By Louis Iba and Steve Agbota Erisco Foods Limited says it plans to shut down its tomato paste processing business in Nigeria owing to unfavourable operating climate. President/CEO of the company, Chief Eric Umeofia, who addressed the media in Lagos on Wednesday, said the cost of running both the Nigerian farm in Katsina and the fresh tomato paste processing plant business in Lagos had become too exorbitant with high cost of foreign exchange (forex) as well as the inability of regulatory agencies to halt the importation and dumping of tomato paste in the country to protect the local industry. According to him, bearing last minute improvement the management of the company had concluded plans to shut the Nigerian operations in the next 30 days and lay off about 1,500 workers. Umeofia listed key government polices that would force the company to rescind it’s shutdown decision to include access to forex from the Central Bank of Nigeria (CBN) to import raw materials and machine spares, while the Standard Organisation of Nigeria (SON) and NAFDAC will have also taken concret steps to end the import and dumping of substandard tomato paste in Nigeria which he said disrupted efforts to sell locally processed tomato paste. “The CBN has refused to give us forex to import machinery, machine spare parts and our raw materials to be used for production of Nigerian fresh tomatoes into paste,” said Umeofia. “The CBN, like NAFDAC is against my business because while they refuse me forex, they are approving intervention loan and forex to companies mostly owned by foreigners to import the same finished tomato paste and other items like frozen fish, fish heads and super market items that we don’t need at all or we can produce better in Nigeria. “We are running our business relying on the dollars that we source from the parallel market at the exchange rate of over, 450 to a $1. “In view of the above, Erisco Foods will be forced to relocate our operations to a country where there is a conducive and favourable environment for tomato paste manufacturing if within 30 days from now nothing significant is done by the government to address these issues raised by us. “We intend to manufacture from outside, export and sell in Nigeria. It will be more profitable to us that way. Against this back also about 1,500 of our 2, 520 staff will be laid off because we can’t sustain the huge staff strength given the shift in our new production policy. We however assure our consumers that the same products will be made available to them though manufactured by us in other countries as done by all other brands of tomato paste in the Nigerian market today since that is what Nigerian government wants,” he added. As the press conference was going on, some staff who got wind of the planned sack staged a peaceful protest outside urging the management not to shut down and imploring the Federal Government to assist the company stay afloat. Mr. Ezeugwa Obinna, a Maintenance Manager with the company who addressed the media on behalf of the workers said sending about 1,500 workers into the labour market would compound the unemployment woes in the country. “We are begging President Buhari, Governor Ambode, the CBN, NAFDAC, the Ministers of Employment, Industry Trade and Investment to step in and assist protect our jobs,” Obinna added. sunnewsonline.com/1500-jobs-to-go-as-erisco-foods-shuts-down-operation/

R.I.P Mr. Festus.

I've wasted my kb in reading this trash.

I don't understand the message the journalist is trying to pass.

tjfulloption: i saw it on AIT newsbar, he couldn't make it due to some logistic in the airport.

That's true.

Splendid.

mikkyphp: overaged

That you've made a comment.

obicentlis: Raining here in Aba.

Which side cos here at umungasi is cloudy.

[quote author=Sagamite]

You are a person!

So it is the entrenched, corrupt and profligate individuals and entities that made her pay 4 times the amount a car is worth?

So it is the entrenched, corrupt and profligate individuals and entities that bought a car that was not needed?

So it is the entrenched, corrupt and profligate individuals and entities that lied that the purchase never existed?

So it is the entrenched, corrupt and profligate individuals and entities that were using the car?

So it is the entrenched, corrupt and profligate individuals and entities' subordinates that lied on their superior's behalf to taxpayers?



You are a person!

If your opinion is moronic, shove it back up your arsse where it came from.

Product of a failed education system.[/quote Not your fault but excessive intake of cannabis.

Sagamite:

You are a person!

Please take the opportunity to enlighten me how she is "proofing" (sic) anyone wrong.

Cretinous product of a failed education system.

Am not in this forum to banter words f**ls like you, how can saying my opinion leads to name calling. You shown how educated you are, she is exonerating herself from all the lies leveled against her. I gues the best thing you should do is to go to nearby superstore ask of rodent killer, i don't need to tell you what to do or betterstill hug that nearby transformer so that you stop venting your forstration on person you don't even know. Onye ara.

Where are the political pundits of Nairaland. The woman is proofing them wrong.

Demdem: I will eternally be grateful to Sahara reporters for letting me me know that trully and indeed Sheepo went to Germany for medical treatment after being lied to by govt agents.
NTA, thisday, sun and their miserable likes won't have said anything because they are in govt payroll. They are bound to stick to those lies.
Sahara may not be perfect but their revelations have led to further revelations that suggests that all what Stella does in the office is to write " do the needfull" on memos without asking questions. No wonder she can't keep an husband. For her, its marriage first, questions later. This is unlike a typical ibo lady.

Why commenting on her private life, you people should let her be untill the outcome of the investigation.

The fee is huge and you are not guranteed of admission at the end if didn't do well.

Oops! Is that why am not seeing all these their soft porn again in the market. Well is a lesson to them.

Ya he shown the hunger for it, imagine twelve bags of sand while Edmond and Ifunanya just groping in the water. Well Ify is the last woman stand, she tried.

The boy got talent.

Na lie, they those guys appear for Bayern Munich not Chelsea.

Naija babes really whip them well. We are on the rise again in football.

israel007: If he's there and doesn't bring positive change, people can overlook it. But his f0olish brothers and the rest of his thugs keep going around and forcefully collecting people's properties and killing them. That man lost my respect the day he over people"s land in asa, shot 3 persons there and three them behind bars in gboko. Including 6 year old and 9 year old. In prison. Who does that!

Those of u saying he'll give money and he'd seal their mouths; haha you are joking. He won't part with one kobo.

And the guy who said he can't make his son a law maker, I'd say u don't know idoma people. Once they eat meat they're ok. Same thing david told them


Efulefu

Lol, so meat is enoui to capture your mind (Idomas) Abole.

I guess na Minister's fault.

What is the essence of this topic?

Nawao, this write up de different from the heading.

Hard work pays, just remain focus and sky will always be your limit.

Chae! Incest, i no even know say such de exist for Naija.

yes sire.