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Forex restrictions, counterfeiting affecting our business – BIC

By Elizabeth Adegbesan
LIGHTERS & Shavers BIC West Africa said foreign exchange restrictions placed on some items by the Central Bank of Nigeria (CBN) along with product counterfeiting have negatively impacted on the company’s operations.

Forex

The company’s Country Business Development Manager, Mr. Adeyemi Ojo, stated this at the sidelines of BIC’s ‘Shave and Realize your Dream’ draw held in Lagos.

According to him, the issue of CBN’s forex restriction on imports, counterfeiting and adulteration of the product has been a major problem in the company.

He stated: “CBNs forex restriction on imports is a national problem. But now we thank God. We are out of recession and the country is coming back on track. The restriction affected us but we did not pass the burden to our consumers. We bear the burden because they are our partners.”

On the issue of counterfeiting and adulteration of the product, he said: “The issue of counterfeiting and adulteration is one of the major challenges we are facing in the business. We keep doing our best. We keep grading with standard organization of Nigeria and using the relevant authorities to help us fight the counterfeiting and the counterfeiters.”

Ojo asserted that since its commencement of business in Nigeria, BIC has recorded over 70 percent market share in terms of competition with other brands in the market.

“We are far above competition by over 70 percent  market share and every other product. Nigeria market is a capitalist market and not a monopolistic market and we never plan to be a monopolist in our approach to the life style of our people.”

BIC, manufacturers of shavers, writing pen, lighters, among others, revealed the winners of the grand prize alongside 66 other winners during the promo draw. Winners of the grand Prize, Miss Ogwuzu Blessing, Lagos and Mr. Bassey Effiong, Onitsha , went home with a car each.


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