Committed to the continuous development of the Nigerian financial market, in collaboration with market stakeholders, FMDQ Securities Exchange Limited (FMDQ Exchange), a wholly-owned subsidiary of FMDQ Holdings Plc (“FMDQ Group), has through its Board Listings, Markets and Technology Committee, approved the Registration of the Fidson Healthcare Plc N10 billion Commercial Paper (CP) Programme on its platform.
This milestone for Fidson Healthcare PLC (Fidson), a leading pharmaceutical manufacturing company in Nigeria, has seen it join other corporate institutions across various sectors of the economy, to not only raise capital to support its business operations but to also enjoy the benefits of visibility, transparency and liquidity that come with FMDQ’S Quotation Service. Fidson, which runs a ‘Current Good
Manufacturing Practice’ (CGMP) Compliant facility, is crafting an exemplary architecture for the Nigerian pharmaceutical industry by playing defining roles in the emergence of a new generation of industry players, as the importance of the pharmaceutical industry to the prosperity of the global economy cannot be overemphasised.
In a statement provided by the Chief Financial Officer, Fidson Healthcare PLC, Imokha Ayebae, he said,
“We are glad about the successful registration of Fidson Healthcare Plc’s N10 billion CP Programme on the FMDQ platform. This is particularly significant as it coincides with the company’s 26th anniversary on March 1, 2021. Since its inception in 1995, Fidson Healthcare Plc has remained committed to the growth of the healthcare sector in Nigeria. This strategic move aligns with our vision to be the preferred healthcare provider as a leading player in the pharmaceutical manufacturing industry in Nigeria and West Africa.
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The CP Programme, which is poised to further broaden the company’s sources of capital by accessing funding from the Nigerian debt capital markets, will also reduce our overall funding costs. Proceeds from this Programme will be used to meet the company’s short-term working capital requirements which are geared towards providing quality services to our valued customers”.
Axxela Limited has through its subsidiary, Transit Gas Nigeria Limited (TGNL), and in partnership with the Nigerian Gas Marketing Company Limited (NGMC) commissioned an 18km gas pipeline system in Ogun State, Southwest, Nigeria.
The 150mm standard cubic feet (scfd) gas pipeline runs from Ibefun to Rite Foods Limited’s large-scale factory in Ososa, Ogun State.
Rite Foods is the manufacturer of Bigi Drinks, Rite and Bigi Sausages, and Fearless Energy Drinks. With consistent gas supply, the fastmoving consumer goods company will achieve significant energy cost savings.
Speaking on the project commissioning, Bolaji Osunsanya, Axxela’s CEO, highlighted the company’s commitment to growth and industrialisation, saying, “This venture is in firm alignment with our near-to-long-term market expansion strategy, and emphasises our push to broaden our asset portfolio and strengthen our market play within the gas sector.
“Axxela/NGMC pioneered gas distribution in the Greater Lagos area, and our present positioning enables us to significantly increase our industrial and commercial client footprint across the South-western corridor.”
By providing the gas advantage, the CEO said, “The company is enabling the development of self-sustaining industrial clusters to bolster Nigeria’s industrialisation and socio-economic empowerment.”
The Sagamu Gas Distribution Zone (SGDZ) development is a joint venture between NGMC and TGNL, which commenced operations in 2019 by delivering gas to growing industrial users including Apple & Pears Limited, West Africa Soy Industries Limited, Uraga Power Solutions Limited, Emzor Pharmaceuticals Industries Limited and Coleman Technical Industries Limited.
Speaking on the NGMC/ TGNL JV and the new pipeline grid, NGMC’S managing director, Faruk Usman, said: “As part of our strategy, we are delighted to pioneer and implement initiatives with private players, which is a clear indication of our willingness to collaborate and ensure the success of Nigeria’s Gas Expansion Programme. The SGDZ will contribute to the development of Sagamu and its environs by facilitating industrial growth, cleaner energy generation, and fostering community employment through gas availability.”
