By Nse Anthony-Uko
(Sundiata Finance) — Indigenous pharmaceutical company, FIDSON Plc, has set a target of about N14 billion revenues this year after opening the fourth manufacturing facility in Ota, Ogun state.
Speaking while receiving the minister of Science and Technology Dr. Ogbonnaya Onu, who was on tour of some industries in Lagos, the managing director of the firm Mr Fidelis Ayabae said the company was incorporated as a private limited liability Company in1995 and commenced business activities the same year
Ayabae who was represented by Mr Olugbenga Oluleye director sales said the principal activities of the Company include manufacturing and distribution of pharmaceutical products and that the company’s shares were quoted the Nigerian Stock Exchange on 5 June, 2008.
The issued share capital is held as to 39.32 per cent directly by the directors, 5.74 per cent indirectly by the Directors and 54.94 per cent by the Nigerian Public.
Ayabae stated that the firms corporate governance strategy and initiatives are geared towards complying with the Securities and Exchange Commission’s Corporate Governance Code and maintaining an amicable relationship with the various stakeholders on which our continued existence rely. Our second approach to Corporate Governance is to use the doctrines of good governance to engender sustainability of our operations.
“We have continued to subject our operations to periodic examinations and audit by independent auditors which include current Good Manufacturing Practice (GMP) and the National Agency for Food and Drugs Administration and Control (NAFDAC). Each audit/examination report is made the subject for consideration by a committee headed by an executive director for proper review and implementation.
Overseen by the board of directors, corporate governance practices are constantly under review, in line with the dynamics of the business environment. The Corporate Governance policies adopted by the board of directors are designed to ensure that the Company’s business is conducted in a fair, honest and transparent manner which conforms to high ethical standards” he said.
Also speaking, Mr. Biola Adebayo executive director operations said the firm has made significant investment in the pharmaceutical space but lamented that the business environment is not clement to enable the sector thrive. Adebayo informed the minister that access to fund by operators have been hampered by high interest rate and urged him to influence a single digit fund for the pharmaceutical sector.