The management of Coleman Wires and Cables has disclosed that the mass production of transmission cable, otherwise known as GAP cables, in the country will save Nigeria’s huge foreign exchange (forex). In addition, the company, under the name Coleman Technical Industries Limited, announced the successful paid back series two N3.804 billion under its N20 billion Commercial Paper (CP) Issuance Programme on the FMDQ Exchange. Recall that Coleman recently admitted N6.05 billion series 3 & 4 Commercial Paper under its N20 billion CP Issuance Programme on the FMDQ Exchange. The Managing Director/ Chief Executive Officer of Coleman, Mr. George Onafowokan, made this known in a chat with New Telegraph in Lagos, saying that the company was concluding plans to launch locally produced transmission cables in a bid to arrest the country’s energy crisis.
“He said: “The major advantage to us is that the new technology cable that transmits power is now being made locally, which means the forex that has been put into importation can be put into naira.” The Coleman boss, who lamented the scarcity of forex, said that production of imported products in the country could save forex and also prevent scarcity.
He explained that the production of GAP cable by his company would stop its importation and enable the country to replace obsolete and expired transmission lines, which he said contributed to the poor power supply in the country. “The transmission line now needs a more powerful gap cable. Until Coleman started making this locally, we had been importing this cable for the past 10 years. “Invariably, the major advantage of this to Nigeria is that we can now buy the cable locally with our currency.
“The GAP cable would be able to replace obsolete and expired transmission lines. “Nigeria needs to build new transmission lines. The major advantage of this to us is that the new technology cable that transmits power is now being made locally, which means that the forex that has been put into importation can be put into naira,” he added. Reacting to the series two N3.804 billion CP payment, the CEO said that this would enable the company to increase the capacity of the business with additional working capital. Onafowokan said: “The major advantage of this to Coleman is the credibility the repayment of the Series 2 gives to us as an indigenous manufacturing company. “It has never been seen by anybody in the cable industry in Nigeria and West Africa to sustain such repayment. For us to sustain this, it means that we can sustain the business itself and the projection of the growth of the business and most importantly, we can sustain its expansion and its workforce.”