Oil firm to lay off 700 workers

The Chief Executive Officer of Shoreline Group, a Nigerian Oil producer, Mr Kola Karim, has on the 19th of January, said in his Lagos office in an interview with Bloomberg, that the firm would sack about 700 of its workers. They took this decision of cutting about 35% of its nearly 2000 workers in order to survive the tough conditions, bearing in mind that the central Bank of Nigeria has restricted the amount of dollars one can obtain for business and the price of Brent crude now trading below $30 per barrel in the market.