Construction giant, Julius Berger, has said it cannot cater for everyone on its payroll at the moment as Nigeria’s current economic realities continue to strike at the heart of the boardrooms.
The construction company says the government is owing it so much money and keeping all its hired hands happy has become difficult as a result.
“Comrades, our industry is in dire straits, occasioned by non-payment for ongoing and already completed jobs”, Managing Director of Julius Berger Nigeria limited, Engr. Detlev Lubasch said during the Triennial National Delegates Conference of the Construction and Civil Engineering Senior Staff Association, CCESSA, in Abuja.
“As you all know, the construction industry is majorly engaged by the governments: federal, state and local, with little patronage from corporate entities and private individuals. In view of this, any distortion in the income equilibrium of our major clients will definitely affect the income and cash flow of the construction companies.
“As a consequence of this, construction companies are unable to sustain the existing structures in terms of meeting its obligations to staff and subcontractors. It therefore, became imminent that there must be staff reduction as well as other cost saving measures”.
Several other corporate organizations in Nigeria are cutting staff strength and declaring huge losses as Africa’s largest economy comes to terms with dwindling oil revenues.
The post ‘We are broke as well’ | Julius Berger announces it is downsizing its workforce appeared first on Ekekeee.