Coleman Wires and Cables a renowned Nigerian Content company,has within 6years exited a negative position to grow its networth into billions of Naira and is currently working with the Transmission company of Nigeria (TCN), to ensure Nigerians enjoy steady power supply in the country, with the supply of one of the latest technology driven power conductor, GapCable, that has the capacity to carry more load than existing cables.
Mr George Onafowokan, Managing Director/CEO of Coleman Wires and Cables,made this disclosure in an exclusive chat with members of the Commerce and lndustry Correspondents Association of Nigeria (CICAN),in his Lagos office.
“We now produce ;Gap Cables and Marine Cables. The company in collaboration with our foreign partner has acquired all the necessary equipment and technology to produce Fiber optic Cable in Nigeria. This would be first in the whole of West and Central Africa”,he stressed.
Continuing, the industrialist,who is a nominee for the prestigious CICAN Award billed to take place, December 16th,at Lagos Airport Hotel lkeja, maintained that Coleman Wires and Cables has over the years been able to ward off stiff competition from imported wire products and is now a dominant global player in the industry with quality an affordable products.
While lending his voice to the current uncertainties in the Nigerian Forex market, which is now a worrisome challenge to relevant administrative authorities and the industry as a whole, Mr Onafowokan, emphasised that most business owners are considering the painful alternative of black market due to scarcity of Forex.
“The inconsistencies,poor management and lack of inflows prompt bidders to place higher bids than they actually need because at the end they may not get up to 20% of the Forex amount”. This gives rise to blotted figures that does not reflect the actual demand in the market leading to further devaluation of the local currency”he pointed out.
As the chairman Electrical/Electronics sectoral Group of MAN,he urged the government to settle all outstanding Forex liabilities as the first step towards easing the current crisis in the market as well as allow the naira to find its true exchange rate.