GlaxoSmithKline (GSK), a British multinational pharmaceutical and biotechnology company has announced plans to exit Nigeria, after 51 years of operation in Nigeria.
The company said that it would appoint a local third-party distributor in Nigeria for the supply of its consumer healthcare products.
This exit is on the back of challenges the company experienced with accessing forex which was disrupting the availability of drugs in Nigeria.
At the same time, the company said it is now working with its advisers to agree on the next steps, while it plans to submit a scheme of arrangements to the Securities and Exchange Commission for the possible return of cash to its local shareholders.
GlaxoSmithKline was incorporated in Nigeria in June 1971 and commenced business the following year.
The multinational pharmaceutical company, initially known as Beecham at its incorporation, is well-known for products like Panadol, Ribena, Lucozade, Macleans, and Andrews Liver Salt, among other products.