Wished you did not display bias on the Wempco issue for politics. If you read to the end, you will see that mismanagement is responsible for the failure. From the era of GEJ, the govt gave the coy import waiver to help it survive but was abused. The current govt revoked the waiver but place cold roll steel on list of item not eligible to cbn forex. These measures did not suffice because the coy already incurred huge debt and was not meeting its obligations to customers.
Don't always blame your govt. Some of these foreign coys especially Lebanese owned at times pull out their capital, take loans from Nigerian banks to run the business and just crashed the business since they loose nothing. . uote author=socialmediaman post=78079482] Next level is real! You didn’t need a prophet to see this coming. If you voted Buhari hoping he’ll do anything meaningful in his second term, sorry![/quote]

It doesn't absolve the company from blame, why were they not producing when we desperately need the development of local products in Nigeria? They have dug their own graves. This is economic sabotage by the leadership of the company.

Customs should be held responsible for this. WEMCO was also an architect of their own downfall. Unfortunately, these bastards might have repatriated most of their monies assisted by our idiotic and crony banks. You have waiver series of soft landing from our government and yet took us as fools.

OlujobaSamuel:
Hmmmmmmm, If the report is true according to disclosed facts, then the 250k job loss is more of a blackmail than reality.
For those that will quote without reading;
1 the company was given a waiver as sole manufacturer with access to fx
2 they found importation cheaper and used the free fx access to import then stopped manufacturing
3 fg discovered and cancelled the waiver
4 buyers see no sense in buying from middle men as the company is now one, so they import directly
NB
No 250k job loss as most are already into the importation

Your analysis was fair enough
Despite they abused the waiver by government to earn extraordinary profit, they still accumulate so much debts
Should government now intervene to PAY debts because I don't know where government has blame now.
Some business models in private in this country are very bad and anti-develpment

Banks giving foreigners loan at the detriment of the citizens

socialmediaman:
Next level is real! You didn’t need a prophet to see this coming. If you voted Buhari hoping he’ll do anything meaningful in his second term, sorry!

Aswear

Kinikini:
Wished you did not display bias on the Wempco issue for politics. If you read to the end, you will see that mismanagement is responsible for the failure. From the era of GEJ, the govt gave the coy import waiver to help it survive but was abused. The current govt revoked the waiver but place cold roll steel on list of item not eligible to cbn forex. These measures did not suffice because the coy already incurred huge debt and was not meeting its obligations to customers.
Don't always blame your govt. Some of these foreign coys especially Lebanese owned at times pull out their capital, take loans from Nigerian banks to run the business and just crashed the business since they loose nothing. . uote author=socialmediaman post=78079482] Next level is real! You didn’t need a prophet to see this coming. If you voted Buhari hoping he’ll do anything meaningful in his second term, sorry!

You are the only one for understands...

Asians businesses are structured such that they can leave anyday with a suitcase..

I owe you one chilled bottle of whatever you drink.
You truly understand how these guys operate.

OlujobaSamuel:
Hmmmmmmm, If the report is true according to disclosed facts, then the 250k job loss is more of a blackmail than reality.
For those that will quote without reading;
1 the company was given a waiver as sole manufacturer with access to fx
2 they found importation cheaper and used the free fx access to import then stopped manufacturing
3 fg discovered and cancelled the waiver
4 buyers see no sense in buying from middle men as the company is now one, so they import directly
NB
No 250k job loss as most are already into the importation

OlujobaSamuel:
Hmmmmmmm, If the report is true according to disclosed facts, then the 250k job loss is more of a blackmail than reality.
For those that will quote without reading;
1 the company was given a waiver as sole manufacturer with access to fx
2 they found importation cheaper and used the free fx access to import then stopped manufacturing
3 fg discovered and cancelled the waiver
4 buyers see no sense in buying from middle men as the company is now one, so they import directly
NB
No 250k job loss as most are already into the importation

many of them can't even read.. All they wanna see is 250k jobs lost. They are irrelevant and explaining things to them is more like a waste of time and energy bro. Next time don't bother yourself. Peace.

