Nigerian crypto exchange Quidax lays off 25% of its staff

So I am reading that Quidax, a Nigerian Crypto exchange has laid off 25% of its staff. They blamed it on the economic downturn. I cannot say if it the economic downturn of Nigeria or the global economic downturn. But something at the back of my mind is telling me that there is more to this than meet the eyes. They have said that it has no relation with the FTX but I doubt. Did the long bear run affect them? Did they spend too much on BBN sponsorship and other ambassadorial deals? What do you think?