• Friday, June 14, 2024
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2021: Despite regulatory challenges, others we remain strong – Cutix Plc CEO

2021: Despite regulatory challenges, others we remain strong – Cutix Plc CEO

Cutix Plc, Nnewi, Anambra State has expressed gratitude to God for the year 2021 during its end-of-year celebration, though with the regrets of certain handicap by the difficulty in accessing foreign exchange.

The Chief Executive Officer of the company, Ijeoma Oduonye at the event that took place at Anaedo Hall, Nnewi where hundreds of its distributors and other stakeholders across Nigeria gathered, said the company had done well despite the challenges encountered from some regulatory agencies.

Oduonye said that the biggest problem of the company in the year 2021 was the difficulty in accessing foreign exchange for business transactions.

“We couldn’t get what we needed from the CBN for our business. It’s so bad that as I speak with you now there are some transactions that I started funding way back in 2020 which are still outstanding because CBN has not completed our forex demand.

“We don’t have to wait that long and that has forced us to try other options to get the foreign exchange other than through the CBN which are very expressive. The exchange rate outside the CBN is no longer determined by the policy of the CBN.

“It’s determined by the seller. And you have to pay, if you want it or they go for another person. So, it’s a handicap to the business,” she said.

Read also: Cable business favours Cutix Plc as profit hits 7-year high in 2021

The CEO also said that the activities of the Nigerian Ports Authority hampered the business of Cutix Plc, saying that many consignments were left to stay for more than necessary and that “you had to pay so much to get the consignments, which were the raw materials, out of the ports.”

She said that the dumourage paid had always eaten deep into the profit of the company.

“That has not been palatable to us. And we have little or no control over that.

Oduonye, however, insisted that the challenges had not affected the standard and quality of the products of the Cutix Plc.

She said that the standard remained sacrosanct and that the company would never compromise to lower the bar.

“We remain what we are in terms of standards and quality. That’s Cutix Plc for you,” she said.

Some of the highpoints of the event were choir competition involving Angelic Voice Choir of the Cutix Plc and other competitors and lavish entertainment .

In her keynote address, one of the Directors of the company, Ijeoma EZeaso focused on progress in the midst of confusion. She said that strategy was required to confront uncertainty.
EZeaso laid emphasis on strategy for any business venture to thrive.

She mentioned Covid-19 devastation, sit-at-home and other challenges that inhibited smooth business operations but said that Cutix Plc had continued to wax strong despite the distractions.

Ten distributors from different parts of the country were given awards of excellence in their performance at their different stations. Among them was Ogbonna Obianum who won the best performer to win a brand new Sport Utility Vehicle for the year.