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Erisco Foods Moves Tomato Paste Plant To China, 1500 Workers To Be Laid Off.

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Erisco Foods Liquidating, Moves Tomatoe Paste Plant To Chain, 1500 Workers To Be Laid Off.

Erisco Food Limited is in it’s process of liquidating its tomatoes paste factory in the country sequel to relocating to China, and 1500 employees are bound to losing their jobs.

The Company’s President, Chief Eric Umeofia, who announced the plan Tuesday in Lagos, said they are being forced to take the decision due to the refusal of the Central Bank to allocate FOREX to them for importation of raw materials as well as collaboration between some government agencies and importers from Asia to flood the market with substandard paste.

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Chief Eric Umeofia, President/CEO Erisco Foods Limited

“It is saddening and painful that we have started the process of relocating our factory out of the country, thereby forcing us against our wish to create jobs in foreign lands due to the evil and wicked desires of unpatriotic Nigerians who frustrate every effort we have made to create jobs in the country and earn foreign exchange.”

It will be recall that the Wife of the President, Hajiya Aisha Buhari, in February this year inaugurated the company’s N4 billion tomato paste processing plant that can process 450,000 tonnes of tomatoes in Oregun, Lagos State.

According to Umeofia, the idea of the new plant was borne out of the need to resolve the glut in the tomato products from farmers, particularly in the northern part of the country, who are losing about 75 per cent of their produce due to the absence of storage or processing facilities.

While disclosing that it will be taking the company about six months to complete move its factories out of Nigeria, Chief Umeofia said “CBN refused to give us approval till date to use our own deposit of USD460, 000.00 generated from our foreign operations, but the same CBN approves Nigeria’s scarce FOREX to other companies to continue to import sub standards products into the country.”

He added “CBN refused to give us FOREX to import machineries, machine spare parts and raw materials to be used for processing of Nigeria fresh tomatoes into tomato paste in our Lagos factory.

In addition, CBN refused to give us enough intervention funds after several promises to import agricultural tractors, improved tomato seedlings, fertilizer, and chemicals for our Katsina Project. Umeofia said it is regrettable that the same CBN approved intervention loan and FOREX to companies mostly owned by foreigners to import finished tomato paste at cheaper rate and other items like frozen fish and other items that can be produced in Nigeria.

“Recently, USD 15.1 million was allocate was allocated to an Indian company among others in one bidding at the exchange rate of N280.00 to a dollar and the CBN claimed it was for future contract, while, Erisco Foods is running its big company with FOREX sourced from parallel markets at the exchange rate of over N450.00 to a dollar.”

Chief Umeofia said they expected the government to place a ban on the importation of tomatoes paste into the country as they did in banning importation of cement and fruit juice, but regretted that that was not done.

He added that the company with over 2, 000 workers has the capacity to meet all the tomato needs of Nigeria and even export if they produce at full capacity. “But since inception, we have been producing fewer than 20% because of dumping of substandard products by Indians, Chinese and some unpatriotic Nigerians.”

The Erisco Foods’ boss noted that the tactical supports given by some government agencies to importers of sub standards tomatoes paste into the country is forcing them to close their factories and join the importers to flood the market with finished goods as they have lost over N3.6 Billion due to dumping of finished products in the past.

“We have over N6billion of finished products not sold due to the activities of nefarious activities of importers and over N13 billion of raw materials in our warehouses. Also, our foreign supplier bills for collection line worth over US$20m were cancelled due to CBN frustration.””

 

 

 

Source: vanguard.ng

 

 

 

 

MOVIES

Funke Akindele’s “Everybody Loves Jenifa” Rakes Box Office With ₦511 Million In Just 12 Days

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Everybody Loves Jenifa rakes box office with ₦511 million | fab.ng

Funke Akindele’s comedy film “Everybody Loves Jenifa” has shattered Nigerian box office records by earning ₦511 million within just 12 days of its release.

FilmOne, the film’s distributor, revealed that this remarkable achievement makes it both the highest-grossing Nollywood film of 2024. It is also the fastest Nigerian movie to reach the ₦500 million milestone.

“History Made! Everybody Loves Jenifa smashes records with ₦511M at the box office, becoming 2024’s highest-grossing Nollywood title and the fastest to hit ₦500M in just 12 days! Don’t stop! Let’s smash the record books. Watch Everybody Loves Jenifa in cinemas near you,” the post said.

 

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“Everybody Loves Jenifa” achieved unprecedented success by generating ₦206 million during its opening weekend. It established a new record for the highest-grossing opening weekend in Nollywood history.

The film demonstrated its immediate appeal by earning ₦87.8 million on its first day. This set another record for the highest single-day earnings in Nigerian cinema.

Funke Akindele masterfully reprised her beloved Jenifa character, delivering a performance that perfectly captured the character’s signature humour and charm.

