Business

Recession bites harder as Dangote sacks 48

Recession truncates PenCom 2016 15% projections
Nigeria’s economic recession has continued to bite harder with the Dangote Group sacking 36 expatriates and 12 Nigerian workers.
Dangote group is one of the highest employer of labour in the country with subsidiaries in different African countries.
A letter personally signed by the President of the group, Aliko Dangote, confirmed the sack and gave reasons for the development.
The letter reads: “This year has been a very challenging year for us as a business. The unavailability of foreign exchange coupled with an unprecedented hike in the exchange rate has resulted in increased costs across the organisation.
“This called for a proper review and adjustment of our costs across board to ensure efficiency and effectiveness in the deployment of our factors of production in a bid to eliminate redundancies that we know exist, which resulted in some tough decisions, which means losing staff, including some of our colleagues.
“On Friday, October 14, 2016, we began the process of staff cutbacks as it is imperative to review our human capital deployment for the required cutbacks that would ensure efficiency and eliminate redundancies in the allocation of human resources.
“This first phase of this exercise involved the cutback of 36 expatriate staff across the Dangote Cement Plc and Dangote Industries Limited, and 12 local staff members in Dangote Industries Limited.”
By Timothy Enietan-Matthews….
RipplesNigeria …without borders, without fears

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Do NOT follow this link or you will be banned from the site!