MTN Nigeria Sacks Over 1000 Contract Staff, Cut Salaries from N120k to N40k

MTN Nigeria has laid off some of its contract staff, particularly those that work at the telecommunications call centers.

According to inside sources,many of the contract staff were given their disengagement letters on September 28th.

Some of them worked in the Apapa Branch, Lagos state, had their salaries reduced from N120,000 to N40,000 a month and were asked to continue working at their Ibadan office if they were still interested in the job.

It will be recalled that MTN Group Ltd. shares slumped the most in three months after Nigerian lawmakers raised new allegations about the wireless carrier, this time accusing the company of illegally moving almost $14 billion out of its largest market.

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Nigeria’s Senate will thoroughly investigate the claim, it said on its Twitter account on Tuesday.

The Johannesburg-based company, Africa’s biggest wireless carrier by sales, is accused of repatriating the funds over 10 years starting in 2006, according to Dino Melaye, the politician who made the motion. The four banks involved in the alleged illegal transfers are Citigroup Inc., Standard Chartered Plc, and Nigerian lenders Stanbic IBTC Holdings Plc and Diamond Bank Plc.
Representatives for MTN and two of the banks weren’t immediately available to comment. Citigroup and Johannesburg-based Standard Bank Group Ltd., which controls Stanbic, also declined to comment.

MTN shares fell as much as 4.4 percent, what would be the biggest fall on a closing basis since June 27, and traded 3.4 percent lower at 119.77 rand as of 1:32 p.m. in Johannesburg. That values the company at 221 billion rand ($16.3 billion)

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