My Dear Colleagues
I have decided to change my address and still can’t believe it!
You may think it’s a joke after living in a house since the 80’s at Karimu Kotun.
However, after Mr. Adebayo was insulted last week by my Landlady in the presence of the Agent Mr Ismael, and thereafter fuming on me…..
You may think it’s a joke after living in a house since the 80’s at Karimu Kotun.
However, after Mr. Adebayo was insulted last week by my Landlady in the presence of the Agent Mr Ismael, and thereafter fuming on me…..
I had no option except to tell her politely ….. Madame we already paid for a year
and we cannot pay more, and have decided to give you back the House.
That is pathetic and strange ….. Why? When you sleep in a place for years and
now you migrate!!!
That is pathetic and strange ….. Why? When you sleep in a place for years and
now you migrate!!!
For a whole GMD, That’s what recession does.
It is therefore no surprise the Global economy’s downturn has heavily
impacted on us and Nigeria’s economy by and large, the crude has been
modulating without anyone knowing whether it will go down to $10/barrel or
stabilize or increase a little bit.
It is therefore no surprise the Global economy’s downturn has heavily
impacted on us and Nigeria’s economy by and large, the crude has been
modulating without anyone knowing whether it will go down to $10/barrel or
stabilize or increase a little bit.
Nigeria is asking Financial Organizations to borrow immediately 3.5 billion dollars
and 11 billion to sustain its 2016 budget.
Nigeria’s ability to mine more crude in a restive region is questionable,
foreign reserves drop to critical level which eliminated
4 items to be banned for foreign exchange such as glass for building and
the like, imagine even tiles etc.
and 11 billion to sustain its 2016 budget.
Nigeria’s ability to mine more crude in a restive region is questionable,
foreign reserves drop to critical level which eliminated
4 items to be banned for foreign exchange such as glass for building and
the like, imagine even tiles etc.
Also the continuous crush of the Naira against the dollar is unbelievable,
which is beyond statistics and imagination, as well as the drop of
Agricultural exports due to stiff European guidelines.
which is beyond statistics and imagination, as well as the drop of
Agricultural exports due to stiff European guidelines.
Moreover, the agricultural and industrial sectors
lack the energy to compensate for the loss in oil revenues.
Therefore, the country is more than suffering to the extent we are all
being crucified by our own created destiny.
lack the energy to compensate for the loss in oil revenues.
Therefore, the country is more than suffering to the extent we are all
being crucified by our own created destiny.
Economist overseas opine that the current Economic Depression is worse than 1932.
AIM Group, just like other organizations in Nigeria is not immune to this
crisis and below are what some organizations have done under the circumstances:
AIM Group, just like other organizations in Nigeria is not immune to this
crisis and below are what some organizations have done under the circumstances:
• Konga has laid off 10% of its workforce
• Nigerian Bottling Company which is part of the Coca-Cola Hellenic group
has laid off 1,800 workers
• Airtel Nigeria has laid off 30% of staff
• Olam Cashew Factory has released over 2500 employees.
• Zenith Bank sacks over 1,200 employees
• Shell released 30,000 worldwide
• Likewise Credit Suisse released 1500 staff. Likewise HSBC. Persons
40,000 staff.
The list goes on.
• Nigerian Bottling Company which is part of the Coca-Cola Hellenic group
has laid off 1,800 workers
• Airtel Nigeria has laid off 30% of staff
• Olam Cashew Factory has released over 2500 employees.
• Zenith Bank sacks over 1,200 employees
• Shell released 30,000 worldwide
• Likewise Credit Suisse released 1500 staff. Likewise HSBC. Persons
40,000 staff.
The list goes on.
The Agony and the defeat to the pressure of shortage of liquidity:
It was a difficult Sunday February 7, 2016, a Sunday where people rest,
where the Almighty opted to rest while my Sundays are normal office hours,
but this Sunday is peculiar because the Department of Accounts and Budgets asked me
to write to you though I wanted first talk to you, but if writing first is
a process, I will surely talk to you all
It was a difficult Sunday February 7, 2016, a Sunday where people rest,
where the Almighty opted to rest while my Sundays are normal office hours,
but this Sunday is peculiar because the Department of Accounts and Budgets asked me
to write to you though I wanted first talk to you, but if writing first is
a process, I will surely talk to you all
1. The main issue is our inflow is less than our salaries
2. Our overdraft last year was hovering huge with interest running at
around 22% though our banker says no worries; others are more indebted
than you…. Yet we have never been in overdraft like last year where it was
a continuous Red Period
around 22% though our banker says no worries; others are more indebted
than you…. Yet we have never been in overdraft like last year where it was
a continuous Red Period
3. I wish every one of you to realize that the average company tax paid by
established companies is 30% and this is tremendous. I do not recall at
such a huge cut was taken from companies in the 70’s, 80’s and even 90’s.
