Pan-African mortgage financier Shelter Afrique is set to lay off 13 employees in a bid to cut costs.
The firm in a statement said Thursday the job cuts are in line with a reorganisation plan to turn around its fortunes.
“The implementation of a new strategy has necessitated re-alignment of the organisation structure and resourcing,” said the statement.
“This will lead to reduction of existing establishment and subsequent staff redundancies. As a result, 13 staff are expected to leave the organisation through a redundancy programme.”
Shelter Afrique, which is owned by 44 African countries together with the African Development Bank and African Reinsurance, has been trying to regain its footing in the wake of accounting scandals and bad loans that pushed it into a financial crisis. The pan-African financier early this year faced huge losses after the National Construction Authority questioned the structural fitness of Sh730 million housing project it had funded in Kenya.
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