Mobile telecommunications company, MTN, has stopped the purchase of newspapers for its managers in Nigeria as the economic recession in its biggest market bites harder.
Qed.ng learned on Monday that the decision is one of the many cost-cutting measures taken by the South African group which also has a N330billion fine imposed by the Nigeria Communications Commission (NCC) hanging around its neck.
A manager at the Nigerian headquarters of the company told our correspondent on phone that he stopped receiving newspapers “a long time ago”.
According to him, the stoppage affects all the managers in the company except the one in charge of corporate communication.
“What we get are links to stories published online. The company simply can’t afford to buy newspapers for us anymore, and our vendors are not smiling,” he said.
“As if the NCC fine was not bad enough, the weak value of the naira means our operating costs have multiplied because almost all the things we use are imported.
“The forex crisis is not helping business at all.”
Another effect of the economic recession is the sack of some of the company’s brand ambassadors.
Davido, Don Jazzy, Tiwa Savage, Dr. Sid, Sound Sultan, Banky W, KCee, Harrysong and other celebrity ambassadors were dropped last week to cut more than N200million paid for their endorsement.
