The Akwa Ibom State-based Jubilee Syringe Manufacturing Company has ceased operations and announced a temporary layoff.
According to the company, “unforeseen circumstances affecting our business operations” are the reason for the decision.
In 2017, the company was commissioned by former Vice President Yemi Osinbajo, which is thought to be the biggest syringe-manufacturing enterprise in Africa.
Even though it had ceased manufacturing months earlier, it didn’t officially declare its closure until December 31, 2022, citing the need to “implement temporary measures to ensure the long-term sustainability of the company.”
Every position in the organization,”has been placed on temporary redundancy effective January 1, 2024,” according to a memo sent to every employee.
The company also claimed that these tough decisions had to be made because of the demanding business climate in which it operates.
The managing director of the business, Akin Oyediran, stated in an interview conducted in April of last year that the company had obtained a $1 million credit line and attributed its success to the supportive environment the state government had been able to create for the expansion of the manufacturing sector.
