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By Henry Uche
Footwear And Accessories Manufacturing And Distribution Plc (FAMAD) is setting its sights on expanding into other African markets, as it unveils new directors and professionals to drive the company’s growth and development.
At the company’s 45th-59th Annual General Meeting (AGM) held in Lagos on Thursday, the Chairman, Pastor Ituah Ighodalo, shared the company’s vision to compete fiercely in the market, despite the challenges posed by the influx of poor-quality Chinese footwear and second-hand shoes from Europe into Nigeria.
He assured shareholders and stakeholders that FAMAD is leaving no stone unturned in its pursuit of quality, aiming to not only rival China-made shoes but also make the second-hand market a thing of the past.
Ighodalo highlighted the company’s commitment to innovation and quality, emphasising recent upgrades to its machinery and processes to provide products that stand out in the competitive market. “With God on our side, we are gradually recovering lost markets that have been evasive due to past difficulties. Today, I can confidently tell you that we have certification from the Standards Organisation of Nigeria for all our school shoes. The future looks brighter as we prioritize technology and technical know-how.”
To counter the effects of off-season sales for school shoes, FAMAD has also diversified its product line. The company now manufactures a range of institutional shoes, including boots and safety shoes, and has expanded into men’s formal footwear. The positive market response signals the company’s readiness for growth.
Ighodalo also confirmed a new partnership with a local producer to make soles for school shoes, with the company importing its own moulds to ensure 100% ownership. “This will give us exclusivity in producing lightweight, durable soles perfect for our weather conditions. We must continue to research how to reduce costs,” he added.
A shareholder, Mr. Julius Abiodun Oyedapo, who has been with the company for 10 years, expressed satisfaction with the company’s leadership and urged the board to carefully assess the micro and macroeconomic factors in Africa as it expands. He also called on the federal government to prioritize economic revival for the benefit of Nigerians, many of whom are facing dire financial challenges.
“I believe the Board and management of the company will achieve even more. But the government must bring in experts and take the right steps to fix Nigeria’s economy urgently,” Oyedapo urged.
