N483/N485 (updated 9.12.16:morn)
buying/selling naira exchange rates per USD
Monday, 24 October 2016

The crushing effects of the economic recession on Nigeria has taken a toll on Africa's richest man, Aliko Dangote as his company sacked 48 workers last week.

According to reports, the 36 foreigners and 12 Nigerian staff were axed from Dangote Cement PLC and from the Dangote Group headquarters in Lagos.

Quoting a letter signed by group president and founder Aliko Dangote and distributed to the fired workers,
"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.

"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.

"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."
 
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