Massive job cut looms in Julius Berger

Managing Director of Julius Berger Nigeria Limited, Engr. Detlev Lubasach, has hinted that massive job was imminent in the company due to huge debts cut owed it and other construction firms. Lubasach said the immediate past administration were unable to meet payments even for jobs already completed and handed over to government. He said the […]

Managing Director of Julius Berger Nigeria Limited, Engr. Detlev Lubasach, has hinted that massive job was imminent in the company due to huge debts cut owed it and other construction firms.
Lubasach said the immediate past administration were unable to meet payments even for jobs already completed and handed over to government.
He said the construction sector is in distress due to non-payment for ongoing and already completed jobs.
“As you all know, the construction industry is majorly engaged by the governments, federal, state and local, with little patronage from corporate entities and private individuals.
“In view of this, any distortion in the income equilibrium of our major clients will definitely affect the income and cash flow of the construction companies. As a consequence of this, construction companies are unable to sustain the existing structures in terms of meeting its obligations to staff and sub-contractors,” he said.
He said that construction companies have no choice than to reduce their staff strength and put in place other cost saving measures.