The Nigerian Exchange Group (NGX) has relieved some staff members of their jobs days after its annual general meeting (AGM) which was held in Lagos.
Multiple sources told Naijaonpoint that over 40 staff members of NGX Group were affected, with top shots in the organization asked to go.
The affected staff members, according to sources, include regulatory officers, compliance managers, audit managers, the investment team, the chief finance officer, and the general counsel of NGX, among others.
The overhaul was led by PricewaterhouseCoopers (PwC), a multinational professional services firm, Naijaonpoint understands.
The PwC carried out a staff audit and made recommendations to Group Managing Director/Chief Executive Officer of Nigerian Exchange Group, Mr Temi Popoola, who implemented the downsizing, a source said.
The ex-staffer said after the AGM, same day around 5 pm, a virtual meeting was held with all staff members of the group, where the Group Managing Director said that he had got feedback from PwC and that he was going to scrap offices and allow staff members that were no longer relevant to the organization to go.
Mr Popoola noted that he was going to send termination letters to affected staff the same day and have their emails blocked for access, the ex-staff member said.
Another affected staff member said the decision of the NGX to downsize was greeted with pessimism, noting that there were no clear criteria for the dismissal.
Currently, the affected staff members are demanding reinstatement, emphasizing their contributions and lack of justification for their terminations.
Some are seeking financial compensation, while others are advocating for reinstatement.
The NGX Group did not comment on the downsizing.
On April 8, the Central Bank of Nigeria (CBN) sacked five to eight directors. Those affected were in Trade and Exchange Department, Securities Department, Development Finance Department, as well as Purchasing and Support Services Department, including the Public Affairs Department, Naijaonpoint earlier reported. The regulator equally retrenched 32 staff members the same day, striking fear in the staff.
Downsizing not new as it is common in several organizations. Recruitment experts say downsizing is sometimes necessitated by economic downturns, lack of productivity, and redundancies, among others.