Strong indications emerged at the weekend that Central Securities Clearing System (CSCS) might have concluded plans to trim down its workforce following the sustainable market depression being witnessed at the stock market.
Investigation by Leadership revealed that palpable fear has gripped the staff of the CSCS following the current staff assessment going on across board in the orgainsation.
An official of the outfit who pleaded anonymity told Leadership that each member of staff were recently handed over an assessment form to fill in preparedness for the perceived restructuring of the company which might lead to trimming down of staff strength ahead of the resumption of the new managing director, Mr. Kyari Bukar, who is billed to resume on September this year.
He noted that staff were jittery about the recent development as they were currently being drilled on the details of their job schedules which according to him might result to a similar action taken by the Nigerian Stock Exchange (NSE) recently.
The official further lamented that for the past five years, the previous management did not promote any staff with reasons that it had no financial capacity to service any promotion, hence it left about N10 billion in the treasury for the incoming administration.
It would be recalled that in August last year, following alleged preliminary report from the market forensic investigation into the misappropriation of N11 billion by top management of the stock market, the new managers of the Nigerian Stock Exchange (NSE) sacked 95 staff from its operation.
The Exchange said in a statement that the downsizing at the Exchange was in furtherance to its goal to restore investor confidence in the Nigerian capital market.
“The Council of The Nigerian Stock Exchange at its meetings held yesterday, August 25, 2010 decided to reduce The Exchange’s staff strength by 32.5 per cent from 292 to 197 staff members.
“This decision was taken only after considerable thought and analysis of the current realities facing the Exchange. The right-sizing exercise cuts across all levels of seniority at the Exchange. Arrangements are in place to ensure that disengaged staff receive all the benefits to which they are entitled pursuant to policies of the Exchange.
“The Exchange wishes to assure all stakeholders that this decision is in conformity with its strategic vision to be the leading stock exchange in the African region. That goal will be impossible without a number of painful transformational changes such as the instant one. Moreover, The Exchange is minded to ensure that, as an organisation, it is sufficiently prepared to respond to the challenges posed in the capital market at all times.
Mass redeployment of management staff of the Nigerian Stock Exchange (NSE) may have commenced in earnest to allow for a thorough investigation into the alleged N11 billion misappropriation levied against the erstwhile director-general of the Exchange, Professor Ndi Okereke-Onyuike,” the statement added.
It said that the move was natural and expected in any organisation that was faced with such grave allegation of mismanagement to avoid coverage of any shady deals by perpetrators.
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