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Dangote Says More Jobs to Be Created Despite Laying Off Over 3,000 Staff

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After Sacking Over 3,000 Staff, Dangote Says More Jobs to be Created

Aliko Dangote, the President of Dangote Group, has said despite the challenges facing global economy, especially Africa, Dangote Group will continue to create new jobs.

Aliko Dangote, who spoke at the company’s 11th Annual General Meeting in Lagos, said Dangote Group has created over 54,000 jobs in four African nations where it operates. He listed the countries as South Africa, Ethiopia, Senegal and Nigeria, the company’s largest operation.

He said “According to our 2019 socioeconomic impact assessment study specifically on our operations in Nigeria, Ethiopia, Senegal, and South Africa, we sustained 54,005 jobs (direct, indirect, induced) in these four markets in the year under review.”

This was a week before Dangote Cement reportedly laid off over 3,000 staff on June 17 with a plan to return over 80 percent of its staff back to labour market.

According to a SaharaReporters report, the company has so far let go about 4,000 out of its 6,000 drivers.

An anonymous source said to be familiar with the situation said the company used staff throughout the COVID-19 stay at home order despite strict lockdown instruction. However, instead of promotion or compensation for putting their lives on the line, they were sacked.

He said “At the beginning of the year, they did an appraisal, it was supposed to be for a promotion and then the pandemic struck.

“When the pandemic struck, people were thinking that is when he will sack people but nothing like that happened as a matter of fact, the people that they have compulsory leave because of the pandemic were ordered back after just five days.

“Everyone was recalled back to work despite the lockdown and at that time they were pushing out trucks of cement around 500 to 600 every day.

“People were working overtime because it is owned by Dangote, his trucks were exempted from COVID-19 restrictions, so they forced people to work overtime like 12 yours everyday morning and night. The country was beginning to reopen little by little and then the next thing was sack,” he said.

Another victim of the mass sack said he was working as usual when he was called and compelled to sign a termination letter without prior warning.

He said, “As I speak to you, more than 3,000 people are being sacked. You will be at your duty post and they will call you and give you a letter, nobody knew, no prior notice.

“As a matter of fact, after the appraisal at the start of the year, many of us were given recommendations to be promoted to manager and other positions within the organisation.

“I was at my duty post, I got a call from the admin and when I got there, they gave me a letter and said I should sign the original collected by me, you cannot argue with anybody.

“As a matter of fact, the Head of Materials and Maintenance, Engr Basil, he has only nine people in his unit. He force them to cover the whole of the facility because they have to create evaluations for materials and make reservations for maintenance so when was asked to submit the names of nine people in his department to sack, when he refused explaining to upper management that he was already understaffed and taking out anyone will make the work to suffer. They gave him an ultimatum of 24 hours to submit names from his team for sack and when he refused to do it after it elapsed, he was sacked along with his team.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.

In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.

Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.

In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.

Mike Adenuga and Abdulsamad Rabio, the two Nigerians, came fifth and sixth with $6.3 billion and $5.5 billion net worth, respectively.Forbes Africa's billionaires list

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints

Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

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Tony Elumelu Acquires Shell, Total, ENI Stakes in OML 17

Tony Elumelu owned Heir Holdings Limited and its related company Transnational Corporation of Nigeria Plc on Friday announced it has completed the purchase of 45 percent stake in Oil Mining Lease (OML 17) through TNOG Oil and Gas Limited.

The acquisition includes all assets of Shell Petroleum Development Company of Nigeria Limited (30 Percent), Total E&P Nigeria Ltd (10 percent) and ENI (five percent) — in the lease.

It was further stated that TNOG Oil and Gas Limited will also have the sole right to operate OML 17.

The field presently has a production capacity of 27,000 barrels per day. Also, there are estimated 2P reserves (proven and probable) of 1.2 billion barrels and an additional one billion barrels in possible reserves — all of oil equivalent.

A consortium of global and regional banks and investors provided a financing component of $1.1 billion for the largest oil and gas financing in Africa in over a decade.

In a statement released on Friday, Shell said the completion was after all the necessary approvals have were received from authorities.

“A total of $453m was paid at completion with the balance to be paid over an agreed period. SPDC will retain its interest in the Port Harcourt Industrial and Residential Areas, which fall within the lease area,” the SPDC said.

Speaking after the completion of the deal, Elumelu said “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled.

“As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria. We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.

“I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Tony Elumelu is the Chairman of Heirs Holdings Limited, Transcorp and United Bank for Africa Plc.

Also, read Transcorp Plc Acquires FGN’s 100% Equity in Afam Power for N105 Billion

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