Addax Petroleum Development Company has sacked over 90 per cent of the contract staff without prior notice, fuelling concern that the slump in oil price is taking its tolls on the company, This Day reports.

The Chinese company, however, said it conducted a detailed review of contractors’ services in line with its business needs, adding that its cost optimization initiative supports its long-term reflection on how to secure business sustainability in a challenging economic environment.

Read the rest.Addax Petroleum Development Company has sacked over 90 per cent of the contract staff without prior notice, fuelling concern that the slump in oil price is taking its tolls on the company, This Day reports.

The Chinese company, however, said it conducted a detailed review of contractors’ services in line with its business needs, adding that its cost optimization initiative supports its long-term reflection on how to secure business sustainability in a challenging economic environment.

When contacted on the matter, the company’s General Manager in charge of External and Government’s Affairs, Mrs. Dorothy Atake, told This Day that the reality of the falling oil prices requires prompt action by all Exploration and Production (E&P) companies.

According to her, Addax Petroleum has acted quickly and defined cost optimisation initiatives for immediate implementation across the entire organisation.

”Consequently, we have conducted a detailed review of contractors’ services in line with business needs. Our cost optimisation initiative supports our long-term reflection on how to secure our business sustainability in a challenging economic environment. We will continue to monitor our progress against business objectives during these challenging times,” she said.

http://energymixreport.com/addax-retrenches-over-90-of-its-contract-staff/

Chinese company na waooohhh.

hmmmm, too bad.. i hope they made some savings while enjoying 'oyel' money...BTW, Being a contract worker sucks big time, they command little or no respect, imagine no prior notice given, i hope they scrape it soon...

People were talking about how bankers are going to be out of jobs without knowing that the harsh economy will affect all sectors of Nigeria directly or indirectly... Better start saving now..

God help our economy..

MarvellousGod:
hmmmm, too bad.. i hope they made some savings while enjoying 'oyel' money..

People were talking about how bankers are going to be out of jobs without knowing that the harsh economy will affect all sectors of Nigeria directly or indirectly... Better start saving now..

btw, God help our economy..

Honestly the only sector that will affect less is the agricultural sector.

alaoeri:

Honestly the only sector that will affect less is the agricultural sector.

Yeah, they will suffer too but may be minimal...Loans will be hard to access, govt may remove the subsidy placed on fertilizer, et al...

Atleast, this current situation will teach Nigeria never to run a mono economy again.. it's well

So sad...hope dey employ new contracts staffs...I will apply sharply

OK..lemme get something straight, banking sector ain't safe, petroleum sector ain't safe too. What's the next big thing? Things are really falling apart

Everybody should prepare for the worst, and people should refrain from buying fastcars for now!

Chei. Itis well. But will oil ever rise again.

I've never fancied addax...

XtraSmooth404:
OK..lemme get something straight, banking sector ain't safe, petroleum sector ain't safe too. What's the next big thing? Things are really falling apart

Information technology is the next big thing.

just wow.

Hope they will get some severance package

Fall in oil price is to weaken the financial strength of countries that rely on oil..

Unfortunately Nigeria falls in this category... Their plans to break-up Nigeria is gradually been achieved...

Unfortunately most Nigerians are too gullible to read between the lines..

Unfortunately nigerian leaders are corrupt...

Most oil companies and banks are retrenching their staff.
I fear for a revolution due to the increase in unemployment.

God dey

90% at ones, without prior notice......

This economy don turn okirika.
Government keep stealing to bribe their way to return to office, while the poor workers are at the receiving end.

3D things....... GEJ till 9ja learns it lessons