BY OMOLARA SHONIBARE

The Central Securities Clearing System Limited, CSCS, as parts of its reorganisation and restructuring exercise, has sacked some of its employees.

The sack, according to the CSCS, was part of the renewal of its business strategy, designed to position it as an innovative and globally respected central securities depository, CDS.

The CSCS said, “To realise this vision, mission and core values of the company it has become imperative to strengthen its new product development and customer interfacing units and personal to meet current company and market place realities.

In line with these initiatives, the Board approved the rightsizing of CSCS workforce which has been implemented as part of an overall turnaround strategy aimed at positioning the company to remain viable as a business   in a dynamic and fast paced market place.”

The CSCS said it regards its employees as its most valuable assets and views this exercise as an opportunity to enhance the organisation’s medium-term and long term agility through well-planned and targeted coaching and other career management interventions which are already being implemented across the company. However, the number of employees affected by the exercise was not disclosed.

The Nigerian Stock Exchange, NSE had last week, announced the disengagement of some of its employees, bringing it to about 200 staff laid off since 2010.

The sack was subsequent upon the release of a preliminary report, following the conduct of a forensic investigation into the alleged misappropriation of N11 billion by top management of the NSE.  The report had fingered some of the laid off staff as being liable of wrongdoings.

It will be recalled that following the petition written to SEC by Alhaji Aliko Dangote, who has been suspended as the president of the NSE, Professor Ndi Okereke-Onyiuke, the erstwhile Director-General of the NSE was removed from office.

Dangote was suspended from the council of the exchange, pending the determination of a court case challenging his election.

Okereke-Onyiuke and Dangote were replaced by a sole administrator, Mr. Emmanuel Ikazoboh, and Mr Bala Manu, to head council of the NSE.