5 Nigerian companies that have cut staff in Q1 2026

Q1 2026 is drawing to a close, and the Nigerian job market has had a rough three months. Across the banking sector, the startup world, and the crypto industry, companies have been laying off staff, in some cases quietly and in others more publicly.

Two things drove most of these decisions. The first is local: the Central Bank of Nigeria set a March 31, 2026, deadline for banks to meet new minimum capital requirements. Banks that could not raise enough capital on their own had to merge with others, and mergers almost always bring job losses. The second is global: AI tools are increasingly being used to replace or reduce teams, particularly in customer support, marketing, and operations.

This piece covers five Nigerian companies with confirmed staff cuts in Q1 2026, followed by three global companies whose restructuring plans are relevant to Nigeria.

Nigerian companies that cut staff in Q1 2026

1. Zap Africa

• When it happened: February 2026
• Number of staff affected: 8 roles eliminated, bringing the company from 18 employees to 10. That is a 44% cut in total headcount.
• Why they cut staff: Zap Africa is a Nigerian crypto startup that lets users buy and sell digital assets. As crypto trading volumes dropped sharply, retail activity on the platform slowed. The company responded by replacing human roles with an AI tool called Martha AI, which now handles first-line customer support. The cuts hit the design, operations, marketing, and support teams.
• What the company officially said: Co-founder and CTO Moore Dagogo-Hart told TechCabal: “Zap Africa intentionally moved from 18 to 10 as part of an AI-driven efficiency shift. What occurred was a targeted internal restructuring as part of our ongoing effort to improve operational efficiency and align the team with our current product and growth priorities.”
• Source: TechCabal, February 28, 2026

Martha AI, the tool Zap Africa used to replace its customer support team, is a product built by the CTO’s other company, Cognito Systems.

The broader market gives context to the timing. Since October 2025, the global crypto market has shed nearly $2 trillion in value. For a startup whose revenue moves directly with trading activity, such a downturn typically forces cost-cutting as companies try to extend their runway.

2. Quidax

• When it happened: March 2, 2026
• Number of staff affected: The exact number was not disclosed. Quidax did not respond to TechCabal’s questions about how many people were let go. Employees say the company has over 100 staff, but the count of those cut in 2026 is unconfirmed. The cuts hit the sales, design, and operations teams.
• Why they cut staff: During a company-wide all-hands meeting, Quidax announced it was cutting roles for performance-related reasons, using data from an internal tracking app to identify who would go. The company is also shifting away from retail crypto trading toward B2B infrastructure and enterprise crypto payments. It shut down its peer-to-peer trading feature in January 2026 and partnered with blockchain company Lisk in February 2026.
• What the company officially said: Quidax did not respond to TechCabal’s requests for comment. According to affected staff, the reason given at the meeting was performance. One person told TechCabal: “There were no clear metrics. It was something about numbers from an internal performance tracking app. All of it is confusing. There was not a lot of information for us to go by beyond that; just a verbal notice in the morning, and that was it.”
• Source: TechCabal, March 26, 2026

Taken together, these moves suggest a pattern: Quidax shut down P2P trading in January, partnered with a blockchain infrastructure company in February, and cut retail-facing roles in March. The company appears to be shifting from a consumer app towards B2B products. Such shifts often result in redundancies in teams aligned with the previous focus.

3. Kuda Bank

• When it happened: March 25, 2026
• Number of staff affected: At least one hundred, across multiple departments. In the marketing department alone, 19 out of 40 employees were let go, according to two affected staff who spoke to TechCabal.
• Why they cut staff: Kuda said the cuts are part of a company-wide restructuring following a strategic review of future operational priorities and industry benchmarking. Executives were said to have told staff during an all-hands video call on March 25 that the decision was about shifting operational priorities, not financial pressure or individual performance. The internal notice obtained by TechCabal read: “Following a strategic review of future operational priorities, industry benchmarking, and long-term direction, the Company has identified the need to restructure and reorganise certain departments.”
• What the company officially said: A Kuda spokesperson told TechCabal: “Kuda is evolving how the organisation is structured to support the next phase of our growth and scale. This is not a decision driven by financial pressure, but part of the natural evolution of a company at our stage, aligning with industry benchmarks. We are supporting those affected with enhanced severance packages and practical transition support.”
• Severance: Affected staff were offered packages that vary by role and tenure. Some expect up to seven months’ pay. The company is also offering an enhanced exit option tied to a legal settlement agreement.
• Source: TechCabal, March 27, 2026

