dfrost:


They better put their house in order. 250k job loss is not a joke. The labour market is already stretched to full capacity, if not at the breaking point.

did u actually read the post? Can u even read? That company is already causing us job losses. They were granted waivers to manufacture locally, but rather they were importing, causing us loss of jobs and capital flight.
Let them go. Let them close down. Nothing will happen. They never really created jobs anyway with that decision to import. Let the bank seize their assets and let them go

aolawale025:
This is a catastrophe. Government should save WEMPCO

save Westin?

Some idiot still blaming Buhari for this ,we know those who smuggle fake items enter Nigeria they are ibos.

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

Really?

socialmediaman:


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?

As if millions had jobs before Buhari came to power,....even in the days of abundance under Pdp there was still high unemployment and widespread poverty. The point is that company shot themselves in the leg by abandoning their core mandate and being lazy and rent seeking....... Let me ask you would anyone lose sleep if government decide to reverse the privatization of power sector? I won't lose sleep because it's not done anywhere that you buy an entity cheaply and the property owners are still giving you back part of the money to run the entity, for over 5 years no investments, refuses to meter everyone as they should y ET we will complain no light..... We need to get a lot right in this country for it to work.

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

The 250k job loss is real....I can boost of knowing 500...

obstead200:
did u actually read the post? Can u even read? That company is already causing us job losses. They were granted waivers to manufacture locally, but rather they were importing, causing us loss of jobs and capital flight.
Let them go. Let them close down. Nothing will happen. They never really created jobs anyway with that decision to import. Let the bank seize their assets and let them go

Who do you think I was referring to? Don't jump into conclusions when on a public space.

I just tire for this country. A company was given waiver to manufacture by the previous administration but instead went on massive importation thereby creating jobs for workers in foreign countries. This administration now revoked the waiver and the company collapsed. Should we now blame the government or the company?

Primebuilders:


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

yeah like the oriental hotel that is about to be sold.. it accommodates staffs of the factory. hehehehehehe.

bukatyne:


Really?

Do u know what is 150 thousand people

Rolings:


As if millions had jobs before Buhari came to power,....even in the days of abundance under Pdp there was still high unemployment and widespread poverty. The point is that company shot themselves in the leg by abandoning their core mandate and being lazy and rent seeking....... Let me ask you would anyone lose sleep if government decide to reverse the privatization of power sector? I won't lose sleep because it's not done anywhere that you buy an entity cheaply and the property owners are still giving you back part of the money to run the entity, for over 5 years no investments, refuses to meter everyone as they should y ET we will complain no light..... We need to get a lot right in this country for it to work.

Comparing previous admins to Buhari admin only shows what a failure Buhari is, he’s the worst of all bad governments in Nigeria since independence. We voted GEJ out and voted a catastrophe in and that’s why some people regret today.

Well, yes, millions didn’t have jobs, more millions are out of jobs Buhari made a bad situation worse. You mentioned “abundance”, what abundance please? How much was oil in OBJ’s government? and don’t mention the value of money without adding double digital inflation too which essentially makes it worth the same then and now.

Re: 19 Firms Shut, 250,000 Jobs Threatened By WEMPCO Crisis by OlujobaSamuel: 7:42pm On May 03
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
76 Likes 11 Shares


THIS IS THE TRUE STORY ...... far from all those commenting illiterate who cannot read but write

Blame the company not fg. Poor planning and strategy.

The company was given waiver and fx to produce locally but it chose importation instead of local production that should create more employment. Then govt stop the waivers and access to fx when they are no longer serving the purpose.

socialmediaman:


Comparing previous admins to Buhari admin only shows what a failure Buhari is, he’s the worst of all bad governments in Nigeria since independence. We voted GEJ out and voted a catastrophe in and that’s why some people regret today.

Well, yes, millions didn’t have jobs, more millions are out of jobs Buhari made a bad situation worse. You mentioned “abundance”, what abundance please? How much was oil in OBJ’s government? and don’t mention the value of money without adding double digital inflation too which essentially makes it worth the same then and now.

Anyone who genuinely voted for Buhari in 2015 and was expecting him to make Nigeria eldorado in 4 years given the rot he met and politics of hatred and antagonism by the opposition which greeted his first tenure is only living in a fools paradise......
For many of us no regrets and that's why we voted for him again.
Because of all the rot things will get rough before it gets better .

