Nnamdi Okafor retires as May & Baker MD — after 35 years of service

Nnamdi Okafor, managing director (MD) of May & Baker Nigeria Plc, a leading pharmaceutical manufacturing company, is set to retire after 35 years of service.

Okafor, who was appointed as the company’s MD in February 2011, will be retiring on December 31.

Addressing journalists in Lagos on Friday, the outgoing MD said the company seeks to expand its operation in Nigeria and sub saharan Africa.

He said Patrick Ajah, the incoming MD, will set May & Baker on a new pedestal in actualising the company’s vision of becoming a pharmaceutical giant.

Citing his achievements as the company’s MD, Okafor said his administration doubled revenue and tripled profit before tax.

He said the company’s balance sheet size doubled and shareholders’ equity grew by 100 percent under his leadership.

“As at February 2011 when we took over, profit before tax was a third of a billion naira. This has today tripled as May & Baker Nigeria is now in the billion-naira-profit-club. Our balance sheet size has doubled (from N7bn to N14bn) and well as our revenue,” he said.

“Also, our total shareholders’ equity has grown by 100% from N2.9 billion in 2010 to N6 billion by 2020. We achieved all these by investing in key infrastructure, research and innovation.

“Over this period the cash flow of the company which was a critical issue when we first assumed office has been turned around. Net cashflow which was consistently negative in the first five years due to high debts from banks was turned around in the second half of the decade having paid off the banks and all short-term debts, injecting fresh equity capital through rights issue and accessing longer-term, low-cost debts from the Bank of Industry and the Central Bank of Nigeria intervention facilities.”

As part of its expansion process, Okafor said the company has invested in new projects including “a billion naira dedicated plant for one of our major products, paracetamol, and two new state-of-the-art plants for hand sanitizer and herbal products currently under construction”.

He said his administration failed in some areas which resulted in lessons that will guide the incoming administration.

The outgoing MD added that the company seeks to expand its operation in becoming a major healthcare brand in Africa.

“We failed in some places but we have learnt from them as we plan to use the lessons as the company moves forward,” he said.

“In the next 10 years, we want to be a big name in sub saharan Africa and to get there, we want to dominate the Nigerian market first. We want to expand this business to become a mega brand in the continent, that is what we are looking at.”