIA OBOKOH & MICHAEL ANI

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Download e-copy of Women’s Hub from www.businessday.ng

Pharmacies closing operations

tutes, causing many pharmaceutical companies who have seen up to a 50-percent fall in sales to close shop or sell their operations. “The drop in sales is about 30 to 50 percent in the last two years. Many pharmaceutical stores are doing 50 percent to

70 percent of what they were doing before now,” said Chidi Okoro, founder, Drugs and Medicaments Nigeria Limited, with about 14 retail outlets across Nigeria. Okoro explained that the pharmaceutical industry responds fast to economic head-

winds, as patients and families tend to spend less during times of economic stress. “People are buying cheap brands because they do not have money. Rather than buy malarial drug for N1,200, they prefer to buy that of N600, which Continues on page 34

Adrian Wood pushed to expose inside dealings behind 9mobile sale

…as local shareholders fight back JUMOKE AKIYODE-LAWANSON & LOLADE AKINMURELE

S

ources close to Teleology Holdings say accusations from local shareholders claiming the Adrian Wood-led parent company failed to meet financial and physical obligations are false and may leave them with no choice but to Continues on page 34

Inside Abubakar, Mustapha, Amaechi lead stakeholders to NIMASA Maritime awards, corporate dinner P. 33


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