Business
$75m: Pfizer Demands DNA Report from Beneficiaries
Pfizer International, the US pharmaceutical company that carried out a meningitis trovan test in 1996 on a number of children in Kano State, has demanded a Deoxyribonucleic Acid (DNA) report as a pre-condition for beneficiaries to draw down on the $75 million judgment money against it, a retired justice of the Supreme Court, Justice Abubakar Wali, has said.
Speaking at the palace of the Emir of Kano on Friday, Justice Wali, who traced the history of the trovan test, said Pfizer came to Nigeria in 1996 at the peak of the outbreak of meningitis disease in Kano to offer assistance on affected victims. He said, unknown to the government and people of the state, the company had come to test the drug, which resulted to deforming and killing of many children in the state.
The retired Justice also said his team was at the palace to seek the guidance of the emir, Alhaji Ado Bayero, as plans were afoot to sensitise the people against coming in to make wrong claims. He assured that “all the victims must undergo DNA test to ensure that the genuine victims benefit from the settlement.”
Justice Wali also told the emir that out of the $75 million judgement money Pfizer agreed to pay, $30 million would go to the victims and their families. Another $30 million would be used to provide health projects in the state, while $10 million would go for litigations and $5 million used to settle sundry expenses.
Responding, the Emir Bayero explained that he was aware of the task before the committees instituted by the state government to handle both the settlement of compensation to the victims and healthcare issues, as agreed by Pfizer and Kano State government.Bayero said the Kano State Government had constantly been updating him on any development relating to the Pfizer case and commended the government for leading the litigations initially started by the families of victims. He said such an effort had yielded positive results.
According to him, “ I have to commend the efforts of the government in ensuring that justice is done, through the out of court agreement, what I want people to do now is since the monies will be provided soon for settlement of the victims or their families, modalities should be followed to the last letter so that only the affected families benefit”.
He advised that the people should be aware of the modalities to be followed in taking the claims; as such all claimants should be honest because the calibre of persons in the two boards would not in any way allow abnormalities.
He cautioned pharmaceutical companies worldwide to conform to the ethics and avoid testing animal drugs and vaccines on human beings. He said that what happened in Kano in 1996, in which hundreds of children were reported dead or deformed through the application of meningitis trovan test drugs was a great lesson to the whole world.
Other members of the settlement team that accompanied Wali to the palace were Justice S. M Balgore (rtd), Professor Isa Hashim, Dr Musa Borodo, Professor Mutassir Ibrahim and Dr Prosper Igboli.
Besides, Wali said the state government had also instituted a healthcare board under Professor Shehu Ahmed Sa’id Galadanchi as chairman to fast track the implementation of government’s action plan arising from the Pfizer case.
Other members of the board are Professor Auwalu Hamisu Yadudu, Architect Ibrahim Haruna and Dr. Habibu Sadauki, Alhaji Adamu Aliyu Kiyawa and Alhaji Adamu Jafiya
Both boards, Wali said, have Mr. David Odiwo and Alhaji Umar Farouk Ibrahim of the SSG office as secretary and assistant secretary respectively.
Kano State Government on July 30 formally signed an agreement with Pfizer over the controversial drug trial. The out-of-court settlement in the multi-billion-dollar suit against Pfizer, in the three-year drug test in the state, came after years of litigation.
“We have settled and we are signing an agreement , Kano State government has finally reached a $75 million settlement agreement with Pfizer Pharmaceutical Company, over the 1996 Trovan test in the state,” said Aliyu Umar, counsel for Kano State government, had said then.
Kano State Governor, Ibrahim Shekarau, had said he was in London with leader of the Trovan test victims’ chairman, the State Attorney-General, and the State Commissioner for Health to finalise agreement and work out modalities with Pfizer executives on how the money would be shared. He said the full payment might take up to 2011.
Business
Private sector gets N2.2tr credit in 30 days — CBN
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
Business
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