PZ Nigeria Plc has firmly dismissed rumors suggesting an exit strategy from Nigeria, asserting its dedication to the country and its rich business history spanning over 124 years. A senior official from the company clarified the situation, emphasizing that the shareholders have collectively resolved to continue their operations in Nigeria.
The official, who preferred to remain anonymous due to the lack of authorization to speak on the matter, revealed that the decision to remain in Nigeria was solidified during the company’s recent Annual General Meeting at the Transcorp Hotel in Abuja. He stated, “The Board of Directors of PZ resolved in their last Annual General Meeting that they were not exiting Nigeria.”
Highlighting the significance of Nigeria as a pivotal market for PZ Nigeria Plc, the senior official stated unequivocally, “Nigeria is an important market to them; we are not going anywhere.” Despite acknowledging the challenges faced by businesses, he emphasized the need to consider the benefits reaped over the extensive 124-year presence in the country.
While dispelling exit rumors, the official disclosed that the board has made a decision to buy off minority shareholders. Negotiations are currently underway to finalize the terms and agree on the purchase price. This strategic move aligns with the company’s commitment to consolidating its position and ensuring a focused business approach.
PZ Nigeria Plc, a pharmaceutical company with a longstanding history in Nigeria, remains steadfast in its dedication to the market. The decision to buy off minority shareholders is viewed as a strategic step to streamline operations and fortify the company’s position in the evolving business landscape.
As discussions progress, PZ Nigeria Plc aims to reinforce its presence in the country, reiterating its commitment to contributing to Nigeria’s economic growth and development. The pharmaceutical giant continues to navigate challenges while embracing the opportunities that Nigeria, with its rich history, presents for sustained business success.