Jubilee Syringe Manufacturing Ltd (JSM) has debunked claims suggesting a shutdown of its operations in the country, saying the company was merely restructuring.
The Managing Director of VKS Group of Companies, Onur Kumral, said this in a statement on Wednesday night to clarify a previous one which claimed that the company, which is in Onna, Akwa Ibom State, was shutting down its operations because of Nigeria’s harsh economic environment.
Kumral, representing JSM’s investors, addressed apprehensions, assuring customers of the company’s continuous presence and commitment to maintaining its position as a premier producer of high-quality syringes in Nigeria.
Noting the challenges faced by JSM, Kumral explained that despite its inauguration in 2017 and the company’s leading position in the market, management has struggled to meet expected targets. Consequently, the investors have opted to restructure and reorganise the management team and production structures to ensure enhanced profitability and sustainability.
He said, “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.
“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 reorganise the management team and the entire structures of the production lines for better profitability and sustainability.”
While acknowledging the decision as a strategic move aimed at optimising productivity, Kumral stressed that the ongoing shake-up solely affects management staff and production structures, underscoring the imminent return of the company to full operations.
He said the necessity, for a multimillion-dollar enterprise like JSM, to periodically assess its operations and management. Kumral reiterated that the move aligns with the company’s for-profit nature and the imperative of meeting anticipated targets for business continuity and growth.
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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