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Vitafoam grows business with N2b
Basking in the euphoria of its golden jubilee anniversary celebration, Vitafoam Nigeria Plc, said it has committed not less than N2billion to expand its plants in the last five years.
The company’s chairman, Mr Sam Bolarinde, dropped the hint at a briefing to mark its golden jubilee celebration and anniversary promo.
The chairman said the firm had overcome challenges to expand its operations in the country since inception.
“Our journey to our present enviable position has witnessed various challenging moments. Apart from contending with vagaries of operational challenges in the harsh and unforgiving operating environment, unhealthy competition, products adulteration and low entry barrier, policies of suceeding government have not been too helpful,” he said.
He added, “Vitafoam has been able to turn these challenges into competitive advantages by coming up with innovative business solutions, when less robust organisations tripped over.”
He said the company could be said to have settled down to serious business with factories in Aba, Kano, Sapele and Jos, adding that the company had also established 10 depots across the country in support of its distribution network.
Bolarinde expressed gratitude that the business, which started as an entity in 1962 has evolved into a conglomerate with the establishment of Vitapure Nigeria Limited, Vitablom Nigeria Limited and Vitavisco Nigeria Limited, adding that the company has also established modern factories in Ghana and Sierra Leone.
“We have also established our modest presence in two neigbouring West African countries. Our effort in erecting a modern foaming factory in Sierra Leone was recently boosted when International Corporation took an informed decision to partner with us. The company also holds substantial interest in Vono Products Plc, a company with which Vitafoam shares very similar history,” he said.
On his part, the company’s Finance Director, Brabindoh Ogun, said the company has in the last five years paid N1.5billion as tax to the government.
He said, “Vitafoam for the past five years has contributed paying tax of more than N1.5 billion. On the average, we pay about N300 million every year, translating to about N1.5billion that we pay into the coffers of the government.
In terms of expanding to Ghana, what we do in Ghana is that we send products from here to Ghana, and there is this element of Foreign Exchange inflow, rather than forex flying out from this country. We are bringing in foreign exchange into the West African sub-region and this is helping the forex market in Nigeria and I think that is our contribution.”
