Management of Jubilee Syringe Manufacturing Limited (JSM) in Awa Iman community in Onna local government area of Akwa Ibom State has denied closing shop in Nigeria.
Their clarification followed media reports of laying off workers and folding up.
JSM was inaugurated on September 23, 2017 by former Vice President Yemi Osinbajo, after it was completed by the immediate past administration of Governor Udom Emmanuel.
Some key investors said the company since inception had become the market leader with its top quality syringes in Nigeria in addition to creating employment opportunities for Akwa Ibom people and other Nigerians, but regretted that “despite the huge sum invested in the syringe factory, the management staff have been unable to meet up with its expected target.”
On of the investors said the decision to suspend operations is to “restructure and reorganise the management team and the entire structures of the production lines for better profitability and sustainability.”
On behalf of the JSM investors, the managing director of the VKS Group of Companies, Mr Onur Kumral, dismissed the reports that JSM was ending its operations in the country completely. He said contrary to the reports, “the company is only undergoing a restructuring phase which will make it experience a brief break within this period.”
Kumral said the reorganisation is a decision of the investors following the inability of the management to meet up with its expected targets, stressing that the shake-up only affects the management staff and the entire structures of the production line, which is geared towards better productivity of the company. He assured that the company will return to full operations soon.
He said, “JSM is simply undertaking temporary measures to ensure the long-term sustainability of its operations. Restructuring is not new in any given business environment and sometimes you undertake reviews with sustainability in mind.
“When you set up a multi-million-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.
“We want to assure our esteemed customers that there is no need to panic. We are still in business as Jubilee Syringe Manufacturing Limited and we are poised to keep to our commitment to remain as the producer of the highest quality syringes in Nigeria.
“We call on the general public and our esteemed customers to disregard insinuations in certain media outlets reporting a total shut down of JSM operations in Nigeria, we remain in business, and we will come back stronger than before,” he said.
