Seleem Adegunwa, the Chief Executive Officer and Managing Director of Rite Foods Limited, Ijebu Ososa, Ogun State, has disclosed that the company’s billion-naira investment in the drinks, sausages, and beverages sector is linked to the company’s drive to address unemployment and grow the national economy.
Adegunwa claims that the business is also entirely Nigerian and that it is the legacy of a man who set out to use the resources that God had given him to improve humanity and the nation’s economy and to alter history for the benefit of everybody. To create effects that would further increase Nigeria’s economic success, the CEO has urged Nigerians to be change agents in their own small ways, BrandSpur national brand stories report.
Adegunwa revealed this on Friday at a brand-training session and facility tour of the company at Ijebu Ososa, which was arranged for a few national journalists. Adegunwa was represented by Chief Operating Officer Dr. Kehinde Onijingin.
According to the CEO, Rite Foods, which was founded in 2007 as a result of its parent company Fototec’s diversification from the photo business into the production of sausages and carbonated drinks in 2016, has gained a sizable market share in Nigeria, providing a formidable challenge to the multinational corporations that had previously held this market.
The CEO had this to say: “The truth is that Rite Foods Limited is a wholly Nigerian company and world-class because of the facilities it parades. The facilities and machinery you will see here are what you will see in companies that are also into this type of business in any other part of the world.
“This is deliberate because we are driven by excellence and we want to offer the best to Nigerians and all our customers all over the world.
“This line of our business was dominated by the multinationals in the past, but we have broken the jinx because excellence, innovations,, and accountability are our watchwords.
“We have committed billions of naira into this business; our huge investment is driven by our passion to help grow the economy and, of course, tackle unemployment and poverty in the country,” the CEO added.
The company’s head of corporate affairs and sustainability, Mr. Ekuma Eze, issued a challenge to all branches of government to give priority to drawing in domestic investors over those from overseas.
According to Eze, Rite Foods Limited’s quick rise to success—it employed 3,000 people within its first few years of business and generated thousands of indirect employment along the value chain—demonstrates that local investors are capable of boosting the country’s economy and foundation of wealth.
“You can imagine the impact of this multibillion naira investment on the Nigerian economy. If it were to be the ones by the foreigners, they would make all the money and take it out to develop the economy of their respective countries.
“The local investors, on the other hand, will plow the profit back to expand the business and further create employment. Rather than retrenching workers here despite the economy, we have continued to employ more workers.
“So, it will be good for the government to increase their support for the local investors, that is how we can grow the economy,” Eze stated.
According to him, the company’s dedication to ensuring the satisfaction of its customers is driven by several priorities, including innovation, excellence, and honesty.
Eze praised Alhaji Adebola Adegunwa, the company’s founder and chairman, for his vision, calling the businessman a ray of hope whose unwavering dedication to bolstering the country’s economy is commendable.
