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CFAO
NIPEN, the licensee manufacturers and distributors of BIC products including
the internationally renowned ‘BIC Cristal Pen’, ‘BIC Shaving Sticks Range &
Lighters’ and ‘Premium Ball pens’ and also one of the major B to B plastic
players with leading position in Crates and Closure Caps categories has
continued its leadership in Nigeria’s plastics industry in spite of the
economic recession. This was stated by Mr. Steve Faderin, the Chairman of the
Board of CFAO NIPEN, during the 41st Annual General Meeting of its
stakeholders held in Lagos, recently.
Left to right:
Mr. Regis Tromeur, Managing Director of NIPEN, Pastor Sola Ajidagba, Director,
Mr. Taiwo Oyaniran, Auditor; Mr. Steve Faderin, Chairman, Board of Directors, and
Mr. Kayode Sodipo, Auditor at the 41st Annual General Meeting of
CFAO NIPEN held in Lagos recently.

Whilst
considering the annual general report and accounts of the company, a subsidiary
of the CFAO group in Nigeria, the shareholders noted that the weakening of
Naira, scarcity of foreign currency, drastic fall of over 70% in oil prices
have badly impacted the business environment. Noting the trending recession
facing the business of manufacturing in the country generally, Mr. Faderin said
that additionally, stiff competition from cheaper, substandard competitors
created a pricing gap for NIPEN’s products. 
He stated that in spite of this scenario, the ‘Premium Ball Pen and
Crates categories maintained about the same sales volume as the previous year.
He said, “in the Razor category, whilst we sustained our market leadership
position, the overall market contracted due to the decline in disposable
incomes and the unrelenting assault by counterfeiters.”

During
the interactive session at the Annual General Meeting, all attendees called on
the federal government to come to the aid of the manufacturing sector to avoid
a total collapse of the economy. On the part of the company, according to Mr.
Faderin, “NIPEN will continue to apply its Kaizen programme of quality
enhancement of its products and maintain adjustments of operational tactics to
reduce exposure to foreign exchange fluctuations; the company would also look
for further optimisation of operating expenses, preserving the capacity to
produce and distribute and be in good position for expansion as soon as the
economy stabilises.”
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