May & Baker gets N1billion Intervention loan from CBN

Adebayo Obajemu

As part of measures to shore up the pharmaceutical industry, the Central Bank has made available to May& Baker an intervention fund of N1 billion for pharmaceutical companies .

May and Baker had spent its 2019 N1.8 billion Rights Issue servicing debt and paying dividends.

In the annual report of the company, it got an intervention fund of N1 billion from the CBN in the first quarter of 2020. The amount was right on time as it was just before the COVID-19 pandemic broke across the country causing an economic shut down that has negatively impacted industries across the country. The fund increased the company’s net loans from  N482.5 million in December 2019 to N1.7 billion in the first quarter of this year.

Recall that the company had also received a CBN fund for manufacturers to the tune of N920 million in October 2010.