Nigerian exchange sacks 40 workers

The Nigerian Exchange Group (NGX) has sacked some staff members days after its annual general meeting (AGM) which was held in Lagos.

According to Nairametrics, over 40 staff members of NGX Group were affected, with top shots in the organization asked to go.

The affected staff members include regulatory officers, compliance managers, audit managers, the investment team, the chief finance officer, and the general counsel of NGX, among others.

The overhaul was led by PricewaterhouseCoopers (PwC), a multinational professional services firm.

The PwC carried out a staff audit and made recommendations to Group Managing Director/Chief Executive Officer of Nigerian Exchange Group, Mr Temi Popoola, who implemented the downsizing.

“Mr Popoola knew that he was in a position to be the next Group CEO when Oscar Onyema (former NGX Group CEO) left. So, as soon as he assumed office, he contracted PwC to overhaul NGX Group,” an affected senior staff member told Nairametrics.

“However, several times, PwC asked about job responsibilities from the Human Resources (HR) Department. In preparation for the AGM, as Holdco managers, we were in charge of organizing the AGM and we did a lot of leg work to ensure that we got enough proxy shareholders so as to secure enough percentage required to rectify Popoola as GMD.”