Business
JUST IN: MAN blames business environment as syringe manufacturer exits Nigeria

The Manufacturers Association of Nigeria has blamed the current business environment for the continued exit of multinational companies including the latest departure of Jubilee Syringe Manufacturing.
Jubilee Syringe Manufacturing, once regarded as the largest syringe manufacturing venture in Africa, has officially ceased operations in Awa in the Onna Local Government Area of Akwa Ibom.
Inaugurated in 2017 by former Vice President Yemi Osinbajo, the firm cited “unforeseen circumstances affecting our business operations” as the major reason for its decision to leave Nigeria.
Owned by a Turkish national, Onur Kumral, Jubilee Syringe Manufacturing Limited was one of the several industries attracted to Akwa Ibom State by the Governor Udom Emmanuel administration.
A memo announcing the exit was addressed to workers of the company. The company had ceased production some months ago, but officially announced that its operations came to an end on December 31, 2022.
Titled “Temporary Redundancy – Service Not Needed Till Further Notice,’’ the memo was signed by the company’s Managing Director, Akin Oyediran.
It said it had “to implement temporary measures to ensure the long-term sustainability of the company.”
The memo read in part, “We trust this message finds you in good health. With a heavy heart, we write to you today to communicate a challenging decision that Jubilee Syringe Manufacturing Company Limited has had to make due to unforeseen circumstances affecting our business operations.
“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. We want to emphasise that this decision is not a reflection of your individual performance or dedication to the company. The challenging business environment we find ourselves in has compelled us to take these difficult steps. Please return all company belongings in your custody. Thank you for your understanding and cooperation during these challenging times.”
The company’s decision to close its factory came over two years after it announced plans were underway to export its products to Germany.
It also came less than a year after the company’s Managing Director, Oyediran said that the company had secured a credit facility of $1m.
The Director-General of the Manufacturers Association of Nigeria, Segun Ajayi-Kadir, said companies exiting Nigeria had been stretched to “breaking point.”
He said, “The reason why companies are closing is evident. It is just a matter of resilience. When it gets to the breaking point, you will have to give up because of the employment environment.”
JSM joins a growing list of international firms to exit Nigeria in recent memory. In December, American manufacturing giant, Procter & Gamble announced that it was leaving Nigeria after decades of manufacturing presence in the country.
The company’s departure was preceded by the exit of the likes of GlaxoSmithKline, Unilever Nigeria (Home and Skin Care Category) and Sanofi-Aventis.
Business
MTN Group says it’s under US investigation

South African mobile operator MTN Group said Monday it was under US investigation over its activities in Iran and Afghanistan, at a time of icy ties between Washington and Pretoria.
Africa’s biggest telecoms company is already facing court challenges in South Africa by Turkey’s Turkcell, which accuses it of winning the Iranian market through corruption.
In 2006, MTN was chosen over Turkcell to become the 49 percent minority shareholder in Iranian government-controlled mobile phone carrier Irancell.
MTN had been made aware of a US Department of Justice (DoJ) grand jury investigation relating to its former subsidiary in Afghanistan and Irancell, the company said in a statement.
“MTN is cooperating with the DoJ and voluntarily responding to requests for information,” said the statement accompanying the group’s financial results.
Grand juries typically decide whether or not to formally lay charges in a case and take it to trial.
The South African multinational is also facing a court case in the United States from US veterans wounded in Iraq and Afghanistan, as well as relatives of soldiers killed in action, the statement said.
“The plaintiffs’ complaints allege that MTN supported anti-American militias in Iraq and Afghanistan .
Business
UBA Secures N5bn BoI MSME fund for disbursement to key sectors
The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.

•GMD/CEO UBA), Oliver Alawuba.
United Bank for Africa (UBA) Plc, has secured a N5 billion loan facility from the Bank of Industry (BOI), to boost key sectors of the economy and support the growth of sustainable and viable businesses in the country, especially the micro, small, and medium enterprises (MSMEs) owned by women.
The facility disbursed through the Federal Government’s MSME Fund, is designed to stimulate key sectors of the economy, while offering affordable financing to support businesses, with a primary focus on Green Energy, Education, Healthcare, and Women-Owned Enterprises.
UBA’s Group Managing Director/CEO, Oliver Alawuba, who spoke about the facility emphasised the bank’s commitment to fostering economic growth by empowering MSMEs, which he described as the “livewire of any developing economy.
He said, “At UBA, we recognize the pivotal role MSMEs play in driving economic development, and how they make up a sizeable portion of what drives our economic growth.
It is in this vein that we have decided not to rest on our oars by facilitating initiatives dedicated to empowering businesses with the financial support they need to thrive.”
Alawuba maintained that, “by offering loans at a competitive 9% interest rate with a three-year tenor, we are removing the traditional barriers that hinder SME growth in Nigeria and Africa. And by this, our message to business owners is simple: Don’t let this once-in-a lifetime-opportunity elude you.
”The facility provides a maximum loan amount of N5 million per obligor, with a three-month moratorium on principal repayments, ensuring businesses have ample time to stabilise before they begin to service the loans.
Business
CPPE Proposes Policy Action to Reduce Food Prices
Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.

The Centre for the Promotion of Private Enterprise (CPPE) says that a coordinated mix of monetary, fiscal, and structural interventions will be required by the Central Bank of Nigeria, and the Ministry of Finance to consolidate recent drops in inflation and steer the economy toward sustained stability.
CPPE suggested in reaction to the July 2025 inflation reported by the NBS
The headline inflation declined for the fourth consecutive month, easing from 22.22% in June to 21.88% in July, a deceleration of 0.34%Month-on-month food inflation also moderated, falling from 3.25% in June to 3.12% in July, while core inflation posted marginal declines year-on-year (-0.03%) and a sharp slowdown month-on-month, from 3.46% to 0.97%.
Dr Muda Yusuf, the Director/CEO of CPPE, noted that while progress has been made in moderating headline and core inflation, the persistence of food and month-on-month price increases highlights unresolved structural weaknesses.
“The July 2025 inflation figures present a mixed outlook for the Nigerian economy, with notable improvements in key indicators but lingering risks that demand policy attention,” he said.
These developments reflect a gradually stabilising macroeconomic environment, supported by exchange rate stability, improved investor confidence, and the lingering impact of import duty waivers on key staples such as rice, maize, and sorghum.
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