Benue Investment and Property Company (BIPC) announced on Tuesday the dismissal of 44 workers who were allegedly laid off.
Managing Director Alex Adum, who announced this at his first meeting in Makurdi, said that his work was in line with the proper process but “had no business needs”.
According to him, the reduction in the workforce is part of an ongoing restructuring in the company, NAN reports
“All the affected staff have been redundant; I inherited a total of 204 workers, among those sacked were three Executive Directors and four General Managers.
“In 2016, BIPC had 66 staff; between 2016 and 2019, an additional 150 staff were employed,” he said.
Adums said that the company’s monthly wage bill rose to N37 million due to the number of employees.
The managing director said that he was aware of the criticisms the sack would attract, but declared that he was “doing it in good faith, and in the interest of Benue”.
He said that the company’s shares and assets had hugely depreciated due to misapplication of managerial principles.
“The former administration has refused to apply the principles of good administration, making the company a center of expansion for social services.
“They watched the company collapse and left many of the responsibilities for government’s to fight,” he said.