Managing Director/CEO of Coleman Wires and Cables, Mr.
George Onafowokan said the approval would enable the company increase the
capacity of the business with additional working capital.
According to him, the significance of the approval to
Coleman is to give alternative funding from the debt capital market via Pension
Fund Asset (PFA) managers, Asset managers and other fund managers.
“It also gives us the availability of a pool of funds from
the capital market and enables us to increase the capacity of our business with
an additional working capital availability through commercial paper and that
impact our ability to increase capacity or increase efficiency that we can then
build on it as a company to increase the availability of products to the
country at a more affordable price”, he added.
Onafowokan explained that Nigeria as a whole would benefit
from Coleman’s access to alternative funding at a better rate.
“Coleman being able to increase its capacity and efficiency
and make cables more affordable for Nigerians as a whole would affect the
market positively,” he said.
The CEO stressed that the available capital would translate
to job creation because Coleman has embarked on expanding its capacity in the
past year and the company is expected to open three new factories which are
Sagamu, two factories for the production of marine cables and gap cables for
transmission.
” This will create additional jobs and the working capital
will be going into the new factories as well as the optic fiber cables factory
that will be opened also at Arepo in the next quarter.
“This will also impact jobs and we expect over 500 direct
jobs and indirect jobs of over 20,000”, said Onafowokan.
In another development, the Coleman CEO called for more
support from the government to the cables industry and a better impact on local
content.
“We expect to see more support from the government to the
industry and a better impact on local content as we see with Nigerian Content
Development and Monitoring Board (NCDMB) and better impact of local content in
other agencies of government that are in the power and other sectors,” he said.
Onafowokan said he expects to see a lot of impacts from the
ministries of power, works and infrastructure in enhancing the ability to
deliver power projects at a cheaper cost to this country.
“Coleman has made the availability of a source of this
product available in the country and that impact directly to an alternative
source of fund that Coleman has been able to build over the years and impact
the economy both directly and indirectly.
“Coleman Wires & Cables is proudly 100 percent
Indigenous, proudly the biggest cable company in Nigeria and proudly the
biggest in West Africa. We will continue to lead for others to follow,” he said
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