At least 850 managerial jobs will be lost in a lay off exercise to be carried out by MTN Group, the parent company of MTN Nigeria.
Although it is not clear if its subsidiary in Nigeria will be affected, the company’s Solidarity Union Spokesman Marius Croucamp told Reuters that “a massive retrenchment notice” has been passed, informing staff of the job cut.
MTN Group is currently facing slow growth in its home market as it face fierce competition from arch rival, Vodacom.
However, its Nigeria subsidiary has been its “cash cow”, contributing the largest profit of all its subsidiaries.
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The company is yet to give an official statement on this issue.
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