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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….
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  1. princewill ebuka

    October 24, 2016 at 3:33 pm

    The recession is hitting hard on everyone, i hope something is done asap to revive this economy.

  2. Animashaun Ayodeji

    October 24, 2016 at 3:40 pm

    It’s sad Nigeria’s economy isn’t treating Africa’s richest man well, and he’s struggling to keep his business together.

  3. Margret Dickson

    October 24, 2016 at 3:42 pm

    Dangote has contributed his own quota to make Nigeria a better nation, but as things are in the country today, Dangote cannot be blamed for relieving workers of their duties.

  4. yanju omotodun

    October 24, 2016 at 4:04 pm

    Dangote just hid under the guise of recession, I am sure the 48 people he sacked was as a result of corrupt or fraudulent acts but to cover things up, he used recession to announce their sack.

    • Johnson Amadi

      October 24, 2016 at 4:23 pm

      Exactly the same thing I thought, Dangote may have been affected by the recession but not to the point of sacking 48 workers. Those sacked must have committed one offense or the other


    October 24, 2016 at 4:13 pm

    If a whole dangote is affected by economy recession, then see how hard it will be for the poor masses. Buhari has to do something before something does him.

    • Amarachi Okoye

      October 26, 2016 at 7:27 am

      My dear no be Small thing buhari in trouble the poor Masses should keep crying until buhari visit his early grave

  6. Roland Uchendu Pele

    October 24, 2016 at 5:19 pm

    “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.” But we heard that Dangote was getting preferential treatment as par exchange rate. Was that a lie?

  7. Joy Madu

    October 26, 2016 at 7:17 am

    I don’t blame dangote it is the recession of the economy that warrant the sack that we all know

  8. Amaka Okoro

    October 26, 2016 at 7:38 am

    Na wa ooo dangote being the richest man is affected with recession of the corrupted economy no be Small thing we go survived with God on our side

  9. Nonso Ezeugo

    October 26, 2016 at 9:42 am

    We are in trouble oooo, dangote the riches man in African is affected, which warrant him to sack his workers, that means we the poor no go escape this ooo, na end time ooo amend your ways ooo.

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