Jubilee Syringe Manufacturing (JSM) Company, based in Awa, Onna Local Government Area of Akwa Ibom State, has officially ceased its operations, citing “unforeseen circumstances affecting our business operations” as the reason for the decision.
The company, recognized as the largest syringe manufacturing venture in Africa, was inaugurated in 2017 by former Vice President, Yemi Osinbajo.
Although production had halted several months ago, the company formally announced the conclusion of its operations on December 31, 2022, stating the necessity to implement temporary measures for the long-term sustainability of the business.
In a memo addressed to all company employees, titled “Temporary Redundancy – Service Not Needed Till Further Notice,” the management informed staff that all positions, effective January 1, 2024, including theirs, had been placed on temporary redundancy due to the challenging business environment.
The memo 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. Unfortunately, this includes placing all positions including yours on temporary redundancy effective January 1, 2024.”
The management emphasized that the decision was not a reflection of individual performance or dedication but was prompted by the challenging business circumstances faced by the company.
Akin Oyediran, the managing director of the company, had previously stated in an interview in April of the previous year that JSM had secured a credit facility of $1 million, attributing the success to the enabling environment provided by the state government for the growth of the manufacturing sector. He mentioned the company’s plans to diversify its production to include gloves, masks, and infusion sets in addition to syringes.
The company expressed gratitude for the understanding and cooperation of its employees during these challenging times and requested the return of all company belongings held by the affected workers.
