Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News

IGI cuts 60 jobs, as MD seeks turnaround measures 

Joseph Olaoluwa by Joseph Olaoluwa
October 17, 2019
in Business News, Company News
IGI cuts 60 jobs, as MD seeks turnaround measures 
Share on FacebookShare on TwitterShare on Linkedin

60 employees engaged with Industrial and General Insurance (IGI) Plc have allegedly lost their jobs due to prolonged liquidity issues encountered by the company.

Nairametrics gathered that sack letters were distributed to the affected workers through WhatsApp.

Workers protest: The news was met with stiff resistance as several staff members protested the decision to terminate their engagements after being owed arrears of 20 months salaries.

RelatedPosts

IGI employees give firm ultimatum for dismissal reversal

They caused a scene at the company’s headquarters in Lagos, carrying placards and chanting solidarity songs.

[READ MORE: HP Restructure: 9000 jobs at risk globally]

News continues after this ad


Why the workers were sacked: The development was confirmed by the spokesperson of the firm, Mr Steve Ilo, who affirmed that the sack of the employees was imperative to move the company forward.

“It’s true some workers were disengaged in continuation of the ongoing turnaround programme aimed at reviving the company.

“Those affected came to our office in the morning to protest the decision. For the management, it was a hard decision to make. But the measure was long overdue and it had to be taken in order to save the company from sudden death,” he said.

News continues after this ad


According to the Chairman, Coalition of IGI Staff, Samson Onipede, the firm had fallen on hard times and staff members made numerous sacrifices for the company to stay afloat.

“IGI has been going through liquidity issues overtime and staff members have been enduring and sacrificing for the company. But when the MD came in eight months ago, everyone thought that she would take the company in a new direction to save it from liquidation, but it turned out to be a mistake,” he explained.

Outstanding salaries: However, Nairametrics learnt that the Managing Director, Racheal Emenike, refused to pay the disengaged workers their outstanding salaries, as she reportedly claimed that the debt was not incurred during her tenure.

[READ ALSO: NPA and BUA Group dispute to affect 1000 jobs, $500,000 monthly revenue]

Restructuring efforts: In 2016, IGI moved its corporate head office on Victoria Island, Lagos to a new location in continuation of the restructuring process introduced by the management to reposition the company for greater efficiency

The then Managing Director, Mr. Rotimi Fashola, said the relocation from the rented facility, was part of the strategic measures aimed at improving liquidity and operational efficiency.

In 2017, a new management team was constituted by the firm to oversee the affairs of the company. as part of its restructuring programme aimed at repositioning the firm for optimum performance.

Related

Tags: Industrial and General InsuranceRacheal EmenikeSamson Onipede

Leave a Reply Cancel reply

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

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Google invests over $1.5 billion into Blockchain companies in 10 months
    • Nigeria must halt frivolity with moribund infrastructure starting with incoming government in 2023
    • Nigeria’s foreign reserve continues improvement as Naira dips further at I&E window 

    Follow us on social media:

    Recent News

    Google made a whooping $4.7b from news content in 2018, Google Threatens To Remove Its Search Engine From Australia Due To Media Code

    Google invests over $1.5 billion into Blockchain companies in 10 months

    August 17, 2022
    Ajaokuta Steel Company

    Nigeria must halt frivolity with moribund infrastructure starting with incoming government in 2023

    August 17, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com