Jubilee Syringe Manufacturing (JSM) company in Awa, Onna LGA of Akwa Ibom State has shut down its operations over alleged unfriendly business environment.
The company announced temporary redundancy and shut down operations based on what it called “unforeseen circumstances affecting our business operations.”
It was gathered that JSM had stopped production many months ago before it finally announced the end of operations on December 31, 2023 on the premise that it had to implement temporary measures to ensure the long-term sustainability of the company.
According to a memo addressed to its workers, titled, “Temporary Redundancy – Service Not Needed Till Further Notice,’’ the company said all positions have been placed on temporary redundancy effective January 1, 2024.
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“We trust this message finds you in good health. 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 performance or dedication to the company. The challenging business environment we find ourselves in has compelled us to take these difficult steps,” the memo stated.
The Managing Director of JSM, Akin Oyediran, had said last year that the company secured a credit facility of $1 million, attributing it to the enabling environment the state government provided for the growth of the manufacturing sector.
“Not only have we come into this environment, we are also growing, we are doing other products. The company would in addition to syringes, manufacture gloves, masks and infusion sets.
“Our investors are investing one million dollars in the company because of the level playing field and the advantages provided by the state government,’’ Oyediran said.
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