From David Onwuchekwa, Nnewi

Cutix Plc, Nnewi, Anambra State has cooled off for the year 2021 in its end-of-year celebration, though with the regrets of a handicap Central Bank of Nigeria (CBN) has imposed to access foreign exchange.

The Chief Executive Officer of the company, Mrs Ijeoma Oduonye at the event that took place at Anaedo Hall where hundreds of its distributors and other stakeholders across Nigeria gathered said the company had done well despite the challenges from the CBN as well as the Nigerian Ports Authority.

She 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.

The CEO mentioned the activities of the Nigerian Ports Authority as another problem facing many companies in Nigeria including the Cutix Plc, where she said many consignments were left to stay for more than necessary, saying that you had to pay so much to get the consignments, which were the raw materials out of the ports.

She said that the demurrage 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.

She, 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, 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, Mrs Ijeoma EZeaso focused on progress in the midst of confusion. She said that strategy was required to confront uncertainty. Mrs 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 the Managing Director, PAX-O MULTI LINKS LIMITED, Mr Pius Ogbonnaya Obianom who won the star prize as the best performing distributor of Cutix Plc. He went home with a brand new Sport Utility Vehicle for the year.

The post CBN cuts short our joy in 2021 with insufficient forex provision – Cutix Plc CEO appeared first on The Sun Nigeria.

Source: news