Pharmacy Towers Committee Visits Pharmanews, Seeks Media Support

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Towards the commencement of fund raising for the construction of the Pharmacy Towers- an eight storey building, estimated to cost N1.8 billion, the Chairman, Pharmacy Towers Committee, Dr John Nwaiwu and some members of the committee, paid a courtesy visit to the Managing Director, Pharmanews Limited, Sir Ifeanyi Atueyi to ask for his collaboration on the project.

The Chairman, who explained their mission to the Pharmanews boss, said they came to solicit media partnership in terms of reaching out to all pharmacists and friends of pharmacy, to facilitate effective mobilisation of all, for significant participation in the fund raising exercise.

He explained how they have contacted banks for loan on the capital-intensive project, but the financial experts have directed them to raise a 30 per cent equity investment on the project first, as a sign of their commitment to it, thereafter, the banks can loan them the 70 per cent balance for the completion of the building.

Thus, to realise this 30 per cent equity investment, which is about N700 to N800 million, Nwaiwu said the committee agreed to use a strategy which categorised the investors into two broad groups- Friends of Pharmacy and Pharmacy Group. The friends of Pharmacy group was further divided into three groups:  Gold Pillars- investors of N5 million and above; Silver Pillars- Investors of N3 million and above; and Bronze Pillars are those investors of N1 million and above, while the total sum projected for this group is N200 million.

For the Pharmacy Group investors, he said charity begins at home, thus, PSN National will set the ball rolling with an investment of N100 million, to be followed by PMG-MAN with N5 million contribution; then Board of Fellows, N1 million; PSN Lagos, N5 million; PSN Rivers, N2 million; PSN Kano N2 million, PSN Anambra N1 million, PSN Delta, N1 million; PSN Edo N1 million; and other state branches.

He further noted that all the technical arms of PSN will be involved in the fund raising exercise, while federal government institutions like NIPRD, NAFDAC, will not be left behind.

Appreciating the Towers team for their visit, Sir Atueyi said he has confidence in the committee, because it has been well selected to include prominent pharmacists with the antecedent of giving, as it is difficult for someone does not give to be a fund raiser.

Atueyi, who reminisced his thoughts forty years ago at the launching of a fund raising exercise for the PSN Secretariat Building, when all pharmacists were tasked to contribute for the secretariat, said he had always has vested interest in such project.

He expressed his delight in the committee’s visit to brief him on their activities towards the launching of the fund raising, which will come up on 8 August 2019, at the Sheraton Hotels with the PSN President, Pharm. (Mazi) Sam Ohuabunwa.

The Pharmanews publisher, who stressed the need for team work towards the commencement of the project, said there is need for every pharmacist to be carried along in the exercise, “because it is people before money”.

He assured the committee of Pharmanews partnership, saying Pharmanews team will do whatever they can do to promote the course of the Pharmacy Towers.

Members of the team in attendance at the meeting were: Pharm. John Nwaiwu, chairman; Pharm. Ade Popoola, vice chairman; (Sir) Ike Onyechi, member; Pharm. Gbenga Falabi, member; and Pharm. Kennedy Izunwa, member.