The Federation of Construction Industry has expressed concern over the high level of indebtedness in the construction industry, saying its over 100 registered member companies are utilising less than 40 per cent of their staff strength due to mass retrenchment.
The President of FOCI, Mr. Solomon Ogunbusola, raised the alarm in a statement in which the body congratulated the President-elect, Maj.-Gen. Muhammadu Buhari (retd), on his recent victory in the presidential election, and President Goodluck Jonathan for his “exceptional show of statesmanship and concession of defeat.”
The FOCI president also stressed that its over 100 registered members, including Julius Berger Nigeria Plc, Dantata & Sawoe, Cappa & D’Alberto Plc, S & M Nigeria Limited, Setraco Nigeria Limited, P.W Nigeria Limited, Gilmor Nigeria Limited and Zebercel Limited, among others, were operating below 40 per cent staff strength due to mass retrenchment.”
He therefore appealed to both the present and incoming administrations to intervene immediately in order to effect the payment of the debts.
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