Jubilee Syringe Manufacturing (JSM) Company, Awa, Onna Local Government Area of Akwa ibom State has ended its operation, declaring temporary redundancy.
The decision is due to “unforeseen circumstances affecting our business operations,” the company said.
The company reputed to be the largest syringe manufacturing venture in Africa was inaugurated in 2017 by former Vice President, Yemi Osinbajo.
Though it stopped production many months ago, it finally announced that its operations have come to an end on December 31, 2022, saying it had “to implement temporary measures to ensure the long-term sustainability of the company.”
A memo addressed to all the workers of the company, a copy of which was made available Businessday, stated that all positions including “yours have been placed on temporary redundancy effective January 1, 2024.”
The statement titled “Temporary Redundancy – Service Not Needed Till Further Notice,’’ and addressed to all workers read in part: “We trust this message finds you in good health. With a heavy heart, we write to you today to communicate a challenging decision that Jubilee Syringe Manufacturing Company Limited has had to make due to unforeseen circumstances affecting our business operations.
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After careful consideration and a thorough evaluation of our current business situation, we regret to inform you that we must implement temporary measures to ensure the long-term sustainability of the company.
“Unfortunately, this includes placing all positions including yours on temporary redundancy effective January 1, 2024.
“We want to emphasise that this decision is not a reflection of your individual performance or dedication to the company. The challenging business environment we find ourselves in has compelled us to take these difficult steps.
“Please return all company belongings in your custody.
Thank you for your understanding and cooperation during these challenging times.”
Akin Oyediran, the company’s managing director, said in an interview, April last year that the company had secured a credit facility of $1 million adding that it was due to the enabling environment the state government has been able to provide for the growth of the manufacturing sector.
“Not only have we come into this environment, we are also growing, we are doing other products. The company would in addition to syringes, manufacture gloves, masks, and infusion sets.
Our investors are investing one million dollars in the company because of the level playing field and the advantages provided by the state government,’’ he had said.
– BussinessDay