By Wisdom Deji-Folutile
The Chief Executive Officer and Managing Director of Ayoola Foods, Engr. Segun Olaye, commended the performance of the company’s distributors across the country, charging them to remain vigilant amid food insecurity in 2024.
The 2023 Annual Customer Forum and lunch event held in the conference hall of the Sheraton Hotel in Ikeja, Lagos on Saturday. The Forum is a platform for the company to encourage, motivate and reward its outstanding distributors over the previous year.
The company recognised distributors for their performances, giving bonuses to those who met and exceeded sales targets. The highest distributors nationwide were also honoured at the event.
Among major announcements on the day included the Ayoola Foundation and Orphanage home, which kicked off last year, a project exclusively sponsored by the company and its CEO.
The orphanage was announced by Engr. Olaye as a means to give back to society after its 33 years of successful existence.
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“All our distributors are part of this project, directly or indirectly,” the MD said.
Sharing information about the genesis of the project, Olaye said that the project was met with “a lot of obstacles”.
“A few years ago, I had a vision that yes, we’ve come a long way with the help of God and you the distributors. And the vision was to start something for the orphans in Nigeria. When I started it was like something that will be very difficult to achieve. But you know when God is with you, everything is possible. I was determined to do it. We met a lot of obstacles, and challenges on the way. These are normal things in this country, no matter how good what you want to do is,” Olaye said.
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“We thank God, that last year, we were able to declare the foundation open. It took us two years for the construction of the place. People who have been there say this is the best (orphanage) home they’ve seen in Nigeria.”
The orphanage, located in Idimu, Lagos, opened in January 2023 and can house 100 orphans from the ages of 2-10.
“We have two phases. This is just phase one, and I know later on, phase two will come up,” the Managing Director said.
Food insecurity threatens production
The company’s founder also warned distributors to be wary of 2024, explaining that the issue of food insecurity in the country threatens price regulation.
“For those who were present last year, you know I told you, for the first time last year, that 2023 would be a tough year.”
The founder then explained that 2024 is set to be even tougher, due to raw material shortages, warning distributors to be wary of the economic climate.
“The way I have been talking to you every year, today’s own is quite different. It’s like advice. Because I’m seeing something I’ve never seen in my over 30 years experience in this business.”
“Normally, when we have a customer forum, we tell you how you have performed the previous year, we give you some bonuses, and then we encourage you so that you can do more. Before I go into that, I want to tell you what’s happening right now. What you know from the market is that things are expensive, but you don’t know how deep these things are. Right now, it is so difficult to get raw materials. I started this business in 1991. The first container of Nigerian food I ever shipped left Nigeria in December 1989. I have been in this business for so long. I have never experienced what I am experiencing now.
“This is a year that I personally believe unless a miracle happens—you know, miracles can happen—but from my own point of view, this year the problem will not even be about sales, the problem will be, ‘Can you produce?’”
“Prices will go up beyond what anybody can ever imagine,” he warned, however assuring distributors that Ayoola Foods will never stop production.
In 2023, Ayoola Foods also made investments into improving the brand, including a product package redesign, which the MD recalled as a “sizeable investment”.
The new design has been well received by Nigerians.
Ayoola Foods continues to be a popular choice for consumers of Nigeria’s staple dishes. The company’s commitment to delivering premium food products at great quality has established it as a household name in Nigeria.
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