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Why we retrenched workers — BIPC

Why we retrenched workers — BIPC...Continue The Full Reading.

The Management of the Benue Investment and Property Company Limited said the recent retrenchment of workers was necessitated by the need to retain a realistic workforce base and minimise losses.

This was contained in a statement issued by the management of the firm in Makurdi, the Benue State capital.

The statement said: “The retrenchment was necessitated by the need to retain a realistic workforce based on the company’s financial strengths.

“Dr Raymond Asemakaha, the Managing Director of the BIPC, inherited over N3billion in debts ranging from tax liabilities, VAT, staff gratuity, contributory pensions and others.”

The company added that the MD inherited tax liabilities of N2.1 billion, VAT of N150 million and gratuity of N168 million.

Others are contributory pensions of N168 million and Nigeria Social Insurance Trust Fund deductions of N136 million.

The statement added: ““The internal and process restructuring exercise is not targeted at a particular local government or individuals as erroneously alleged in the distorted publication.

“The exercise is, however necessitated by the need to retain a realistic workforce based on the company’s financial strengths with a view to minimizing staff liabilities and operational losses as evidenced in the successive audited accounts.”

The company further stated that while the internal restructuring is ongoing, three staff voluntarily resigned their appointments.

It said: “By BIPC Condition of Service, the Managing Director can only implement recommendations of the Employee Disciplinary Committee in line with the outcome of findings and not otherwise.

“The management also discovered that the conversion of contract employees to permanent employment did not follow the company’s policy and needed to be reversed.

“The management also appointed forensic auditors because of the degree of loses discovered in the company’s books occasioned by unsubstantiated and reckless expenditures.”

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