The narrative follows Jenifa through an engaging storyline filled with personal growth, fame-related challenges, and comedic situations that resonated deeply with audiences across Nigerian theatres.

Akindele’s marketing strategy proved exceptionally effective. Moreso, she implemented comprehensive social media campaigns and made strategic appearances at various cinemas to connect with viewers.

Her promotional efforts transformed the film’s release into a cultural phenomenon that extended beyond traditional movie-watching.

The film features an impressive ensemble cast including Falz, Omotunde ‘Lolo’ Adebowale-David, Olayode Juliana, Chimezie Imo, Layi Wasabi, Bisola Aiyeola, Jackie Appiah, and Omowunmi Dada.

These actors collectively bring depth to this comedy-drama that successfully weaves together humorous moments, emotional depth, and surprising plot developments.

Check out more movie updates here.

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MUSIC

Tems Debut Album Ranks #2 On Billboard’s R&B List Of 2024

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Tems debut album hits #2 on Billboard's R&B list of 2024 | fab.ng

Tems’ Global Impact: A Billboard Recognition

Tems, a global music sensation, has solidified her position as one of Africa’s most successful artists, with her album captivating millions of fans worldwide and garnering numerous prestigious awards.

In a recent testament to her talent, her debut album secured the second spot on Billboard’s list of the best R&B albums of 2025.

This remarkable achievement places Tems alongside renowned artists such as Chris Brown, PartyNextDoor, Muni Long, and Bryson Tiller.

Furthermore, Billboard has praised Tems’ music for transcending the boundaries of Afrobeats, resonating with audiences across the globe.

“The Nigerian star finds her footing in the global spotlight and stands firmly in her purpose on her dazzling debut album Born in the Wild.

“She opens up about surviving her mental wilderness and learning to thrive in it on the opening acoustic ballad that shares the album’s title.

“And on the mid-tempo standout “Burning,” Tems confronts the trappings of her newfound stardom but finds comfort in the collective struggle. As someone who’s studied Céline Dion, Destiny’s Child, and Mariah Carey and dreamt of making soul-stirring songs that send people into their feelings, Tems succeeded with aplomb.

“Born in the Wild became her highest-charting project on Top R&B Albums (reaching No. 5) and marked her career-first entry on the Billboard 200, peaking at No. 56.

“And while Born in the Wild and “Love Me JeJe” earned Tems 2025 Grammy nominations for Best Global Music Album and Best African Music Performance, respectively, her best R&B song nod for “Burning” further reinforced the rich diversity of her music–  and the notion that African artists like Tems cannot be bound to the catchall “Afrobeats” term, as their music has traveled well past the borders of the continent. – H.M.”

Tems’ debut album, “Born In The Wild,” received critical acclaim in the United States.

Indeed, the album earned a Grammy nomination for Best Global Album.

Additionally, her single “Burning” broke records by securing a nomination for Best R&B Song. Meanwhile, “Love Me Jeje” received a nomination for Best African Music Performance.

Check out more music updates here.

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MUSIC

Adekunle Gold Reveals The Role Pheelz Played In Getting Him Signed To YBNL

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Adekunle Gold credits Pheelz for his YBNL signing | fab.ng

Adekunle Gold marks a significant milestone this December 2024 as he celebrates 10 years since releasing his breakthrough single ‘Sade.’

This debut track, which creatively reimagined One Direction’s ‘Story Of My Life,’ catapulted him into Nigeria’s mainstream music consciousness in December 2014.

The artist recently shared compelling details about his journey to stardom in an industry interview, particularly highlighting his unique path to signing with YBNL.

Before his musical breakthrough, Adekunle Gold cultivated a professional relationship with Olamide through his work as YBNL’s graphic designer, creating cover art for the label’s artists, including Lil Kesh and Viktor.

The pivotal moment in his career arrived when producer Pheelz discovered ‘Sade’ and advocated for Gold’s signing to Olamide, leading to a transformative partnership with YBNL.

Under the label’s guidance, Gold released his debut album, ‘Gold,’ which produced standout hits like ‘Orente’ and ‘Pick Up,’ earning both critical acclaim and commercial success.

AG Baby, as fans affectionately call him, has demonstrated remarkable artistic versatility throughout his decade-long career.

He began his journey by crafting a distinctive urban interpretation of folk and traditional Yoruba music, later evolving into a dynamic pop star with the release of ‘Afro-pop Vol 1.’ His musical portfolio now spans five albums, each showcasing his growth and artistic range.

The singer-songwriter has established himself as one of Nigeria’s most accomplished artists, earning recognition for his exceptional songwriting abilities and commanding stage presence.

His performances continue to captivate audiences across Africa, solidifying his position as a leading figure in the continent’s music scene.

Gold’s journey from a graphic designer to a celebrated musician exemplifies his artistic versatility and dedication to his craft, marking him as one of Africa’s most sought-after performers.

Check out more updates here.

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