The Nigerian Exchange Group (NGX) has undertaken a significant downsizing initiative, resulting in the termination of employment for over 40 staff members, according to sources familiar with the matter. The move comes shortly after the company’s annual general meeting (AGM) held in Lagos.
Multiple sources have revealed to Nairametrics that the downsizing affected various levels of staff, including regulatory officers, compliance managers, audit managers, members of the investment team, the chief finance officer, and the general counsel of NGX, among others.
The restructuring was orchestrated by PricewaterhouseCoopers (PwC), a multinational professional services firm, which conducted a comprehensive staff audit and provided recommendations to Mr. Temi Popoola, the Group Managing Director/Chief Executive Officer of Nigerian Exchange Group.
A senior staff member affected by the downsizing stated, “Mr. Popoola contracted PwC to overhaul NGX Group, as he anticipated assuming the position of Group CEO following the departure of Oscar Onyema, the former NGX Group CEO.” The decision to downsize was communicated to staff members through a virtual meeting, where Mr. Popoola announced the termination of employment and the immediate blocking of affected staff members’ email access.
The downsizing decision has been met with skepticism from affected staff members, who express concerns about the lack of transparency and clarity regarding the criteria used for the terminations. Some staff members are demanding reinstatement, citing their contributions to the organization and the absence of justification for their dismissals.
Meanwhile, the NGX Group has refrained from providing comments on the downsizing.
This downsizing at NGX follows similar actions in other federal government-led institutions, including the recent termination of directors and staff members at the Central Bank of Nigeria (CBN). The CBN reportedly sacked five to eight directors and 32 staff members across various departments, sparking concerns about further job losses within the institution.
Recruitment experts suggest that downsizing, while not uncommon, can be driven by various factors such as economic downturns, lack of productivity, and perceptions of imbalance within organizations. However, the lack of transparency in the process often leads to uncertainty and dissatisfaction among affected employees.