But what I read sometimes is oil companies are not fully paying may be
because they are partners with Government.
established companies is 30% and this is tremendous. I do not recall at
such a huge cut was taken from companies in the 70’s, 80’s and even 90’s.
But what I read sometimes is oil companies are not fully paying may be
because they are partners with Government.
4. Needless to stress the 10% PENCOM, the 2.5% NBC Levy which I thought
was reduced but suddenly we received a letter this week to pay 2.5% yet I
fully know companies are late to pay their levy as well as their 5 year
renewal fees.
was reduced but suddenly we received a letter this week to pay 2.5% yet I
fully know companies are late to pay their levy as well as their 5 year
renewal fees.
The situation is extreme, hence the need for the Group to take necessary
measures to ensure its survival and sustainability. Therefore, our cash
flow is in trouble and we are attempting to limit the ongoing layoffs so
as to save the jobs of majority of the colleagues. Such measures include:
measures to ensure its survival and sustainability. Therefore, our cash
flow is in trouble and we are attempting to limit the ongoing layoffs so
as to save the jobs of majority of the colleagues. Such measures include:
1. Salary reduction, which is absolutely necessary at this time. Effective
for February salaries.
for February salaries.
2. Termination of staff employments
3. In some cases 1 & 2 will take place within the same department.
Other options to reduce expenditure of the company are being explored to
minimize the inconvenience to our colleagues. Please be rest assured that
the company would do all it can to restore affected staff as soon as it is
feasible to do so, but for now , for our survival, the right thing is to
ensure that our outflow is equal to the inflow.
We acknowledge and highly appreciate all the hard work you have been
putting into your position, and we certainly wouldn’t want to lose you as
an invaluable colleague. Your understanding and co-operation under the
current economy situation is most valuable.
As it is, we are in severe tough times, but with your cooperation and
understanding, together we can emerge from this terrible crisis in a
powerful position to create value for our clients and our people for years
to come.
Other options to reduce expenditure of the company are being explored to
minimize the inconvenience to our colleagues. Please be rest assured that
the company would do all it can to restore affected staff as soon as it is
feasible to do so, but for now , for our survival, the right thing is to
ensure that our outflow is equal to the inflow.
We acknowledge and highly appreciate all the hard work you have been
putting into your position, and we certainly wouldn’t want to lose you as
an invaluable colleague. Your understanding and co-operation under the
current economy situation is most valuable.
As it is, we are in severe tough times, but with your cooperation and
understanding, together we can emerge from this terrible crisis in a
powerful position to create value for our clients and our people for years
to come.
From all my heart and the Management as well as the Department of Finance
& Budget, whom you might hate for now, and whose continued worriness has
spearheaded the salary adjustment for our survival. I therefore appreciate
your commitment and understanding in these trying times which I stress are
worse than the 1932 Economic Depression in the World.
& Budget, whom you might hate for now, and whose continued worriness has
spearheaded the salary adjustment for our survival. I therefore appreciate
your commitment and understanding in these trying times which I stress are
worse than the 1932 Economic Depression in the World.
Best Regards,
Amin I Moussalli
Managing Director
Amin I Moussalli
Managing Director
However, EtceteraLive gathered that: The Assistant Head of HR, Bunmi Oni, resigned last November because she questioned the unjust sacking of some people in a particular department. She was asked to resign.
We have also learnt that the HR Mr. Nimi Oruye, has also resigned and as it is, there is no HR in the company.
Now, i don’t know if you guys have noticed that all the Lebanese, Indians and Chinese men and women living and working in Nigeria don’t own properties in the country. They all live in rented apartments. Even their warehouses are taken on short and long term lease.
You can imagine a man in the status of a GMD in a big organisation as AIM Group has been staying in a rented apartment in Nigeria since the 80s. It says that these people don’t give a damn about this country and its development… It is all about the money they are here to make and enslave people in the process. its a win win for them because none of their monies are kept here in the country. They wire it back to be banked in their countries.
But Nigerians are busy buying up expensive properties, building estates and industries in different countries all over the world except here in Nigeria. It is even seen as a thing to pride about if you own a property abroad. Even as a lot of Nigerians have lost properties and huge investment as a result of the crazy and unfavorable laws in these countries, my Nigerian brothers never learn. May God help us as a nation.