• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Recession Forces Dangote To Sack Expats

Chacha Wabara by Chacha Wabara
October 24, 2016
in Business News, Company News, Spotlight
Aliko Dangote

Aliko Dangote, President, Dangote Industries

Share on FacebookShare on TwitterShare on Linkedin

Dangote Group, one of Nigeria’s largest private firms has begun the steady cutback of employees as it has been hit with problems relating to the economic crisis in the country. The first set of 48 staff were disengaged last week consisting of 36 foreign staff and 12 Nigerians.

Though there was no official of the group willing to speak on the matter yet, Punch reports that the decision to sack the workers was not unconnected 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.

This was especially true in the case of the foreigners who were being paid in foreign exchange, as the Naira’s free fall in value, coupled with the unavailability of forex made it increasingly difficult for the company to pay the foreigners. The Nigerians were reportedly laid off due to disciplinary issues.

RelatedStories

Expert reveals “real reason” behind Dangote’s deployment of 4,000 CNG trucks 

Expert reveals “real reason” behind Dangote’s deployment of 4,000 CNG trucks 

June 28, 2025
Dangote is the pride of Nigeria’s Financial Market, says NGX Group Chairman 

Dangote is the pride of Nigeria’s Financial Market, says NGX Group Chairman 

June 28, 2025

Probably what will be more disconcerting to workers of the company is the fact that this is not likely to be the end of the mass sack in the company. According to a letter signed by the CEO of the group, Aliko Dangote, there is a strong possibility that more will be sacked.

“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 organization.

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.”

The sack of employees of the company was not entirely unforeseen as the CEO, Aliko Dangote had, according to a recent index released by Bloomberg, lost $5.4 billion due to the depreciation of the Naira and the Central Bank of Nigeria CBN’s decision to ration dollars to stem huge capital outflows.

Tags: Aliko DangoteDangote GroupManufacturingNaira DevaluationNigerian recession
Chacha Wabara

Chacha Wabara

Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

Related Posts

Expert reveals “real reason” behind Dangote’s deployment of 4,000 CNG trucks 
Energy

Expert reveals “real reason” behind Dangote’s deployment of 4,000 CNG trucks 

June 28, 2025
Dangote is the pride of Nigeria’s Financial Market, says NGX Group Chairman 
Companies

Dangote is the pride of Nigeria’s Financial Market, says NGX Group Chairman 

June 28, 2025
Dangote targets fertilizer self-sufficiency in Africa within 40 months to boost agricultural productivity
Economy

Dangote targets fertilizer self-sufficiency in Africa within 40 months to boost agricultural productivity

June 27, 2025
Africa is the only continent experiencing growth, Europe needs us to grow — Dangote at AAM2025 
Economy

Africa is the only continent experiencing growth, Europe needs us to grow — Dangote at AAM2025 

June 27, 2025
Meet Arnold Ekpe, new Chairman of Dangote Sugar 
Appointments

Meet Arnold Ekpe, new Chairman of Dangote Sugar 

June 12, 2025
Aliko Dangote makes TIME100 world’s most influential philanthropists list 2025 
Appointments

Aliko Dangote retires as Chairman of Dangote Sugar Refinery after two decades, banking expert Arnold Ekpe takes over leadership 

June 12, 2025
Next Post
Apapa ports generated N74billion in Q1 2015 up 295%

How This CBN Policy Made Over Thousands Of People Jobless In Apapa Alone

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Limitless Without Borders 3.0 in London: Rukayat Alabi marks record-breaking success, igniting a new era of inclusive innovation and entrepreneurial empowerment 
  • Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 
  • LASEPA shuts Mania Lounge, Voda Beach Club, and others for persistent noise pollution 

Follow us on social media:

Recent News

Limitless Without Borders 3.0 in London: Rukayat Alabi marks record-breaking success, igniting a new era of inclusive innovation and entrepreneurial empowerment 

Limitless Without Borders 3.0 in London: Rukayat Alabi marks record-breaking success, igniting a new era of inclusive innovation and entrepreneurial empowerment 

July 6, 2025
Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 

Sola Sobowale unveils Ilu Aseyori, Africa’s Premier Agro Smart City, where Nigerians can now own profitable Oil palm plantations 

July 6, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics