The Management of the Benue Investment and Property Company Limited (BIPC) said the recent retrenchment of workers was necessitated by the need to retain a realistic workforce and minimise losses.
This is contained in a statement issued by the management in Makurdi.
”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 management said.
The company added that the MD inherited tax liabilities of N2.1 billion, VAT- N150 million, a gratuity of N168 million.
Others are contributory pensions of N168million, Nigeria Social Insurance Trust Fund deductions of N136million, among others.
“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 statement stated
The company further stated that while the internal restructuring is ongoing, three staff voluntarily resigned their appointments with the company.
“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 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,” the management said.
NAN
