The Nigerian Exchange Group (NGX) has laid off some employees just days after its annual general meeting (AGM), which was held in Lagos.
Over forty employees of NGX Group were impacted, according to multiple sources who spoke with Nairametrics. The organization’s top executives were requested to leave.
Regulatory officials, compliance managers, audit managers, the investment team, the chief financial officer, and the general counsel of NGX are among the employees reportedly impacted.
The News Chronicles has learned that PricewaterhouseCoopers (PwC), a global provider of professional services, spearheaded the transformation.
According to a source, the Nigerian Exchange Group’s Group Managing Director and Chief Executive Officer, Mr. Temi Popoola, received suggestions from PwC after the firm completed a staff audit and carried out the reduction.
When Oscar Onyema, the former CEO of the NGX Group, stepped down, Mr. Popoola was aware that he would be the next Group CEO. Thus, he hired PwC to restructure NGX Group as soon as he took office, a senior employee who was impacted said to The News Chronicles.
Nonetheless, PwC enquired about job duties from the Human Resources (HR) Department multiple times. As Holdco management, we were in charge of setting up the AGM, and we put a lot of effort into making sure we had enough proxy shareholders in order to obtain the necessary proportion to correct Popoola as GMD.
The former employee claimed that that same day, at approximately five o’clock in the evening, a virtual meeting was held with all of the group’s employees. In this meeting, the Group Managing Director announced that he had received feedback from PwC and that he would be closing offices and letting go of employees who were no longer needed by the company.
The former employee stated that Mr. Popoola planned to ban the emails of the impacted employees and send termination letters the same day.
“He denied the impacted individuals the opportunity to ask questions. He said the consultants did a good job, but he did not show the results of the review to anyone,” another aggrieved ex-staff member stated.
“We were unaware of the standards that were applied to determine the sacks. Aside from that, we have a significant employee turnover rate and a very expensive board compensation.”
Another affected employee expressed concern about the NGX’s plan to shrink, pointing out that there were no explicit guidelines for termination.
The impacted employees are currently requesting reinstatement, highlighting their accomplishments and the lack of rationale behind their dismissals.
While some are pushing for reinstatement, others are looking for monetary compensation.
The downsizing was not addressed by the NGX Group.
Further Insights
The downsizing trend witnessed at the NGX is not an isolated occurrence within Federal Government-led institutions.
On April 8, the Central Bank of Nigeria (CBN) took similar actions, dismissing five to eight directors from various departments including Trade and Exchange, Securities, Development Finance, Purchasing and Support Services, as well as the Public Affairs Department, as earlier reported by Nairametrics. Concurrently, 32 staff members were let go on the same day, sparking apprehension among employees.
According to multiple sources, the apex bank has terminated the employment of 117 staff members across its 27 departments.
With Governor Yemi Cardoso’s pursuit of a more assertive approach, there are concerns that further staff reductions may be imminent at the CBN, as he aims to solidify his position as a progressive central banker.
