Jubilee Syringe Manufacturing (JSM) enterprise in Awa, Onna LGA of Akwa Ibom State has ceased its operations due to perceived unfavourable economic conditions.
The company declared a temporary reduction in workforce and ceased its activities due to unforeseen events that have impacted our business operations.
According to reports, JSM ceased manufacturing some months ago and officially declared the termination of its activities on December 31, 2023. This decision was made in order to implement interim measures aimed at securing the company’s long-term viability.
The corporation has issued a memo to its employees titled “Temporary Redundancy – Service Not Needed Till Further Notice,” stating that all roles will be temporarily redundant starting from January 1, 2024.
We hope that this letter reaches you in a state of healthy physical well-being. We regret to inform you that Jubilee Syringe Manufacturing Company Limited has been compelled to make a difficult decision as a result of unforeseen circumstances impacting our business operations.
After careful deliberation and a comprehensive assessment of our present economic circumstances, we regret to notify you that we need to implement interim steps in order to ensure the long-term viability of the company.
Regrettably, this entails placing all positions, including yours, on temporary redundancy starting from January 1, 2024. It is important to note that this decision is not indicative of your performance or commitment to the organisation. “The memo stated that the demanding business environment has forced us to take these arduous measures.”
Last year, Akin Oyediran, the Managing Director of JSM, announced that the company had obtained a credit facility worth $1 million. He credited the state government for creating a conducive climate that facilitated the expansion of the manufacturing sector.
“In addition to entering this environment, we are also expanding our presence and diversifying our product offerings.” In addition to syringes, the company would also produce gloves, masks, and infusion sets.
Oyediran stated that our investors are allocating one million dollars to the company due to the equitable business environment and the benefits facilitated by the state government.