May & Baker rallies on inauguration of vaccine board

May & Baker Nigeria Plc – the majority shareholder in Nigeria’s indigenous vaccine-producing company, Biovaccines Nigeria Limited, recorded the highest gain at the Nigerian stock market last week, as the board of the vaccine-producing company was inaugurated in Abuja

May & Baker Nigeria rose by 4.95 per cent to close at N2.97 per share last week Wednesday, the highest percentage gain at the Nigerian Stock Exchange (NSE).

The benchmark index had shown average decline of 0.96 per cent for the equities market with only 11 gainers against 43 losers as profit-taking transactions dominated the market.

The board of Biovaccines Nigeria was inaugurated by Minister of Health, Prof. Isaac Adewole. Members of the board included Prof Oyewole Tomori, a renowned virologist and former vice chancellor of the Redeemers University as chairman; Dr. Faisal Shuaib, Executive Director and Chief Executive Officer, National Primary Health Care Development Agency; Pharm. M. Lawal, Director, Food & Drugs, Federal Ministry of Health.

Others include Pharm Nnamdi Okafor, Managing Director, May & Baker Nigeria Plc; Dr. Edugie Abebe, a former Permanent Secretary and Director of May & Baker; and Mr. Ayodeji Aboderin, Director of Finance, May & Baker. The Managing Director of Biovaccines Nigeria Limited, who will be announced soon, is also expected to join the board.

Speaking at the inauguration ceremony, Okafor said the board of Biovaccines Nigeria will immediately begin business to prepare the ground for the eventual production of vaccines in the country.