Business
MTN Nigeria Lays Off 65 Employees
An investment of over N4.5 billion in a state-of-the-art technology by MTN Nigeria has cost 65 employees of the organisation their jobs.
The company said on Thursday that the investment was part of an aggressive plan to refocus its customer service operations.
This is coming after MTN South Africa said that it was planning to lay off at least 400 staff to cut costs as the recession deepened, with company saying that it would reduce its workforce by about seven percent.
The Customer Relations Executive, MTN, Nigeria, Mr Akin Braithwaite, in a statement Thursday, confirmed the coming of the new technology, which would make them dispense with the services of 65 workers.
Mr Akin noted that a planned additional amounting to N25 billion, which included the cost of new call centres made for Nigeria, adding that it would create about 1,500 new jobs.
The Human Resources Excutive, MTN Nigeria, Mrs Amina Oyabolam also confirmed that the company’s management had approved an exit package for all concerned to cushion the effect.
“MTN sincerely thanked all the affected staff for their contribution to MTN whilst in the employment of the company and wishes them the very best in all their future endeavours”, the company said.
The company which operates networks across Africa and middle East, had said it would prune down the staff strength, both permanent and temporary workers, because it was becoming more efficient due to a fall in customers’ number in South Africa.
MTN Groups Human Resources Executive, Mr Temba Nyathi, noted that the cutbacks were expected to save 150-170 million rand per year.
The Tide source gathered that MTN planned 70 per- cent of its non permanent staff, starting from December 1, 2009.
The source further hinted that South Africa is grappling with its first recession in 17 years and many companies have cutback contain costs.
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Blue Economy: Minister Seeks Lifeline In Blue Bond Amid Budget Squeeze

Ministry of Marine and Blue Economy is seeking new funding to implement its ambitious 10-year policy, with officials acknowledging that public funding is insufficient for the scale of transformation envisioned.
Adegboyega Oyetola, said finance is the “lever that will attract long-term and progressive capital critical” and determine whether the ministry’s goals take off.
“Resources we currently receive from the national budget are grossly inadequate compared to the enormous responsibility before the ministry and sector,” he warned.
He described public funding not as charity but as “seed capital” that would unlock private investment adding that without it, Nigeria risks falling behind its neighbours while billions of naira continue to leak abroad through freight payments on foreign vessels.
He said “We have N24.6 trillion in pension assets, with 5 percent set aside for sustainability, including blue and green bonds,” he told stakeholders. “Each time green bonds have been issued, they have been oversubscribed. The money is there. The question is, how do you then get this money?”
The NGX reckons that once incorporated into the national budget, the Debt Management Office could issue the bonds, attracting both domestic pension funds and international investors.
Yet even as officials push for creative financing, Oloruntola stressed that the first step remains legislative.
“Even the most innovative financial tools and private investments require a solid public funding base to thrive.
It would be noted that with government funding inadequate, the ministry and capital market operators see bonds as alternative financing.
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