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 attracted $10.37 billion in capital importation in the first quarter of 2026, representing an 83.8 per cent increase from the $5.64 billion recorded in the corresponding period of 2025, according to the National Bureau of Statistics (NBS).
The latest Capital Importation Report released by the stats bureau also showed that capital inflows rose by 60.97 per cent from $6.44 billion recorded in the fourth quarter of 2025.
The report stated, “In Q1 2026, total capital importation into Nigeria stood at $10.37bn, higher than $5.64bn recorded in Q1 2025, indicating an increase of 83.83 per cent. In comparison to the preceding quarter, capital importation increased by 60.97 per cent from $6.44bn in Q4 2025.”
Analysis of the inflows showed that portfolio investment remained the dominant source of foreign capital, accounting for $9.86 billion or 95.09 per cent of the total amount imported into the economy.
The stats office disclosed that foreign direct investment stood at $135.08 million, representing only 1.30 per cent of total capital inflows, while other investments accounted for $374.48 million or 3.61 per cent.
“Portfolio Investment ranked top with $9.86bn, accounting for 95.09 per cent, followed by Other Investment with $374.48m, accounting for 3.61 per cent. Foreign Direct Investment recorded the least with $135.08m, representing 1.30 per cent of total capital importation in Q1 2026,” the report added.
A further breakdown showed that money market instruments attracted the largest share of portfolio investments at $6.50 billion, while investments in bonds amounted to $3.23 billion.
Equity investments under the portfolio category stood at $131.81 million.
The banking sector emerged as the biggest destination for foreign capital during the quarter, attracting $7.55 billion, representing 72.79 per cent of total inflows.
The financing sector followed with $2.43 billion or 23.42 per cent, while the production and manufacturing sector attracted $152.27 million, accounting for 1.47 per cent of total capital imported.
Other sectors that received foreign investments included shares, trading, agriculture, information technology services, telecommunications, oil and gas, transport, construction, healthcare, education, and consultancy services.
The United Kingdom remained Nigeria’s largest source of foreign capital, accounting for $5.08 billion or 49.01 per cent of total inflows. The United States followed with $3.18 billion, representing 30.69 per cent, while South Africa accounted for $983.83 million or 9.49 per cent.
Among financial institutions, Standard Chartered Bank Nigeria Limited received the highest capital inflow during the quarter at $4.41 billion, representing 42.56 per cent of the total.
Stanbic IBTC Bank Plc followed with $2.78 billion or 26.79 per cent, while Rand Merchant Bank handled $930.82 million, accounting for 8.97 per cent.
Other banks that facilitated capital inflows into the country during the period included Citibank Nigeria, Access Bank, First Bank of Nigeria, Guaranty Trust Bank, Zenith Bank, FCMB, Ecobank, Fidelity Bank, and United Bank for Africa.
By Aduragbemi Omiyale
The 2026 licensing round for oil fields is expected to commence in the third quarter of 2026, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has disclosed.
This followed the approval of President Bola Tinubu, who doubles as the Minister of Petroleum Resources.
A statement issued by the spokesperson of NUPRC, Mr Eniola Akinkuotu, on Wednesday said the authorisation is in compliance with the Petroleum Industry Act (PIA).
“We are also fortunate that the President and Minister of Petroleum Resources has approved the 2026 Licensing Round,” the chief executive of the agency, Mrs Oritsemeyiwa Eyesa, was quoted as saying in the statement when she received representatives of Meren Energy (formerly Africa Oil) in Abuja yesterday.
Mrs Eyesan, who expressed satisfaction with the conduct of the 2025 Licensing Round so far, stated that the commercial bid would take place in July, after which the next licensing round would commence.
The NUPRC boss said the heightened participation in the 2025 Licensing Round was a testament to the fact that Nigeria was headed in the right direction.
She said the rise in investments, coupled with the upswing in production, was evidence that Nigeria’s oil and gas sector, under the leadership of President Bola Tinubu, had become attractive.
“We are in the process of finalising the 2026 launch, which will happen by the third quarter at the latest. So, this is the make-or-break point, and we want to make sure we make it,” she stated.
In his remarks, the chief executive of Meren Energy, Mr Oliver Quinn, said the current reforms had inspired the company to increase its investments in Nigeria, hence its interest in asset divestments and licensing rounds, revealing that his company’s investment priority is Africa, of which Nigeria ranks as number one.
“We have operated in Agbami, Akpo and Egina world-class fields. I think till date, in 20 years, about $11bn in capital from our side has gone into these assets, and about $4bn has gone to tax and royalties,” he said, adding, “Nigeria remains the core of our business today because of the quality of these assets.”
According to Mr Quinn, Meren Energy is pressuring its partners on these assets to deepen their investments and then increase overall production, noting that the energy firm was the first in Nigeria to sell crude oil to the Dangote refinery and will continue to fulfil its Domestic Crude Supply Obligation so long as the price remains right.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its gains by 0.91 per cent on Wednesday, June 3, spurred by three price gainers led by FrieslandCampina Wamco Nigeria Plc, which rose by N13.90 to sell N210.41 per share versus the previous day’s N196.51 per share. MRS Oil appreciated by N10 to N190.00 per unit from N180.00 per unit, and Food Concepts Plc added 5 Kobo to sell at N3.00 per share versus N2.95 per share.
As a result, the market capitalisation increased by N23.91 billion to N2.660 trillion from N2.636 trillion, and the NASD Unlisted Security Index (NSI) gained 39.97 points to finish at 4,446.27 points, in contrast to Tuesday’s 4,406.30 points.
The NASD exchange witnessed three price losers at midweek, led by Nipco Plc, which shrank by N21.30 to close at N325.97 per unit compared with the previous session’s N347.27 per unit, Nitrox Industrial Gases Plc went down by N1.20 to quote at N24.30 per share versus the preceding session’s N25.50 per share, and Central Securities Clearing System (CSCS) Plc weakened to by 69 Kobo to N75.41 per unit from N76.10 per unit.
The volume of trades yesterday significantly improved by 71.5 per cent to 527,221 units from Tuesday’s 307,363 units, as the value of transactions soared by 49.9 per cent to N64.2 million from the preceding session’s N49.9 million, and the number of deals surged by 9.5 per cent to 46 deals from 42 deals.
When trading activities ended for the day, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 64.6 million units exchanged for N4.4 billion.
GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
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