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
CBN admits it opened domiciliary accounts for PFIPC agency
Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.
File photo : PFIPC agency DG, Adeniyi Adeyemi
The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).
The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.
Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.
He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.
“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.
He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.
“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.
The department that handles the mandate is different from the department that actually does the account opening,” he said.
Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.
BLACK MARKET RATES
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CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
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UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
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WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,380.11
GREAT BRITISH POUND (GBP) ₦1,857.35
EURO (EUR) ₦1,575.95
SWISS FRANC (CHF) ₦1,705. 31
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203.94
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32
SAUDI RIYAL (SAR) ₦367.49
SOUTH AFRICAN RAND (ZAR) ₦83.69
BLACK MARKET RATES
US DOLLAR (USD) Buy ₦1, 416 Sell ₦1,422
GREAT BRITISH POUND (GBP) Buy ₦1,895 Sell: ₦1,915
EURO (EUR) Buy ₦1,590 Sell ₦1,610
CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080
SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90
UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205
GHANA CEDI (GHS) Buy ₦95 Sell ₦110
WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400
CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250
AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900
CBN OFFICIAL EXCHANGE RATES
US DOLLAR (USD) ₦1,380.18
GREAT BRITISH POUND (GBP) ₦1,854.42
EURO (EUR) ₦1,577.00
SWISS FRANC (CHF) ₦1,707.94
JAPANESE YEN (JPN) ₦8.50
CHINESE YUAN (CNY) ₦203.57
WEST AFRICAN CFA (XOF) ₦2.40
WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32
SAUDI RIYAL (SAR) ₦367.48
SOUTH AFRICAN RAND (ZAR) ₦83.29
CBN admits it opened domiciliary accounts for PFIPC agency
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