The Group Managing Director of Chemstar Paints Industry Nigeria Limited, manufacturers of Finecoat and Shield Paints, Aderemi Awode, has described the last three years as very tough and challenging for the paints industry in the country.
According to him, the challenges arose from losses to foreign exchange adjustments, absence of local alternatives and low disposable income of consumers, most of which, have negatively affected the performance of the sector in the years under review.
Awode said: “For paints industry, it has been tough and challenging in the last three years. Also, the high rate of forex and low disposable income of Nigerians, even as paints are the last in the chains of people’s demands have affected our capacity utilisation.
“The issue of power is there yet unresolved and which we rely mostly on diesel to power the generators. However, we still keep running the company without meaningful profit in the last three years.”
The Chemstar boss, who disclosed this during the company’s 2017 GAMA Award for its staff members in Lagos, however, said that despite the challenges, Chemstar Paints Industry found it extremely imperative to reward its outstanding members of staff.
GMD/CEO Annual Merit Awards (GAMA), is a yearly event instituted by the GMD to reward outstanding staff members and winners of the annual staff games and sporting competition.
On the essence of the GAMA, Awode said it was instituted to appreciate and reward the staff, who he described “as important and critical assets and stakeholders” in the company.
The staff, who grouped into four Houses – Gossamer (Green), Jasmine (Yellow), Pacific (Blue), and Grey (Grey), participated in various competitions, such as Ayo game, draught, 4-In- Roll, scrabble, table tennis, debate/quiz, poem/essay, dancing, tie and gele competitions, as well as raffle draw.