(Lagos-Nigeria) – Nigerian video streaming provider, Iroko is laying off at least 150 in a move to refocus from an African ambition.
While the move is not unconnected from the adverse effects of the coronavirus pandemic, the company had over the years laid off staff to cut losses and remodel its offerings.
In May, IROKO announced a wide-ranging furlough of approximately 28 per cent of its Nigeria team members, a total of 83 people, while another 49 individuals have taken a pay cut. Jason Njoku, the founder of Iroko said he decided to furlough rather than lay off staff so as to safeguard the business.
Jason sold ROK studios, the production arm of IROKO and its international TV network, to CANAL+ Group last year. There were also rumours that he was an initial public offering some time this year.
It is not clear if the plan is still on or off the table.