Jubilee Syringe Manufacturing (JSM), once celebrated as the largest syringe manufacturing venture in Africa, has officially ceased operations in Awa, Onna Local Government Area of Akwa Ibom.
The company, inaugurated in 2017 by former Vice President Yemi Osinbajo, cited “unforeseen circumstances affecting our business operations” as the primary reason for this decision.
Although production had halted several months ago, the company formalized the conclusion of its operations on December 31, 2023, implementing what it described as temporary measures to ensure the long-term sustainability of the business.
Jubilee’s announcement
In a memo addressed to all workers and made available to the media, the company announced that all positions, effective January 1, 2024, had been placed on temporary redundancy.
The memo titled “Temporary Redundancy – Service Not Needed Till Further Notice” expressed the difficulty of the decision and outlined the company’s rationale for taking such steps.
The statement read in part,
- “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.”
The company emphasized that the decision to place all positions on temporary redundancy was not a reflection of individual performance or dedication but a response to the challenging business environment faced by JSM.
Workers were urged to return all company belongings in their custody, and the memo expressed gratitude for understanding and cooperation during these challenging times.
The closure of Jubilee Syringe Manufacturing Company raises questions about the broader economic challenges faced by industries and businesses, even those once hailed as significant contributors to the local economy. The move sheds light on the complexities businesses encounter in navigating unforeseen circumstances, further emphasizing the need for resilience and adaptability in today’s dynamic business landscape.
What you should know
- Jubilee syringe manufacturing joins the list of pharmaceutical and medical device companies to cease operations in the country.
- Nairametrics has reported that pharmaceutical companies, GlaxoSmithKline and Sanofi Aventis ended operations in Nigeria in 2023 with both companies employing third-party distribution models.
Policy review is the way forward. FG really needs to sit down to review it’s business killing policies. How many more companies will close down till FG acts. If our Forex must improve, we need more companies opening, not closing down. FG, think and act!
I expect investigative journalism on why they closed down. Was it bad management, forex issues, or what. We do not need to see in the eye of the management alone. Please do a balanced reporting that will put to fore the real issues.
Thanks