NIGERIA – Nosak Group has introduced a new brand of vegetable oil known as Famili Pure Vegetable Oil as part of its commitment to continue to meet the needs of its consumers.
Speaking at an event which coincided with the 2017 management retreat, the Managing Director of Nosak Farm Produce, Mr. Robert Ogiri, stated that although there is stiff competition in the vegetable oil market in Nigeria, the new product is poised to be a leader due to the premium nature of the product.
“It is cholesterol-free, triple filtered and has zero trans-fat. The product which is yet to be officially launched has been welcomed by all strata of the economic group both high and low class and it presently comes in 25 litres and five litres size with a plan to introduce a transparent pet bottle size in the near future,” he noted.
Also at the retreat, the Chairman of Nosak Group, Dr. Toni Ogunbor, reiterated that hard work and commitment are essential values which have taken the company to a higher level, adding that all members of staff need to be focused in the year 2017 in order for the company to achieve its set objectives for the year.
Reacting to the current economic recession, he stated that the difficulties encountered by the country is not something that happened sudden, noting that all that the world economic recession that occurred about 10 years ago is still having a negative effect in many country’s’ economies and Nigeria is not an exception.
“The 2009 banking sector reforms carried out by the former Central Bank Governor, Mallam Sanusi Lamido Sanusi (now Emir of Kano) was aimed at strengthening the banking industry in Nigeria but in the end a lot of banks were found not to be viable and some were ultimately taken over by stronger banks and AMCON,” he added.
Ogunbor expressed hope on the future growth of the group noting that they have built structures to ‘weather the storm’ and assured that despite over 80 percent of businesses lost out during the world recession but the group survived as a result of judicious management of its resources and the diversification of its business interests.
He also said a lot of banks were willing to support the Group at that time but some of them underestimated their own problems and the group had to look inwards for survival, “an indication of this is the distilleries daily ethanol production capacity of over 500,000 litres per day at its Amuwo Odofin facility in Lagos, which will be increased in the next few years.”