The Recession hitting Nigeria’s economy is not smiling at all and it is evident in some recent occurrences in the country’s business circles. Many are still reeling from the shock that Femi Otedola is no longer a billionaire as another troubling development has emerged.
The Dangote group, owned by Nigeria’s richest man, Alh. Aliko Dangote has fired 48 of its staff, 36 of them are expatriates while 12 are Nigerians.Investigations show that the sacked employees workedfor the group’s headquarters and one of the subsidiaries, Dangote Cement Plc.
It was gathered 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.Consequently, the industrialist, according to sources, has decided to replace the expatriates with Nigerians, who have acquired the requisite experience on the job, as paying them in naira will be less problematic.
In a letter by the President/Chief Executive Officer, Dangote Group, Aliko Dangote, dated Thursday, October 20, 2016,the firm stated that it was constrained to take the “tough” decision as economic factors had affected the cost of production.
Another subsidiary of the Dangote group, Dansa Foods Nigeria Limited, has reportedly been unable to pay its workers for the past six months.The company recently suspended the production of Dansa Juice and other products, and was only producing Mowa Bottle Water.