Claims that Jubilee Syringe Manufacturing Ltd. (JSM) was closing its operations in the nation have been refuted, with JSM stating that it was only restructuring.
Naija News understands that 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 reorganise 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 reorganise 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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