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MTN Nigeria Lays Off 65 Employees

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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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NSE Begins Week On Negative Note, Loses N19.49bn

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The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.
At the end of trading on the floor of the Nigerian  Exchange Limited , the NGX All-Share Index dropped by 0.09 per cent to end at 43,270.94 basis points, while the market capitalisation declined to N22.58tn.
Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.
A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.
FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.
14 firms gained compared to 21 losers.
AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.
It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.
Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent).
But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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… Introduces TIES To Boost  Business Loan

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The Central Bank of Nigeria (CBN) has introduced the Tertiary Institutions Entrepreneurship Scheme (TIES), which provides undergraduates and graduates with a platform to access loans.
The TIES’ underlying aim is to provide access to capital for Nigerian undergraduates and graduates with innovative entrepreneurial and technological ideas from polytechnics and universities.
TIES intends to shift undergraduates and graduates away from white-collar job pursuits and towards a culture of entrepreneurship development for economic development and job creation.
In a national biennial entrepreneurship competition, the Developmental Component would be distributed in the form of awards to Nigerian polytechnics and universities.
The competition aims to increase undergraduates’ awareness and visibility of high-impact entrepreneurial/technological concepts, foster entrepreneurial talent hunts in Nigerian polytechnics and universities, and encourage commercially viable and transformative technologies.
Interested Nigerian polytechnics and universities shall apply to participate in the national biennial entrepreneurship competition on a dedicated online portal.
Outlining brief details of the project, potential impact and evidence of originality of project, CBN said it is an innovation for students entrepreneurs.

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CITN Applauds FG, Tax Authorities On Fiscal Policy Decisions

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The Chartered Institute of Taxation of Nigeria (CITN) has lauded the Federal Government and tax authorities on the giant strides made on fiscal policy decisions and tax administration measures initiated this year in the area of Finance Act 2021 and the introduction of TaxPromax solution.
President of the institute, Adesina Adedayo, who gave the commendation at the institute’s yearly award ceremony at the weekend in Lagos, assured the government and tax authorities of aligning with the measures and promised to provide professional thoughts and insights on ways through which they could achieve an efficient and effective Nigerian tax system.
Adedayo emphasised the need to address the database, adding that without knowing who the tax-payers are, there is no way they can take money from unknown tax-payers.
Database is the aspect we have been emphasising on as an institute and in doing this, there are so many of pockets of data we have. All the data must be harmonised to have a simple unique tax-payers identification number,” he said.

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