JSM denies relocating from Nigeria, says restructuring for productivity, profit
By Jeph Ajobaju, Chief Copy Editor
Jubilee Syringe Manufacturing (JSM) based in Awa, Akwa Ibom has denied reports of its relocation from Nigeria, clarifying it is only restructuring its operations leveraging new ways to optimise output with eyes on the bottom line.
JSM was inaugurated on 23 September 2017 by then-Vice President Yemi Osinbajo and has since become the market leader with top-quality syringes in the market, besides creating hundreds of jobs.
A statement issued by JSM investors through VKS Group of Companies Managing Director Onur Kumral explained that contrary to the reports, JSM is only undergoing a restructuring phase to boost productivity and profit.
“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,” Kumral said, per Vanguard.
“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 shut down of JSM operations in Nigeria, we remain in business, and we will come back stronger than before.”
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What caused reporting confusion
The media had reported a memo JSM addressed to all workers which announced all positions, effective 1 January 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 rationale for taking such a step.
“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 memo said, per Nairametrics.
JSM explained 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.
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 purported closure of JSM had pointed to the broader economic challenges faced by businesses in Nigeria, coming on the backs of the closure in or relocation of about 20 companies from Nigeria in three years – including pharmaceutical firms GlaxoSmithKline and Sanofi Aventis.
