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
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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