Market News

‘CBN should make forex available to manufacturers’ - THE NATION

JANUARY 30, 2023

Chairman and Chief Executive Officer, Chemstar Group, manufacturer of Finecoat, Shield Paints and other allied paints products, Dr Remi Awode, has appealed to the Central Bank of Nigeria (CBN) to make adequate FOREX readily available for manufacturers.

This was as he expressed worry that most manufacturers in the country have been sourcing their Dollars and Euro, as well as other foreign currencies from the Black Market of which the exchange rates are usually higher than that of the apex bank.

Meanwhile, he restated the commitment of the company to the well-being and healthy lifestyle of members of staff, saying the management would do everything within its disposal to ensure that the over 1,000 workers are fit and healthy.  

The apex bank recently announced N500 per Dollars as exchange rate for manufacturers in the bank for ease of doing business for the organised private sector.

Awode made the appeal during the final of the 2023 Chemstar Group Staff Games Week, a one-week sporting fiesta, organised yearly by the company to ensure that the staff members are fit and healthy. 

“So, we will be glad if the CBN can provide enough FOREX for us to import raw materials and machinery/equipment for our production. It is a good idea, but we hope CBN will be able to provide adequate FOREX to meet our needs as announced,” he said.

In the games, the members of staff are grouped into four Houses – Pacific, Gossamer, Jasmine and Grey – named after the colours of the products of the company.

At the end of this year’s games, Pacific House emerged the overall winner with seven gold, three silver and two bronze medals; Gossamer House won four gold, five silver and three bronze medals and placed second; Jasmine House came third with two gold, five silver and three bronze medals; while Grey House placed fourth with two gold, two silver and seven bronze medals.

The staff participated in football, scrabble, basketball, ayo opon, draught, sack race, snooker, tug-of-war, 4-in-a-roll, table tennis, quiz and debate.

Awode, who said the games’ week, is usually fixed for the second or third week of the year, while it is rounded up on May 23, the company’s Founder’s Day when the participants and Houses will be rewarded with various gift items.  

He said: “The significance of the games is that we want to ensure that our staff members are fit and healthy. We encourage them to participate in all the games and sporting events lined up for the sporting fiesta.

“This reduces our sick leave, since they are healthy. And we hope it will also reduce our medical bills incurred by the company if staff members are exercising their body at least once in a year, it will go a long way to keep them fit and for the company to have a strong/healthy workforce.

“Besides, we also encourage them that the games should not be the only time they exercise their body because we want them to have a sound mind in the sound body. We want them to be healthy. We don’t want them to work throughout the year without setting aside some of the time for themselves to exercise.

“The one week games are compulsory and for all staff members to participate in all the competitions. We also reward the Houses and winners of the games with various gifts.”


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