Why are Naija companies laying off staff? Yesterday April 30th Visafone fired over 60 of their staff nationwide. Stanbic IBTC also sacked 250 of their staff. The sack takes effect from today May 1st.
The Stanbic IBTC sack yesterday crossed across all levels, from management to lower level staff and I hear this is just the first batch. The bank is planning to do another round later this year.
The sack at Stanbic yesterday only affected full staff employees as the bank intends to make its workforce 20% permanent staff and 80% contract staff. The total workforce before the sack yesterday was about 3000. The sad part is there are so many fresh graduates in the job market…and no jobs!