PRESS RELEASE

January 3, 2023

We are restructuring not Ending Operations in Nigeria - JSM Assures

Jubilee Syringe Manufacturing Limited ("JSM" located in Awa, Onna Local Government Area of Akwa Ibom State, Nigeria, has made clarifications over the reports making the rounds in the media suggesting that the company has ended its operations in Nigeria.

JSM, which was inaugurated on September 23rd, 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.

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.

In a statement issued by JSM investors through the Managing Director of VKS Group of Companies, Mr. Onur Kumral, the investors dismissed news reports that JSM was ending its operations in the country completely. The Managing Director explained that contrary to reports, the company is only undergoing a restructuring phase which will only make the company experience a brief break within this period.

Kumral noted that the reorganisation of JSM is a decision of the investors following the inability of the management to meet up with its expected targets for several years stressing that the shake-up only affects management staff and the entire structures of the production line, which is geared towards better productivity of the company. He assured that the company will return to full operations soon.

The statement reads in part: "JSM is simply undertaking temporary measures to ensure the long-term sustainability of its operations. Restructuring is not new in any given business environment and sometimes you undertake reviews with sustainability in mind.

"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.

"We want to assure our esteemed customers that there is no need to panic. We are still in business as Jubilee Syringe Manufacturing Limited and we are poised to keep to our commitment to remain as the producer of the highest quality syringes in Nigeria.

"We call on the general public and our esteemed customers to disregard insinuations in certain media outlets reporting a total shut down of JSM operations in Nigeria, we remain in business, and we will come back stronger than before."

Signed:

JSM INVESTORS

Previous Thread:
https://www.nairaland.com/7957187/company-packs-up-cites-challenging

Restructuring abi una staff they japa, pls be realistic the economy is too bad and ppl are hungry

My new year resolution was “no more alcohol”

Today is the 4th day of the year, I don drink almost 2 dozens of beer. We try again next year.


WTF.

Our senate need to look into all this fake news now. If we as a country don't do something it may be dangerous in the future

Okay

The enemies of this present Government will be very SAD with this news

They will surely retrench in their restructuring, this economy is biting hard on all and sundry.

I still wouldn't know why some Nigerians want this nation to fail and get totally destroyed.

They are always quick to share the bad news and slow to release good news.

Damage control...

Dem wan sew slim fit...Sea don rough

They have taught them how to scope Nigerians

Good to hear..
They can get support from Nigerian government to bounce back.. Jubilee Syringes is one of the key players in the medical devices sector so the company must be protected.

Dem done dey use Nigerian slang

Restructuring, tactical withdrawal, maneuvering all na the same run

Una wan run abi una no wan run ?

Dem done dey pack bag dem dey lie give us. Like person wey wan travel abroad. Tomorrow you wake up see their picture for WhatsApp and Facebook dem done japa
Wetin dem go tell you na : “na God”

Aldebaran:


The enemies of this present Government will be very SAD with this news

lol,a government that is an enemy to itself doesn't need an enemy

Relieving. When factories closes, jobs are lost.

Same fake news about Sanofi.
Here's the truth about Sanofi
Why Sanofi Is Not Leaving Nigeria, Changing Its Global Business Model
https://www.nairaland.com/7906200/why-sanofi-not-leaving-nigeria

God bless Nigeria for ever!Check my signature for free stuffs!

Market leader? But can't meet target. What exactly are they leading in?

I wish someone into pharmaceutical business can confirm the position of their products in the market.

Can there be smoke without fire? Shoprite owners first said same. I crave a better Nigeria but the current situation won't make it happen. Those attacking GSK for leaving Nigeria, saying all manner of trash have failed to realise its far cheaper to operate in a neighbouring Benin Republic than it is in Nigeria. 10,000 naira is less than 5,550 cfa now. As they keep borrowing, it keeps ending up in their pockets as we keep servicing those loans without impacts on nation's growth. I've been to the syringe factory, it's huge. My brother's friend once worked as senior manager.

Nigeria's problem isn't because we're import-dependent. They're 2 things. Corruption and bad policies. The syringe company will still move, except They're not importing raw materials in dollars. They're still playing. Addo Doguwa was asked on channelstv last night why they've refused to cut cost of governance, in spite of the sufferings in the land and he was just blabbing. Ordinary NAS car park is gulping billions of naira. He couldn't defend it but I can understand. He belongs to the bad system killing Nigeria. He has plenty wives and dozens of children to feed, at the expense of the masses. E no easy.

See what the minister of humanitarian affairs alone stole, the accountant general under buhari stole over 100bn. They'd borrow money to do major roads that won't last 4 years and they'd still borrow to patch up the roads. They borrowed quite a lot to finance the humanitarian and disaster ministry. When Tinubu said "I don't believe in one Nigeria", decades ago, we thought he meant business, not knowing its because he wasn't given the chance to be in power. It's humanitarian affairs minister loot today, a lot more would be looted tomorrow.

Everyone will get sense someday. We're all still playing

Bullshit, Udom don't want to be criticized that he wasted funds. He knew he made a dumb investment and it can lead to his probe if tken seriously.

Una Sha won finish dis country with una lie. Is like peddling false information is the best way of some youths to contribute to the downfall of this country. Did our leaders fail us? Yes, no doubt about that. Should we now fail ourselves? I don't think so. A country you all benefited from, a country that made you to attain all what you have become today. That same country is what you're wishing evil upon, just because your political opinions were not factor into the present equation.

Lol. Some people will be very angry right now

Aldebaran:


The enemies of this present Government will be very SAD with this news

Everyday I pray that the system should collapse on people like you, so that the country can be restructured. Is there any reason to cheer Nigeria now? not everyone is okay with this your suffering and smiling mentality, they're people that crave for good life and better standard of living.

Obidients were jubilating when the fake news was spreading yesterday.

faver:
Things are really Changing now

Statement of account yet you’re in deep trenches

Ok

Government try and create a conducive environment for bussinesses companies industries to thrive..it's not easy to do bussiness and thrive in this bad economy