SIFAX Group, a business conglomerate with diverse investments in various sectors of the economy, has said its massive investment in infrastructure and increase in its business portfolio are due to its huge ambition of transiting to a mega corporation.
In the last few months, SIFAX Group has invested heavily in equipment acquisition across its various subsidiaries, expanded its facilities and also made a foray into other countries.
Speaking at its mid-year press conference in Lagos, Mr. Adekunle Oyinloye, Group Managing Director, SIFAX Group, noted that the company has set a very big ambition for itself with a 5-year strategic growth plan that will generate a 300 per cent increase in turnover.
He said: “As a proactive company, SIFAX Group is already preparing for the future. We have an ambition of becoming a real mega business with substantial presence globally. Our first major footprints would be in Africa. We are already in some West Coast nations while efforts are on to do more. We have a 5-year strategic plan that encapsulates our vision.
“A key part of the plan is massive investment in equipment and facilities. Across our companies, more harbour cranes, reach stackers, haulage trucks, forklifts, baggage tow tractors among others have been acquired to match our ambition as a market leader in all the sectors we operate.
“Facilities are also been expanded. For example, we have acquired two new off dock locations in Lagos so as to improve cargo evacuation from the port and provide more options for our clients to clear their consignments without stress.”
Oyinloye further said the new vision of the company necessitated a new management team, which is currently driving the business, adding that the management is delivering on the mandate of Dr. Taiwo Afolabi, Group Executive Vice Chairman, SIFAX Group, which is to turn the business to a big global brand.
On his own part, John Jenkins, Managing Director, Ports & Cargo Handling Services Limited, noted that the company’s container throughput for the first half of 2019 was 130,000TEUs while its general cargo volume was in excess of 100,000 tons.
“We are expecting our throughout for 2019 to be in the region of 280,000 to 290,000 TEUs on the back of an improved port access road. Already we have crossed the 130,000 TEUs mark for the first half of the year. This figure is 275 TEUs less than what we achieved in 2018,” he noted.
A major challenge confronted by the business, especially its Nigerian operation, in the first half of the year, was the traffic gridlock caused by the poor access roads around the Lagos ports.
Oyinloye commended the government for responding to the situation with the award of the road construction but urged that a more sustainable solution of linking the ports with a functional rail system would complement the road infrastructure.