Economy
MTN Nigeria Shares Tumble Amid Reports of Sexual Harassment
By Dipo Olowookere
MTN Nigeria shares depreciated by 50 kobo or 0.25 per cent on Friday amid reports that one of its top officials allegedly harassed some female employees sexually.
On Wednesday, there were reports that the alleged victims wrote a petition to the headquarters of MTN Group in South Africa, accusing the Chief Sales and Distribution Officer of MTN Nigeria, Mr Adekunle Adebiyi, of using his position in the company to sleep with young female employees.
This information may have rattled some shareholders of the company, who quickly rebalanced their holdings, causing the stock price of the telco on the floor of the Nigerian Exchange (NGX) Limited to fall slightly on Friday.
MTN Nigeria is one of the shakers of the local stock market and when it sneezes, the exchange reacts. This may have resulted in the 0.06 per cent loss recorded by the bourse during the trading session.
According to reports, Mr Adebiyi was alleged to have threatened some of his victims with sacking if they fail to give in to his demands.
They also accused him of inflating contracts, receiving kickbacks and inventing false sales figures to deceive the company’s management and continue to keep his coveted role.
According to the aggrieved employees, Mr Adebiyi, despite his alleged gross misconducts and acts of corruption and sabotage against MTN Group, had the full backing of MTN Nigeria Chief Executive Officer, Mr Karl Toriola, and other top officers in the company.
In some of the emails sent to Nerisha Singh, General Manager, Forensic Services, of MTN Group, by The Anonymous Whistle-Blowers, the women said, “We are writing because the man, Adekunle Adebiyi, who heads sales, is a dangerous threat to your company. We wish men like Adekunle Adebiyi will not destroy MTN Nigeria. You left a monster and sexual predator to continue in office but after one year, we can no longer be silenced by his continued intimidation.
“Many of us became victims of his boastful abuses and direct punishments. Three persons resigned in S& [image: grin] through his intimidations and threats. Kumar Abubakar, a resourceful Senior Manager, was fired by him and Amina, his GM in the North, on trumped-up charges because Kumar knows all their fake and forged gross connections, numbers and sales figures. They know he would expose them to forensics.
“Sales conferences are always his grounds for his sexual escapades where he uses his front and power to lure young innocent MTNNers levels 1, 2, 3, vulnerable girls into sex.
“Your sexual harassment policy is not protecting levels 1, 2 or 3 or young girls. They are victims of Adekunle Adebiyi’s sexual harassment. They can’t talk or report him because they will lose their jobs. We have many cases reported to close friends instead of HR because they don’t trust HR.
“His bribery and corruption with NIMC Nigeria, collecting money from vendors through his fronts and flooding MTN Nigeria with his family and friends as SIM registration agents have continued.
“Adekunle is a bad egg. His corruption is beyond imagination. One of our anonymous members shared a message from him to a finance staff member compelling them to pre-pay a vendor for a big contract, so he can collect his bribes upfront.
“He gives contracts to vendors abroad at higher costs because of money they want to collect as bribes. The procurement staff and Finance team know this but could not report it until some of them joined this whistleblower group. Yet they are still afraid because our jobs are threatened by these men who work for Adekunle.
“Check the employments of his many relatives, especially of Ekundayo Fatoki, Customer Acquisition Manager. He failed interviews but Adekunle and his cohorts brought him in re-conducting the interviews two times or more times. The two ladies he sexually harassed are now afraid, too, to come with proof because our jobs are not safe. We are scared and our lives are at risk. Adekunle and his cohorts are powerful and can exterminate us if they have to.
“Two board of directors are his men. Cyril Ilok, head of forensics, is his womanising and drinking partner, who will never allow all the petitions from the staff to go through investigations.
“He takes bribes from vendors and settles his boys and girls in all the units he carries out fraudulent activities, including procurement. Four years ago he fired Daniel and Bukola because they know his secrets about fraudulent activities in all the procurements deals for MTN.
“The people had videos of when his fronts collected the money as bribes unfortunately, they were threatened and fired. The two former staff members are still alive if you want to investigate.
“He virtually uses his fronts and his friends to pitch all the works for customer acquisitions, supplies of MTN airtime and merchandising from the time he was acting as sales and distribution executive till now, money running into billions of naira.
“He can continue to tell lies to Enzo Scarcella, the Group Chief Consumer Officer, his team or Jens in South Africa or even the COO in Nigeria; we know he is a fraudulent man with figures.
“He has boasted to vendors and trade partners as long as Cyril Ilok and Karl Toriola are in MTN Nigeria, nothing will happen to him.
“As at today, MTN Nigeria has over eight court cases of former trade partners Adebiyi removed or terminated their appointments in manners that left a lot to be desired.
“Fire or remove Adekunle Adebiyi before you pay another fine or get into Nigeria’s murky waters.”
The whistleblowers further alleged that Adebiyi used proceeds of his alleged corrupt dealings in MTN Nigeria to purchase a house in Manchester, United Kingdom, and also build a multi-million naira state-of-the-art school for his wife in Lagos.
“How much does he earn as an executive in MTN that he bought a house in Manchester, UK, including the big school he built for his wife in Lagos,” the aggrieved employees added.
Responding in an email to the allegations made against Adebiyi by the employees, Singh said, “We assure you of our prompt attention to all the concerns raised and that the matters raised will be fully investigated.
