Graceco Limited is a food processing and manufacturing company incorporated on the 16th of July, 2012 with an authorized share capital of 5,000,000 ordinary shares of N1 each. The authorized share capital has now been increased by the Board to 20,000,000 ordinary shares which is being paid up.
Graceco is a young company whose strength draws from the extensive experience of its promoters. It emerged from the consolidation of the industrial production activities of two companies- Gracekal Enterprises Limited, an importer of cake decorating materials and Bakers World Limited, a popular maker of celebration cakes. Both companies were managed by the promoter and Chief Executive of GRACECO for over 40 years in which the two predecessor companies had the leadership of the confectionary business in Nigeria and gave her extensive global exposure in the business. The predecessor companies of GRACECO had also registered several industrial products in their names and in the brand name of Bakers Choice with NAFDAC which were some of the proprietary assets inherited by the new company. The rationalization of all the activities gave GRACECO a head start. It brought into the pot a rich collection products ready for commercialization. The restructuring also brought immediate benefit by easing the operations, marketing and branding under the name of GRACECO and the confectionary products line under the name of Bakers Choice.
From incorporation, GRACECO focused on producing a number of confectionary and confectionary-related industrial products aimed at making life easier for the Nigerian consumer. The company is now the largest producer of cup cakes and chinchin in Nigeria. It is also the largest producer of icing sugar and several other products in the name of Bakers Choice products. GRACECO is now, unmistakably, one of the biggest names in the confectionary business in Nigeria. The company has also carried out extensive research on Nigerian foods such as pounded yam, Ogi(pap), ground rice, yam flour etc and has now begun industrial production of variants of Ogi and a few other lines on a small scale. Upon introduction, these products were very well received by the domestic market and a good number of the products are on sale in Shop Rite and other supermarkets in different parts of Nigeria. They are also being test-marketed in the UK, Canada and the USA and the responses have been most encouraging.
From a very humble beginning, the company has now become a full fledged industrial concern employing over 300 people most of whom are young men and women drawn from its neighborhood. Strategically, Graceco has focused on the production of three products, namely, cupcakes, icing sugar and chinchin in each of which the products are so popular it cannot meet the market demand. The immediate strategy of the company going forward is to focus and enlarge production in these three proven lines, establish industry leadership, grow allied products and establish a nation-wide distributorship network before taking on new products. The company continues to carry out research into new products, particularly in the agricultural value chain. The company now has over 30 products registered with NAFDAC.
To be the foremost Nigerian Food Company putting technology behind the production of Nigerian foods and snacks making them well packaged, affordable and available.
The strategic priority of the company is to help to deliver shareholder value through the achievement of sustainable, capital efficient and profitable long-term growth and help to raise Nigerian living standard.
Employing over 300 unskilled staff, GRACECO deliberately embarked on a massive training to improve skills and the injection of very qualified personnel to improve overall staff performance. In the past year, the company mrecruited some young, bright managers with excellent pedigree in various facets of the company's activities. They were deliberately chosen as catalysts of change and their injection and uncompromising discipline is already leading to significant progress in performance and returns. Because we regard our employees as our greatest assets, we are determined to make GRACECO one big training house continuously undertaking class-based and on the job training in order to align individual skills to the needs of the company. We already have achieved some good results even in the upgrading of unskilled staff. I can assure all our stakeholders that to sustain our growth and competitiveness; we shall continue to invest in our human capital using various talent management initiatives. On behalf of the Board and the shareholders of this most promising company, l hereby express our appreciation to the staff for their commitment, dedication and loyalty. I can only assure them that the push of the company is to make GRACECO a great place to work and each staff to be as proud of their company as any other worker of any good company in Nigeria.