Jubilee Syringe Manufacturing Company, located in Akwa Ibom State, has declared a temporary layoff and suspended operations.
The decision was made because of “unforeseen circumstances affecting our business operations,” according to the corporation.
Former Vice President Yemi Osinbajo authorized the company in 2017, and it is said to be the largest syringe manufacturing facility in Africa.
It didn’t formally announce its closure until December 31, 2022, although having stopped production months earlier. It gave the excuse that it needed 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 further stated that the challenging business environment in which it works necessitated these difficult decisions.
In an interview conducted in April of last year, the company’s managing director, Akin Oyediran, revealed that the business had secured a $1 million credit line and credited the state government for creating an environment that was conducive to the growth of the manufacturing sector.