Kuda has been narrowing its losses steadily. According to BusinessDay, its losses dropped from $35.11 million in 2023 to $5.83 million in 2024, driven by its Nigerian subsidiary, which nearly doubled its naira revenue to N21.2 billion. The bank last raised external funding in 2024, bringing in $20 million at a $500 million valuation.

The job cuts suggest that even a neobank nearing profitability may be rethinking its cost structure. The marketing cuts in particular may indicate a pullback in aggressive customer acquisition spending in favour of a leaner, more sustainable growth model.

4. Unity Bank (Providus Bank Merger)

• When it happened: January 1, 2026
• Number of staff affected: Over 100 employees received termination letters on January 1, 2026, according to the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), the banking workers’ union. The union specifically identified 42 staff members by name in its formal complaint.
• Why they cut staff: Unity Bank and Providus Bank merged, creating what is now known as Providus-Unity Bank Limited. The CBN provided a N700 billion financial accommodation to settle Unity Bank’s existing obligations and stabilise the combined institution. When two banks merge, overlapping roles disappear. The terminations affected staff across multiple departments.
• What the company officially said: Unity Bank’s management has not issued any public statement justifying the cuts. ASSBIFI, through a letter signed by Acting President Nike Joseph on January 2, 2026, called the terminations a “provocative and deliberate violation of due process.” The union said Unity Bank had previously agreed that no employee would be sacked without proper consultation as part of the merger agreement, and that the January 1 terminations breached both that agreement and the Nigeria Labour Act. The union gave the bank until January 8 to reverse the terminations or face industrial action.
• Source: Legit.ng, January 8, 2026; Secret Reporters, January 9, 2026; Leadership Nigeria

The Unity-Providus case is a direct result of the CBN’s recapitalisation exercise. The table below shows the new capital thresholds banks had to meet by March 31, 2026.

Bigger banks like Access Holdings (Access Bank) and Zenith Bank raised the capital they needed through rights issues and private placements. Smaller banks had fewer options and were pushed into mergers. The Unity-Providus combination is the clearest example of this in Q1 2026.

5. First Bank of Nigeria

• When it happened: Around March 6, 2026, based on multiple accounts on social media. This date has not been independently confirmed by First Bank.
• Number of staff affected: Reports indicate that hundreds of contract workers, described as non-core staff, based on social media testimonies reported by Technext and Pulse Nigeria. First Bank has not confirmed the number.
• Why they cut staff: First Bank has been going through a major restructuring under Chairman Femi Otedola. This began in late 2024 when roughly 100 senior executives were asked to leave as part of a plan to bring fresh leadership into the bank. The March 2026 terminations appear to be a separate move, targeting long-serving contract staff. First Bank met its N500 billion recapitalisation target ahead of schedule.
• What the company officially said: First Bank has not made any public statement about the March 2026 terminations. Technext reached out for comment but had received no response as of press time.
• Source: Technext, March 10, 2026; Pulse Nigeria, March 10, 2026

Note: Technext’s reporting on the First Bank contract staff terminations is based on social media accounts and not independently verified documentation. First Bank has not confirmed or denied these accounts. It is separately confirmed that the bank underwent a senior-level restructuring between December 2024 and January 2025.

Global restructuring affecting Nigeria

Beyond Nigerian-headquartered companies, three major global companies have announced or are implementing significant workforce reductions relevant to Nigeria, either because they operate here or because their global cuts include teams serving African markets.

