Jubilee Syringe Manufacturing Ltd (JSM) says it is restructuring, and not shutting down its operations in Nigeria.
The Managing Director of VKS Group of Companies, Onur Kumral, said in a statement on Wednesday night to clarify a previous one which claimed that the company, in Onna, Akwa Ibom State, was shutting down its operations because of Nigeria’s harsh economic environment.
Mr Kurmal said the “restructuring phase will only make the company experience a brief break within this period.”
Jubilee Syringe Manufacturing Ltd is a subsidiary of VKS Group of Companies.
Mr Kumral, a Turkish national, issued the statement on behalf of the Jubilee Syringe Manufacturing Ltd investors.
“We want to assure our esteemed customers that there is no need to panic,” Mr Kumral said in the statement.
“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.”
The company urged the public to disregard the claim that it was shutting down its operation.
Challenges
Mr Kumral explained the challenges affecting the company.
“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.”
Mr Kumral said the reorganisation of the syringe company is a decision of the investors following the inability of the management to meet up with its expected targets for several years, stressing that the shake-up only affects 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.
“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,” he added.
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