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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

 

 

 

 

MUSIC

Gospel Artiste Olaoba Joins Mercy Chinwo’s Record Label

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Bidemi Olaoba joins Mercy Chinwo's record label | fab.ng

Bidemi Olaoba, a gospel singer who is gaining popularity quickly, has just joined a new record label. The label is called Grace and Truth Nation (GNT) Nation. Pastor Blessed Uzochikwa and his wife, Mercy Chinwo, co-founded the record label. This is exciting news for both the singer and the record label.

Pastor Uzochikwa is the president of GNT Nation.

He released a statement to share his enthusiasm about Bidemi Olaoba joining the label. He said that Olaoba’s arrival is a very important moment for GNT Nation. According to Pastor Uzochikwa, the record label’s mission is to spread the message of Christianity through the power of gospel music. He believes that Olaoba will be a valuable asset in helping them achieve that goal.

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ENTERTAINMENT

Media Personality, Stephanie Coker Opens Up On Her Battle With PCOS

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Stephanie Coker opens up on her battle with PCOS | Fab.ng

Stephanie Coker-Aderinokun, a media personality and actress, bravely discussed her challenges with PCOS and IVF in a recent interview with Chude Jideonwo. She revealed the emotional turmoil she faced after her second IVF attempt failed, confessing that she nearly resorted to taking her own life.

Stephanie disclosed that she invested a significant amount of money, over $40,000. She went as far as travelling to Los Angeles for an IVF procedure, only to have it end unsuccessfully last year.

After an unsuccessful round of IVF, she felt deeply discouraged and confided in a friend. She expressed a strange sense of rejection, feeling like even the baby didn’t want her. This was especially difficult because IVF was her only chance at having a child due to her PCOS.

The PCOS caused such severe bleeding that she was hospitalised, and at her worst point, she was confined to a wheelchair and even had to sleep outside in the garden to cope with the overwhelming internal heat. It had been a very physically and emotionally challenging time.

Furthermore, Stephanie Coker shared how the challenges escalated when her husband faced public scrutiny and lost his election. This intensified the backlash against them, adding another layer of difficulty to their already challenging situation.

Watch the video below:

Check out more updates here.

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ENTERTAINMENT

Nigerian Celebrities Dissatisfied With Reintroduced National Anthem

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Nigerian celebrities dissatisfied with new national anthem | Fab.ng

Nigerians were surprised by a swift government decision to bring back the old national anthem, “Nigeria, We Hail Thee.” This change replaced the current anthem, “Arise, O Compatriots,” which had been in place since 1978.

The switch happened in just a few days: the House of Representatives passed a bill on May 23rd, the Senate followed suit a few days later, and President Tinubu signed it into law on May 29th, 2024.

This move sparked criticism from many Nigerian celebrities on social media. They felt the government’s priorities were misplaced.

Instead of focusing on changing the national anthem, celebrities argued that the government should tackle more pressing issues like insecurity, unemployment, and the struggling economy.

See some of their reactions below:

Adekunle Gold wrote: “No one thought Timi Dakolo’s Great Nation makes a better anthem?”

Kate Henshaw: “In the midst of excoriating hardship & lack of good governance on every level, but not to worry, going back to a colonial anthem will be a soothing balm and inject patriotism back into our veins, a much-needed drug.”

Illbliss wrote: “Of all things to address….. The f***ing National Anthem. At this point, they can change the flag to purple and burgundy, shoot the horses on the coat of arms, and let the dead eagle 🦅take flight.  Really sick of the incompetence.”

Noble Igwe wrote: “Exchange rate is skyrocketing, cost of living is so high, insecurity in many parts of the country but one year in office, however, let’s change the national anthem.

This is so sad and shameful.”

Toolz wrote: “I’m not learning any other national anthem…”

Charly Boy wrote: “Animals in Agbada fit make me start to sing our olden days National Anthem, imposicant. Vagabonds in power wan distract us from hunger, kidnapping, high cost of living by organizing useless priorities for us to follow so we no go dey talk as e dey pain us?

Who no know say APC na monumental failure in the history of politics for Naija. If one-year dey like dis, imagine how many of us go kpai in the nxt 3yrs. Nonsense. Dia fathers.”

Joeboy wrote: “Of all the problems Nigerians have to deal with, changing the national anthem is priority? Okay naw.”

Teni wrote: “Arise o compatriots, I’ll miss you, thank you for so many childhood memories. Till we meet again, love, SM.”

Lastly, Erigga wrote: “Now that we have the old national anthem, can we now have the old price for foodstuff and dollar?”

Get more updates here.

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