The Nigerian Exchange Group has initiated staff layoffs in the aftermath of its recent Annual General Meeting held in Lagos.
Over 40 employees of the NGX Group were reportedly affected by the downsizing, with key personnel within the organization being instructed to step down, Nairametrics reported.
Among those affected are regulatory officers, compliance managers, audit managers, members of the investment team, the chief finance officer, and the general counsel of NGX, as confirmed by reliable sources.
Sources indicate that the restructuring process was spearheaded by PricewaterhouseCoopers, a multinational professional services firm. Following a comprehensive staff audit conducted by PwC, recommendations were presented to Mr. Temi Popoola, the Group Managing Director/Chief Executive Officer of Nigerian Exchange Group, who subsequently executed the downsizing initiative.
According to an insider, Mr. Popoola had engaged PwC to overhaul NGX Group shortly after assuming office, with aspirations of assuming the position of Group CEO following the departure of Oscar Onyema, the former NGX Group CEO.
The decision to downsize was communicated during a virtual meeting convened on the same day as the AGM, where Mr. Popoola announced the termination of certain roles and instructed affected staff to vacate their positions.
Several affected employees expressed dismay over the lack of transparency in the decision-making process, with concerns raised regarding the criteria utilized for the dismissals. Despite this, affected staff members are now seeking reinstatement, citing their contributions to the organization and questioning the justification for their terminations.
While the NGX Group has remained silent on the matter, it’s worth noting that downsizing within Federal Government-led institutions is not unprecedented. Earlier reports from Nairametrics revealed similar staff restructuring efforts within the Central Bank of Nigeria, where several directors and staff members were reportedly relieved of their duties.
Recruitment experts suggest that downsizing is often necessitated by various factors such as economic downturns, lack of productivity, redundancies, and changes in leadership dynamics. However, the lack of transparency in the decision-making process raises concerns among stakeholders about the fairness and accountability of such initiatives.
