Top Manufacturing Company Speaks On Shutting Down Business Operation In Nigeria

Eko Hot Blog reports that Jubilee Syringe Manufacturing Ltd. (JSM) has clarified that the company is presently undergoing a strategic restructuring of its business operations in Nigeria, dispelling rumors of an imminent shutdown.

The managing director of the VKS Group of Companies, Onur Kumral, made this clarification in an effort to dismiss the earlier report which reportedly claimed that the company, located in Onna, Akwa Ibom State, was closing its doors due to the unfavourable economic climate in Nigeria.

In response to the subject matter, Kumral, speaking on behalf of JSM’s investors, reassured clients of the company’s ongoing presence and dedication to upholding its standing as Nigeria’s leading manufacturer of premium syringes.

Kumral acknowledged JSM’s difficulties and clarified that, despite the company’s 2017 launch and its dominant position in the industry, management has found it difficult to reach goals.

In order to guarantee improved profitability and sustainability, the investors have chosen to restructure and reorganize the management group and production structures, Kumral clarified.

“JSM, which was inaugurated on 23 Sep­tember, 2017, by the former Vice President of Nigeria, Professor Yemi Osinbajo, has become the market leader with its top-quality syringes in Nigeria in ad­dition to creating hundreds of employment opportuni­ties for Akwa Ibom people and Nigerians at large,” Independent quoted Kumral saying.

The statement added: “However, despite the huge sum invested in the syringe factory, the man­agement staff have been unable to meet up with its expected target, hence the decision of the investors to restructure and reorganize the management team and the entire structures of the production lines for better profitability and sustain­ability.”

Although Kumral acknowledged the decision as a calculated measure to maximise productivity, he emphasised that the current reorganisation only impacts management personnel and production systems, underscoring the company’s impending restoration to full operations. He stressed the need for a multibillion-dollar company like JSM to routinely evaluate its management and operations.

Kumral restated that the action is consistent with the company’s for-profit business model and the necessity of hitting projected growth and continuity targets.

He said: “When you set up a multimillion-dollar factory such as JSM, it is important to take a critical review of its operations and that of the management staff. JSM is a for-profit business and when expect­ed targets are not met year after year, a shake-up is in­evitable, which is what we have decided to do.”

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