The former Managing Director of Jubilee Syringe Manufacturing Company located in Akwa Ibom State, Mr Akin Oyediran, has revealed that the firm’s owners rejected efforts to secure a loan to keep it afloat.
In an exclusive interview with The PUNCH, Oyediran disclosed he had resigned as the CEO of the company because the owners were not ready to keep it running.
He noted, “I have resigned from the company anyway. But the truth of the matter is that those guys are not serious. We were trying to get a loan to do what we intended to do, but they refused
“The syringe can still come back but under a new management. It was owned by a Turkish national in collaboration with Nigerian owners and they are fighting each other right now.”
The firm last week announced a shutdown of its operations attributing the decision to “unforeseen circumstances affecting our business operations”.
Owned by a Turkish national, Onur Kumral, in collaboration with Nigerian owners, the company was said to be one of the largest syringe manufacturing companies in Africa.
It was one of the companies attracted to the state by former Governor Udom Emmanuel and inaugurated by former Vice President Yemi Osinbanjo in 2017.
Though it had stopped production many months ago, it finally announced the end of operations on December 31, 2023.
In a memo addressed to all the workers, a copy of which was made available to journalists, it stated that all staffers had 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, “It is with a heavy heart that 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.
“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.”
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Jubilee Syringe: Turkish, Nigerian Investors At Loggerheads, Says Ex-MD
