Nigerian stock exchange sacks 95 workers

LAGOS - The Nigerian Stock Exchange has sacked 95 workers in what it termed as a “cleansing of the nation’s capital market”.

The decision to sack the workers was taken by the interim council late Wednesday. Those affected by the decision represented 32.5 percent of the total workforce, Xinhua quoted stock exchange spokesman Sola Oni as saying.

The workers were of the management cadre, mid-level and junior staff.

“It is in furtherance of the stock exchange’s goal to restore investors’ confidence in the Nigerian capital market,” a statement said. “The goal will be impossible without a number of painful transformational changes such as the current retrenchment.”

The statement also arrangements were being made to ensure that the disengaged staff receive all their benefits.