By Isaac Olufemi Ojo
An industry veteran and pharmacist, who has spent decades navigating Nigeria’s pharmaceutical landscape, Pharm. (Asiwaju) Theophilus Adebowale Omotosho has identified poor financing and the degradation of regulatory standards as the twin crises crippling local drug production in the country.
The industrialist who is also the founder and chairman Bond chairman of Bond Chemical Industries Limited disclosed this today at the official commissioning of the PSN newly acquire 4 storey building located along Adeoyo state hospital Ibadan.
He expressed deep concern over the “imbalances” hindering manufacturers, noting that while the desire to boost local production remains, the harsh economic climate—driven by a preference for quick returns over long-term industrial investment—has stifled growth.”Finance. That’s all,” he said.
While answering questions on bothlenecks affecting the sector. “Industry does not pay—finance only pays. People want money ‘quick, quick, quick.’ If you want money fast, you buy and sell, but if you are thinking of the future, you go into industry.” he said.
Reflecting on the evolution of the manufacturing sector, the expert noted that regulatory oversight has significantly weakened compared to the early 1980s.
“In fact, the policy has gone down. When I started my factory between 1982 and 1984, you had to get a permit from the Ministry of Industry to start. Now, everybody starts without going anywhere. If you have your money, you can start,” he observed.
Highlighting the competitive disadvantage faced by local manufacturers, the industrialist pointed to the difficulty of producing locally against cheaper imports from manufacturing giants like China and Germany. “If you start to produce here, there is the challenge of quality perception. People might say the local product isn’t as good as the one imported. Because you just started, you may not get the edges done well. And if people want to buy, they want to buy it cheap. You simply can’t make it [at that price point],” he explained.
Drawing from his personal journey, which began after his return from the United Kingdom in 1968, the veteran recounted his transition from a chemist working for multinationals like Burroughs Wellcome and Sanders to establishing his own firm, Born Chemist Limited, in 1977.
He noted that while trading and wholesale distribution provided quicker capital turnover, he eventually pivoted to industrial production—a long-term gamble that requires patience and resilience. “Before you establish the industry, before your product is known, before they start buying it, you don’t make money easily. But later on, industry pays. Some of my products are known now, so I am making my money,” he added.
Addressing his continued commitment to the pharmacy profession and his philanthropic contributions, the industrialist emphasized that his efforts are a way of giving back to a sector that built his career.
“Whatever I have made in terms of finance, I made it from pharmacy. So, if I donate something back, it is not too much. I enjoy doing it,” he said, recalling his early advocacy work in Lagos in 1977, where he utilized a mobile unit to educate the public on drug safety and the harmful effects of drug abuse
