Akwa Ibom-based Jubilee Syringe Manufacturing Company has shut down operations in the state, an official of the company said on Wednesday.
The company, owned by a Turkish national, Onur Kumral, is one of the several industries attracted to the state by the administration of former Governor Udom Emmanuel.
The company’s manufacturing plant is in Emmanuel’s country-home — Awa-Iman, in Onna Local Government Area of the state.
Confirming the development, the Managing Director of the company, Akin Oyediran, said the shutdown was triggered by the harsh economic situation in the country.
“I can confirm to you that we’ve temporarily shut down our operations. We intend to open it back stronger and better.
“The economic issues have taken a toll on us as a company. We are working on different forms of financing and reorganisation. So, what we have decided to do is reorganise and then come back in the future,” Oyediran said.
Asked how long it would take the company to restore operations, Oyediran said, “Well, I don’t like to predict time for anything. God makes things work. When the time comes you will hear from us that we are back again.”
On the specific challenges that the company was facing, Oyediran said, “Import duties are high on raw materials, dollars is high, cost of power is high. We are trying to do something to invest in different sources of power to make it better.”
When asked if he had sought the intervention of the Akwa Ibom State Government before closing the company, Oyediran said the company was not state-owned and that the state government does not owe them any intervention.
He, however, assured that the company would strategise and come back stronger and bigger.
The shutting down of the Jubilee Syringe Manufacturing Company occurred about two years after the company owner, Kumral said that the company would start exporting syringes to Germany in 2021.
He had said that the company was working on raising its production capacity from 400 million to 800 million and then one billion, a feat he said would be achieved by the end of 2022.
