Indeed the Rich also Cry, as Julius Berger Nigeria Plc, is experiencing a bad run due
debt burden amounting to over N124 billion from unpaid executed construction
contracts and loans taken from commercial banks.
Huge debts over unpaid executed contruction contracts
alongside loans obtained from commcercial banks have compounded the financial
woes of the famous multinational construction giant in Nigeria, Julius Berger
Nigeria Plc. The company is currently being forced to downsize the
strength of its labour force. It should be noted that the company’s 2014
financial year dropped by seven per cent.
The Guardian reports that the debt profile of the company is
attributable to N90 billion debt owed the company by both private and public
organisations and over N34 billion which the firm borrowed from commercial
banks.
The management of the firm also used this to buttress the
reason why the debt burden has forced it to dismiss about five per cent of its
workforce as well as resort to commercial bank loans to sustain its business in
the Nigeria.
Nevertheless, the shareholders charged the management of the
company to endeavor to recover the N90 billion debt owed the company by both
private and public organisations which would eventually make it possible for
the company to pay off the N34 billion it borrowed from commercial banks in
Nigeria.
Source
The Guardian
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