The Rites Foods Limited has proved that despite challenges, it is possible for an indigenous company in Nigeria to grow and be able to contribute meaningfully to the national economy.
Mr. Seleem Adegunwa, Chief Executive Officer and Managing Director, Rite Foods Limited, said this recently . He said that the company is a 100 per cent Nigerian company and remains the testament of an individual who purposed to use his God-given resources to add value to both the country’s economy and humanity and change the narrative for the good of all.
Adegunwa who was represented by Kehinde Onijingin, Chief Operating Officer of the company, at a brand training and a facility tour of the company at Ijebu Ososa, disclosed that the company’s billions of naira investment in the beverages, drinks and sausages sector is tied to the passion to develop the national economy and tackle unemployment.
While urging Nigerians to be change agents in their respective little corners, activating impacts that would further expand the economic prosperity of the country, he said that Rite Foods which began in 2007 as a result of the diversification of its parent company, Fototec, from photo business into the production of sausages and carbonated drinks in 2016 has gotten a good share of the Nigerian market giving the multinationals that have hitherto occupied this space a good chase.
Adegunwa said, “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.”
According to Adegunwa, the strength of the company lies not with the limited principle of making profit but in the drive to affect humanity and contribute to the promotion of a viable economy. His words: “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.”
Ekuma Eze, Head of Corporate Affairs and Sustainability of the company, charged the government at all levels to prioritise attracting local investors over and above foreigners.
Eze said that the success story of Rite Foods Limited within a few years of operation, with about 3,000 workers and several thousands of indirect jobs created along the value chain shows that the local investors have what it takes to grow the economy and prosperity base of the nation.
He said, “You can imagine the impact of this multi-billion 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 go develop the economy of their respective countries.”
So, where is the big advantage of encouraging local investors? Eze said, “The local investors on the other hand will plough 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”.
He lauded the foresight of the Chairman and founder of the company, Alhaji Adebola Adegunwa, describing the industrialist as a beacon of hope and one whose firm commitment to strengthening the nation’s economy is worthy of emulation. Eze said that Rites Foods continues to wax strong because it prioritises integrity, excellence, and innovations among others to drive the company’s commitment to satisfying the people.
