Jubilee Syringe Manufacturing (JSM) Company, located in Awa, Onna Local Government Area of Akwa Ibom State, has ceased its operations, citing temporary redundancy due to unforeseen circumstances impacting its business operations. Inaugurated in 2017 by former Vice President Yemi Osinbajo, the company, recognized as the largest syringe manufacturing venture in Africa, officially halted its activities on December 31, 2022.
A memorandum addressed to all employees, obtained by Businessday, conveyed the implementation of temporary redundancy measures, effective January 1, 2024, to ensure the long-term sustainability of the company. The decision, outlined in the memo titled “Temporary Redundancy – Service Not Needed Till Further Notice,” emphasized that the challenging business environment necessitated these steps and assured workers that the move was not reflective of their individual performance.
The managing director, Akin Oyediran, noted in an interview last April that the company had secured a $1 million credit facility, attributing its growth to the supportive environment provided by the state government for the manufacturing sector.