Jubilee Syringe Manufacturing Limited (JSM), once celebrated as Africa’s syringe manufacturing has said it is only carrying out restructuring and not ending operations in Nigeria.
It was earlier reported that JSM company - located in Awa, Onna Local Government Area of Akwa Ibom State - had declared temporary redundancy in its operation in Nigeria.
The firm had said the decision was made following “unforeseen circumstances affecting our business operations" in a memo addressed to all the workers of the company.
It officially announced that its operations came to an end on December 31, 2022.
However, a statement by JSM investors through the Managing Director of VKS Group of Companies, Mr. Onur Kumral, on Thursday clarified that it had not ended its operations in Nigeria.
He explained that contrary to reports, the company is only undergoing a restructuring phase, which means it is only taking a break to carry out a shake-up.
Kumral noted that this followed the inability of the management to meet its expected targets for several years. He said it would return to full operations soon.
The statement reads, “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 shutdown of JSM operations in Nigeria, we remain in business, and we will come back stronger than before.”