There's no firm in Nigeria outside government that employs up to 150k people. I can say it anywhere

The country truly needs to liberalise trade as it was protectionism that killed this company

Protectionism simply protects industries the country sucks at which makes no sense. You only excel in what you're good at and there's where your resources are best channeled

The worst place to work is wempco. I nearly lost my hand while working at their corrugated iron sheet dept ...where zinc is produce. They Chinese have no respect for human dignity...they even sacked our union Secretary for fighting for the workers while some of their Nigerian friends aided the move...I don't care if the close or not ....workers their are worst than slaves

OlujobaSamuel:
Hmmmmmmm, If the report is true according to disclosed facts, then the 250k job loss is more of a blackmail than reality.
For those that will quote without reading;
1 the company was given a waiver as sole manufacturer with access to fx
2 they found importation cheaper and used the free fx access to import then stopped manufacturing
3 fg discovered and cancelled the waiver
4 buyers see no sense in buying from middle men as the company is now one, so they import directly
NB
No 250k job loss as most are already into the importation

Nonsense analysis. What of the 19 firms that are shutting down. What where they affiliated with. With importation.

Ewoooo, some graduates haven't been employed BC for years, and 250,000 people set to join agakn

It is very hard for business to stay afloat in Nigeria. Many Foreign countries avoid us like how people avoid flies Where electricity is scare, how do you expect a business to make a profit or stay afloat. Do not expect improvement and generators are not answer

Mumu so an importation biz claiming local producer should be allowed to continue fleecing the country vis countless waivers running into billions with commensurate benefit to the economy ? Buyers are already bypassing it to import the product so it’s dead will be of little effect on the economy.

socialmediaman:
Next level is real! You didn’t need a prophet to see this coming. If you voted Buhari hoping he’ll do anything meaningful in his second term, sorry!

Mace0lane:
Mumu so an importation biz classic Ming local producer should be allowed to continue fleecing the country vis countless waivers running into billions with commensurate benefit to the economy ? Buyers are already bypassing it to import the product so it’s dead will be of little effect on the economy.

So you get boldness to be explaining why the poverty capital of the world is getting worse? Aren’t you supposed to be hiding your face in shame?

Mace0lane:
Mumu so an importation biz classic Ming local producer should be allowed to continue fleecing the country vis countless waivers running into billions with commensurate benefit to the economy ? Buyers are already bypassing it to import the product so it’s dead will be of little effect on the economy.

So you get boldness to be explaining why the poverty capital of the world is getting worse? Aren’t you supposed to be hiding your face in shame?

chloride6:


You are the only one for understands...

Asians businesses are structured such that they can leave anyday with a suitcase..

So we should clap for Buhari when they leave?

gabng:
You are confirmation that lack of comprehension & objective biased mindset is a growing problem for a country like Nigeria.

You’re trying to make sense of how the poverty capital of the world is getting worse with more job losses?

Rolings:


You didn't read the story or decided to ignore the part where it said the company abused the waivers granted it, instead of producing sheets locally and developing local capacity in that regard they instead imported heavily and the voodoo economics of pdp era allowed that to go on .... If they had developed local capacity they will not be affected by forex because they will not need it and rather export and make forex for Nigeria.

Anyone who don't want to see any difference in pmb second term are free to go elsewhere

A witch cries at night and a baby dies in the morning, who killed the baby? Buhari made Nigeria the poverty capital of the world, and thousands of people lost jobs, who should take responsibility?

This only shows the firm was making money but taking out the funds out of the country and were not interested in producing anything in Nigeria.

chloride6:
This news is actually old..
Wempco is on it's way to restarting production.

Can you proof this

grandstar:
The country truly needs to liberalise trade as it was protectionism that killed this company

Protectionism simply protects industries the country sucks at which makes no sense. You only excel in what you're good at and there's where your resources are best channeled

That protectionism is what USA is doing now.

ezebunafo:
No wonder Magboro plant is shut down and many of my estate neighbour's are walking up and down the street

Next thing, robbery will increase in your neighborhood.