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 in order to improve humanity and the nation’s economy and to alter history for the benefit of everybody. In order to create effects that would further increase
Adegunwa, represented by Chief Operating Officer Dr Kehinde Onijingin, made the announcement on Friday during a brand training and facility visit of the company in Ijebu Ososa for select journalists in the country.
The CEO stated that Rite Foods, which began in 2007 as a result of its parent company, Fototec, diversifying from the photo business into the production of sausages and carbonated drinks in 2016, has gained a significant share of the Nigerian market, giving multinationals that have previously occupied this space a good chase.
He stated, “The truth is that Rite Foods Limited is a fully Nigerian enterprise with world-class facilities. The facilities and machinery you see here are similar to those found in enterprises doing the same type of business anywhere in the world.
“This is deliberate because we are driven by excellence and want to provide the best for Nigerians and all of our customers throughout the world.
“This line of business was previously dominated by multinational corporations, but we have broken the jinx because excellence, innovation, and accountability are our watchwords.”
“We are passionate about boosting the economy and addressing poverty and unemployment in the nation, which is why we have invested billions of naira in this business.
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 shows that local investors are capable of boosting the country’s economy and foundation of wealth.
What they’re saying
He stated,
“You can imagine the impact of this multibillion-naira investment on the Nigerian economy.” If it were foreigners, they would make all of the money and use it to help their individual countries’ economies grow. Local investors, on the other hand, will reinvest their profits to grow the business and generate more jobs. Rather than lay off staff despite the economy, we have continued to hire more.
“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 stated that the organisation prioritises integrity, excellence, and innovation, among other things, to drive its commitment to customer satisfaction.
Eze praised the company’s Chairman and Founder, Alhaji Adebola Adegunwa, calling him as a beacon of hope with a clear dedication to building the nation’s economy that should be emulated.
In Essence
Rite Foods’ commitment to employment creation and economic progress, as highlighted by their MD Seleem Adegunwa, reflects a positive and strategic approach to business development in Nigeria. The company’s billion-naira investment in the drinks, sausages, and beverages sector not only showcases their ambition to dominate the market but also their dedication to addressing critical issues like unemployment and economic stagnation.
Adegunwa’s emphasis on the company’s Nigerian roots and its world-class facilities is particularly significant in a market often dominated by multinational corporations. By positioning Rite Foods as a homegrown success story, they are not only challenging foreign competitors but also inspiring confidence in the capabilities of local businesses to thrive and contribute meaningfully to the economy.
