MAY & Baker Nigeria Plc has announced plans to achieve a turnover of N25bn in the next five years. In a statement, the company explained that it was hoping to enter into an international partnership as part of its efforts to get more funding and technical support.

According to the statement, the Managing Director, May & Baker, Mr. Nnamdi Okafor, made the announcement during an interactive session with capital market stakeholders on Wednesday. The meeting which was attended by stockbrokers, shareholders, and bankers, among others, was held at the company’s Pharmaceutical manufacturing facility known as ‘Pharmacentre’ at Ota, Ogun State.

Okafor was said to have told the stakeholders that the targeted turnover was in line with the company’s drive to deliver on its commitments to its customers and shareholders, stressing that the management was in “a hurry to achieve results”.

While taking the stakeholders on a tour of the facility, the managing director told them that the centre, which was designed for the production of vaccines, was very important to the firm’s operations.

Okafor, explained that four firms had already indicated interests to take advantage of the state-of-the-equipment available at the centre.

Established in 1944 with focus on human pharmaceuticals, May & Baker diversified into the foods business in 2006 with the construction of a pasta food-processing factory.

In June this year, the Federal Government had signed a Memorandum of Understanding with the company for the production of vaccines in the country, a move aimed at revitalising the moribund Federal Vaccine Production Laboratory project in Yaba, Lagos.

Source: Punch (written by Simon Ejembi)