Rolings:


Anyone who genuinely voted for Buhari in 2015 and was expecting him to make Nigeria eldorado in 4 years given the rot he met and politics of hatred and antagonism by the opposition which greeted his first tenure is only living in a fools paradise......
For many of us no regrets and that's why we voted for him again.
Because of all the rot things will get rough before it gets better .

But you expected GEJ to make Nigeria a paradise in 4 years?

By the way, was it Atiku or GEJ who publicly endorsed Gandollar as a credible candidate to be re-elected? Talk about double standards and hypocrisy

When you make the connection between fx allocation abuse, import waivers, bad management by WEMPCO & the job losses let me know.

Till then no mentions please.

socialmediaman:


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

socialmediaman:


But you expected GEJ to make Nigeria a paradise in 4 years?

By the way, was it Atiku or GEJ who publicly endorsed Gandollar as a credible candidate to be re-elected? Talk about double standards and hypocrisy

Jonathan had 6 years, that's removing his joint 2 years with his boss...... Have you proved anything against gandollar??.... Because I know you guys defence of atiku is that no court has ever convicted him and your grandfather OBJ endorsed him after writting such a damning report on him in his books....... So your line or argument hold no water because gandollar still remains innocent until proven guilty

Rolings:


Jonathan had 6 years, that's removing his joint 2 years with his boss...... Have you proved anything against gandollar??.... Because I know you guys defence of atiku is that no court has ever convicted him and your grandfather OBJ endorsed him after writting such a damning report on him in his books....... So your line or argument hold no water because gandollar still remains innocent until proven guilty

Same as Atiku, right? Do you remember what El Rufai and Tinubu and Ribadu said about Buhari’s extremism?

gabng:
When you make the connection between fx allocation abuse, import waivers, bad management by WEMPCO & the job losses let me know.

Till then no mentions please.

Congratulations, you’ve been noticed, need anything else?

Didn't expect you to make the connection.

Go & continue living in your mythical Shangri La.

socialmediaman:


Congratulations, you’ve been noticed, need anything else?

OlujobaSamuel:

The 250k are not direct labour/employees of the firm, it comprises of their customers (other companies) also, these others companies stopped buying from them because they see it as better alternative.
The company internal policies affected them not the govt.
No need to import facts and assumptions unknown, treat the stated facts in the report as it is.
We all know we have unfavorable economic environment in Nigeria, but if you choose to endure and get govt support, pls stick to the terms, why use scarce fx you got for production to start importing in an industry you have sole monopolistic right?

Facts are 1. The company spent billions of naira to establish in Nigeria.2. Thousands of people were employed directly and indirectly because of the huge investment.3. The organization believed they were going to make it until the confusing situation typical of Nigeria's economic policies.3. Importation became an attempt at survival but could not save them.4. Peoples monies are now trapped in the banks because of outstanding debts of this organization. I understand all this very well and it may just be part of the beginning for the terrible economic meltdown that will hit Nigeria very soon.

obstead200:
did u actually read the post? Can u even read? That company is already causing us job losses. They were granted waivers to manufacture locally, but rather they were importing, causing us loss of jobs and capital flight.
Let them go. Let them close down. Nothing will happen. They never really created jobs anyway with that decision to import. Let the bank seize their assets and let them go

The job was not there in the first place. The multi national companies must not be allowed to hold our government to ransom because of employment that doesn't exist.

Biodun556:


The job was not there in the first place. The multi national companies must not be allowed to hold our government to ransom because of employment that doesn't exist.

God bless u bro

dfrost:


Who do you think I was referring to? Don't jump into conclusions when on a public space.

on second thoughts.....I knew u were referring to the company. But what actually caught my attention and drew my response was where u said 250,000 job loss is not a joke. My point is, the jobs were not there in the first place as long as they import.

As for putting their house in order, if u read the post, u will realise they have no incentive or willpower to do so. They are owing our banks heavily (which means they were never even trading with their own money, they have repatriated all their capital and are now fooling around with our cash). All they really want to do is to either sell up and run away, or get some new waivers and keep on raping our economy and impoverishing us.

Let them go. That is not the kind of investors we need.

obstead200:
on second thoughts.....I knew u were referring to the company. But what actually caught my attention and drew my response was where u said 250,000 job loss is not a joke. My point is, the jobs were not there in the first place as long as they import.

Let them go. That is not the kind of investors we need.

Okay. The issue is one that the government should wage in. We can't keep losing our funds to foreigners like that.

It's really depressing.