1. Meta

• When it happened: Two separate rounds in Q1 2026: January 2026 and March 25, 2026.
• What happened: In January 2026, Meta cut approximately 1,500 jobs from its Reality Labs division, representing about 10% of that unit. Then, in March 2026, the company announced a further round of several hundred additional cuts across its sales, recruiting, Facebook social, and global operations teams. These are global cuts that include staff in international markets.
• Why they cut staff: Meta is spending between $115 billion and $135 billion on AI infrastructure in 2026. To offset those costs, the company is reducing headcount in legacy teams. A Meta spokesperson confirmed the restructuring, saying: “Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals. Where possible, we are finding other opportunities for employees whose positions may be impacted.”
• Source: CNBC, March 25, 2026; TechCrunch, March 25, 2026; Glass Almanac, January 2026

2. Salesforce

• When it happened: February 10, 2026
• What happened: Salesforce cut approximately 1,000 roles globally. The cuts hit marketing, product management, data analytics, and even the Agentforce AI product team.
• Why they cut staff: Salesforce’s Agentforce AI platform is now handling work that previously required human teams. CEO Marc Benioff has said the company no longer needs to backfill certain roles even as demand for its products grows. The February cuts followed an earlier move in 2025 where Salesforce cut 4,000 customer support roles after AI agents took over that function.
• What the company officially said: Salesforce did not formally announce the job cuts. They surfaced through employee posts on LinkedIn. The company has confirmed its broader strategy to replace human workflows with Agentforce AI.
• Source: Business Insider, via Salesforce Ben and multiple outlets, February 10, 2026

3. Chevron Nigeria

• Context: Chevron announced a global plan in February 2025 to cut 15 to 20% of its worldwide workforce by the end of 2026, as part of a target to save $2 to $3 billion in structural costs. That plan is actively being carried out through 2026.
• What this means for Nigeria: Chevron has significant operations in Nigeria’s Niger Delta. While no specific Nigeria-only figure has been confirmed for Q1 2026, the global reduction programme covers all of Chevron’s operations worldwide. The Guardian Nigeria and other local publications have reported on Chevron’s global workforce reduction plan in relation to its operations in Nigeria.
• What the company officially said: Chevron Vice Chairman Mark Nelson said: “Chevron is taking action to simplify our organisational structure, execute faster and more effectively, and position the company for stronger long-term competitiveness.”
• Source: CNN, February 2025; The Guardian Nigeria; C-Store Dive, April 2025

Note: Chevron’s global layoff plan was announced in February 2025 and is being carried out through 2026. No Nigerian publication has confirmed a specific announcement from Chevron Nigeria in Q1 2026 regarding local staff cuts. The inclusion here reflects the ongoing global programme that covers Nigerian operations.

Why is this happening?

Looking across all these cases, two patterns stand out.

The first is the CBN recapitalisation deadline. Nigerian banks had until March 31, 2026, to meet new capital requirements that are significantly higher than before. Banks that could not meet those numbers on their own had to find merger partners, and mergers create redundant roles. Unity Bank is the clearest example of this, but it is unlikely to be the last.

The second is the growing use of AI to replace or reduce roles that were previously handled by human teams. Zap Africa replaced its customer support function with Martha AI. Salesforce replaced thousands of support and marketing roles with Agentforce. Quidax is rebuilding around B2B infrastructure that requires fewer people than a consumer platform does. Even Kuda’s restructuring suggests the company has decided it no longer needs the same-sized marketing and growth team it used to.

For you, as a professional in Nigeria, roles that appear most exposed right now include those in the middle: customer service, operations support, marketing execution, and data entry. These are functions increasingly targeted by automation tools. Not all of these companies appear to be under financial pressure. Several of them are actually doing better financially than before.

What this means for Q2 and beyond

The banking recapitalisation deadline will soon pass. The mergers that had to happen have either happened or are in their final stages. That specific pressure on the financial sector should ease going into Q2.

The AI-driven cuts are a different story. They are not going away. If anything, companies that have yet to make these changes are watching what Zap Africa, Salesforce, and others have done and drawing their own conclusions. The pressure to automate is coming from investors, boards, and the market itself.

These staff cuts do not necessarily indicate that the companies are in decline. Many appear to be restructuring toward leaner operating models. That may be good for the business. 

For the people who lost their jobs, especially the contract workers at First Bank who spent a decade waiting for permanence, the story is much harder.