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From Okwe Obi, Abuja
The Chairman of Amaecom Conglomerate, Marcel Ofomata, has identified multiple taxation, naira devaluation and low-quality products as some of the challenges affecting businesses in the country.
Ofomata told journalists yesterday in Abuja, at the celebration of the 20th anniversary of the company, that the Ports had become a place where corrupt government officials milk imposters dry, lamenting that most businesses have packed up because of the trend.
While advising the regulatory agencies to double up in tracking substandard goods entering the country, he said the situation has diminished the image of citizens outside Nigeria.
He said: “Part of the limitations is the environment where we do business and the competition we are also having.
“When we say competition is not as if we are competing with anyone. We are on our own. But when you look at the market size it is actually great and you find the products coming into this company.
“If you look at them well, you will realize that at the end of the day, we have so much substandard products. The government needs to look into that because they are supposed to come into this country.
“So whatever comes into this country is competing with you. If you look at the products, they are not even worth competing with you. It is a big challenge.
“Another problem is the naira value which is depreciating. It is making life miserable for us. Most of our friends who are in the same business have actually closed shop because they could not continue with such an exchange.
“But we have been able to stand tall. If I meet President Bola Tinubu, I will tell him that times are hard. The exchange rate is too high. He should look into it. He should look into hr Ports.
“The ports hold a very significant position of every economy of every country. And they play keg role. They determine the quality.
“So, the regulatory authorities that regulate the quality of goods should step up their game because they are not getting it right. Something is wrong at the Ports.
“Charges also at the ports are not helping us. There is so much money we spend at the clearing. Before clearing of a container used to be a N1 million or N2 million. But now, none of the containers had a clearing price of N5 million.
“What it implies is that the cost of the smallest goods is high and it means that everybody is affected. We may not know this because we are talking about fuel.
“It is doubling and doubling. We have no choice. Regulations of these products are not good enough. Our country should not be a dumping ground where people bring all sorts of goods.
“If you go to China and other countries there is what is called Nigerian quality. It is a mad image.
“When you get there, they are not interested in what you have, inasmuch as you are from Nigeria. If is affecting us. I had been able to overcome it because our staff know our quality.”
He recalled how the Amaecom brand started in a small office space in Akwa Ibom State, stating he was able to surmount the challenges through dint of hard work.
“Today, we are in the second decade of the company. We started in 2004 with a single office and a couple of staff in Uyo, Akwa Ibom State.
“But today, we have over 400 staff across the country and an office in Ghana. We have also been able to come to the status of conglomerate having over 7 companies in our organisation.
“It is something worth celebrating. If started as. Financial asset company. Basically, we finance ourselves. Our model of buying now pay later is the best practice.
“It is what has brought us this far. It did not end there. We ended up manufacturing most of the products. We started like every other business; buying and selling. We have factories in Nigeria and China,” he said.
