The owners of the only major indigenous biscuits company in Nigeria, Mayor Biscuits Company Limited (MABISCO), have stated that they will be selling the multimillion-dollar biscuit plant to reinvest the proceeds into a new line of business.
The announcement for the sale of the factory was made available to the media in a statement signed by the Finance Director of the company, Mr. Segun Matthew in Lagos.
Established in 2016, MABISCO, with the state-of-the-art biscuits manufacturing technologies has a total capacity of 3.5tonnes per hour with access to Shell LNG Gas terminal.
According to Mr. Matthew, “The plant has packing machines that have the capacity to do 350 packs per minute. MABISCO is situated in Agbara Industrial Zone, Ogun State and it has a land area of 73,732.391 Square metres (sq2m). Prior to shutting down operations in March 2023, MABISCO has inaugurated over 300 established distributors nationwide in 7 years.
“In 7 years, MABISCO has accumulated 5 per cent market share in the Nigerian biscuits market, with a sustained market presence in the north, west and east of the country. The plant is open to two sales options that includes selling the plant or sale of the machines. We want to sell MABISCO because we want to concentrate on our area of core competence of business,’ adding that ‘to achieve that we have to divest appropriately.”
