IHS Towers lays off 100 employees a year after reporting $1.9 billion loss

IHS Towers, a telecommunications infrastructure provider, which reported a staggering $1.9 billion loss in 2023 — a 304% increase from the previous year’s losses — has laid off over 100 employees.

The significant financial downturn was driven largely by the devaluation of the Nigerian Naira and subsequent foreign exchange (FX) losses, which crimped its profit.

The layoffs, believed to have impacted several departments, primarily affected senior staff and the network surveillance team.

TechCabal reports that many affected senior employees have been with IHS Towers for at least a decade and have received substantial severance packages.

The company reportedly clarified that the layoffs were a necessary response to the prevailing challenging economic environment and not a result of underperformance by the affected employees.

By Osamu Ekhator
Full story at Techpoint Africa.