“On the sexual harassment complaints raised; MTN is committed to providing a safe environment for all its employees free from discrimination on any ground and harassment at work, including sexual harassment. MTN operates a zero-tolerance policy for any form of sexual harassment in the workplace. All complaints of sexual harassment will be taken seriously and treated with respect, sensitivity and in confidence.”
By Adedapo Adesanya
Nigeria imported about 61.7 million barrels of crude oil from the United States between January 2024 and January 2026, according to data from the US Energy Information Administration (EIA).
This came even as the country continued to export significantly larger volumes within the same period, exposing a growing imbalance in the country’s oil supply chain.
Data from the US agency showed a sharp shift in trade flows, with American crude now flowing steadily into Nigeria after nearly a decade of negligible transactions. Before 2024, the only notable supply came in 2016, when exports averaged just 19,000 barrels per day.
The trend changed in 2024 with the start of operations at the Dangote refinery, which industry players say has increasingly turned to foreign crude to bridge gaps in domestic supply.
Within the first six months of that year alone, Nigeria imported 15.7 million barrels from the US, with June recording the highest inflow at 3.96 million barrels.
Imports accelerated further in 2025, accounting for the bulk of the two-year volume. Between February and December, inflows reached 41.06 million barrels, peaking in June at 305,000 barrels per day, equivalent to 9.15 million barrels in one month.
However, volumes dropped sharply towards the end of the year, reflecting fluctuating supply dynamics.
In January 2026, imports rose again to 159,000 barrels per day, translating to 4.93 million barrels, bringing the total volume over the two-year period to 61.7 million barrels.
The figures stand in contrast to Nigeria’s export profile.
According to data from the Central Bank of Nigeria (CBN), the country exported about 306.7 million barrels of crude between January and October 2025, representing roughly 69 per cent of total production during the period. In the first two months of 2026 alone, exports reached 55.39 million barrels.
Despite producing over 443 million barrels within the first 10 months of 2025, only about 137 million barrels were retained for domestic use, leaving local refineries struggling to secure adequate feedstock.
Operators say the Dangote Refinery requires over 19 million barrels monthly to run at optimal capacity, a demand that local supply has failed to meet consistently. This shortfall has forced the facility to source crude not only from the US but also from Ghana and other African producers.
Imports became necessary to stabilise the 650,000 barrels per day refinery operations amid inconsistent domestic allocations, despite the introduction of the Naira-for-crude arrangement. According to the management of the company, only about four to five cargoes were distributed, but this has since changed.
Alongside Dangote Refinery, other smaller operators were also affected, since the country’s crude allocation is tied to joint ventures with International Oil Companies (IOCs).
The development underscores a persistent structural challenge in Nigeria’s oil sector, exporting large volumes of crude while struggling to supply domestic refineries, raising fresh concerns about policy coordination, upstream allocation, and the long-term viability of local refining.
By Aduragbemi Omiyale
The outgoing Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has thanked President Bola Tinubu for giving him the opportunity to serve in his administration.
In a statement personally signed by him on Tuesday, Mr Edun said it was an honour to be called by the President to help put the Nigerian economy on the path of recovery after facing difficult economic circumstances.
“It has been an honour to contribute to the implementation of the administration’s economic agenda at a pivotal moment in Nigeria’s journey,” a part of the statement made available to Business Post read.
The Minister noted that he was “proud of what we achieved alongside colleagues in the Federal Executive Council (FEC), State Governors, our partners in the public and private sectors, and the many dedicated professionals whose work continues to support the nation’s economic transformation. While much remains to be done, the direction is clear, and the foundations are firmly in place.”
While reaffirming his commitment to the service of the nation and to supporting Mr President, he declared that, “The work of economic reform is, by its nature, a continuous process,” expressing optimism about Nigeria’s trajectory.
“I wish my successor and the entire government the very best as they continue the work of improving the lives of Nigerians,” he stated.
In 2023, Mr Edun first served as the head of the Presidential Transition Committee, and later became the Special Adviser to the President on Monetary Policy, before his appointment as Finance Minister.
During his time as Minister, he worked to advance critical reforms that stabilised the macroeconomic environment, strengthened fiscal sustainability, and laid the foundation for inclusive and long-term growth.
Key results of these efforts included growth improving from a rate of 2 per cent to over 4 per cent, and inflation falling from 35 per cent to 15 per cent.
These outcomes were driven by a shared commitment to restoring public trust and enabling faster and inclusive growth through greater investor confidence and improved economic coordination.
By Adedapo Adesanya
A price appreciation recorded by Central Securities Clearing System (CSCS) Plc lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.56 per cent on Tuesday, April 21.
Data showed that the Nigerian depository company gained N4.13 during the trading day to close at N63.15 per share compared with the preceding session’s N59.02 per share.
As a result, the NASD Unlisted Security Index (NSI) added 21.81 points to close at 3,935.27 points compared with Monday’s closing value of 3,913.46 points, and the market capitalisation expanded by N12.99 billion to finish at N2.354 trillion, in contrast to the previous day’s N2.341 trillion.
Yesterday, the price of 11 Plc went down by N21.08 to settle at N191.00 per unit versus N212.08 per unit.
There was a 48.9 per cent decline in the value of transactions on Tuesday to N5.7 million from N11.1 million, as the volume of transactions dipped by 48.9 per cent to 185,420 units from 245,830 units, while the number of deals shrank by 4.2 per cent to 23 deals from 24 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by CSCS Plc with 58.9 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded at N1.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Resourcery Plc with 1.1 billion units sold for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.
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