Nigeria’s top employers of labour, Dangote Group has fired Sacks 36 expatriate, and 12 Nigerian staff.
The is linked with the current high cost of running business in the country occasioned by the unavailability of foreign exchange and the unprecedented hike in the naira to dollar exchange rate.
It was reported that the huge amounts in foreign currencies being paid to the expatriate workers had become a burden on Dangote due to the steady depreciation in the value of the naira and the difficulties of raising enough dollars.
In a letter signed by the President/Chief Executive Officer, Dangote Group, Aliko Dangote, dated Thursday, October 20, 2016, and seen by Punch, Dangote said it was constrained to take the “tough” decision as economic factors had affected the cost of production. The letter, which was titled: ‘Recent Retirement Exercise’ read in part, “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 woul