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
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.
By Adedapo Adesanya
The Naira depreciated further against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX), on Tuesday, April 21, by N1.07 or 0.08 per cent to quote at N1,350.74/$1, in contrast to the N1,349.67/$1 it was traded on Monday.
The Nigerian currency also tumbled against the Euro in the same market segment during the trading session by 4 Kobo to settle at N1,589.42/€1 versus N1,589.38/€1, but appreciated against the Pound Sterling by 31 Kobo to close at N1,826.47/£1 compared to the previous rate of N1,826.78/£1.
At the GTBank FX desk, the local currency slumped against the greenback yesterday by N5 to sell at N1,359/$1 compared with Monday’s closing price of N1,354/$1, and at the black market, it traded flat at N1,375/$1.
The depreciation of the domestic currency came as FX outflows exceeded inflows amid a sustained decline in external reserves to debt service costs on Nigeria’s borrowings.
According to data published by the Central Bank of Nigeria (CBN), interbank liquidity at the market surged to N91.866 million across 106 deals.
Despite intervention in the market to keep the domestic currency stable, traders noted that the FX injections have slowed, reflecting the absence of a significant shock.
Analysts at Coronation Merchant Bank reiterated the expectation that the Naira will remain relatively stable in the near term, supported by sustained FX liquidity at the official window and ongoing foreign portfolio participation.
Meanwhile, the cryptocurrency market remained bullish as traders reacted to President Donald Trump’s decision to extend the Iran cease-fire while Strategy made a $2.54 billion purchase of 34,164 bitcoins, its largest buy since 2024.
The new acquisition lifts Strategy’s holdings to 815,061 bitcoins, putting the position modestly in profit and coinciding with $1.4 billion in weekly inflows to global crypto funds, led by bitcoin and ether.
Ethereum (ETH) gained 3.4 per cent to trade at $2,391.54, Bitcoin (BTC) jumped by 2.9 per cent to $77,953.29, Solana (SOL) appreciated by 2.7 per cent to $88.00, Cardano (ADA) rose by 2.6 per cent to $0.2555, and Binance Coin (BNB) improved by 1.8 per cent to $642.67.
Further, Dogecoin (DOGE) added 1.7 per cent to finish at $0.0971, Ripple (XRP) increased by 1.6 per cent to $1.45, and TRON (TRX) chalked up 1.3 per cent to sell at $0.3329, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Aduragbemi Omiyale
The chief executive of the Nigerian Exchange (NGX) Regulation Limited, Mr Femi Shobanjo, has made a strong case for corporate reporting, submitting that it remains critical to enhancing market integrity and boosting investor confidence.
He gave this view at the 3rd edition of the Corporate Reporting Awards organised by his organisation and the Institute of Chartered Accountants of Nigeria (ICAN).
The event recognised listed companies on the local stock exchange for excellence in financial reporting, corporate governance, and sustainability disclosures for the 2024 financial year.
The awards, which cover companies on the NGX 30 Index, assessed performance across three pillars: Financial Reporting (35 per cent), Corporate Governance (30 per cent), and Sustainability Reporting (35 per cent).
Organisers said the 2024 assessment was conducted under strict confidentiality and objectivity, with outcomes based strictly on merit. The exercise builds on earlier editions covering the 2022 and 2023 financial years and continues to serve as a benchmark for corporate disclosure standards in the Nigerian capital market.
Mr Shobanjo highlighted NGX RegCo’s continued adoption of global reporting frameworks, including the International Financial Reporting Standards (IFRS), the Nigerian Code of Corporate Governance, and the IFRS Sustainability Disclosure Standards (IFRS S1 and S2).
According to him, the growing emphasis on environmental, social, and governance (ESG) disclosures reflects an important shift in market expectations, as sustainability considerations are increasingly becoming central to corporate strategy and long-term value creation.
“Strong corporate reporting is fundamental to market integrity and investor confidence. Beyond financial performance, there is now a clear expectation for companies to disclose how environmental, social, and governance considerations are embedded in their strategy.
“Long-term corporate success is increasingly linked to the integration of sustainability into core business decisions,” he said.
He added that the “Most Improved Company” category was introduced to encourage continuous improvement in reporting quality among listed firms.”
On his part, the president of ICAN, Mr Haruna Nma Yahaya, said corporate reporting has evolved significantly beyond compliance, becoming a strategic instrument for communicating purpose, resilience, and direction.
He noted that organisations are now expected not only to report performance but also to demonstrate how they are responding to change and creating sustainable value.
“Corporate reporting has evolved beyond compliance to become a strategic tool that communicates purpose, resilience, and direction.
“In today’s environment, organisations are expected not only to report performance, but also to demonstrate how they are adapting to change and creating sustainable value. Transparency remains central to building trust, strengthening investor confidence, and supporting market stability,” he said.
International Breweries Plc was named Most Improved Company (Overall), while First HoldCo Plc won the Sustainability Reporting Award. Zenith Bank Plc received the Corporate Governance Award, and MTN Nigeria Communications Plc clinched the Financial Reporting Award.
In the top overall category, Access Holdings Plc won Silver, Airtel Africa Plc took Gold, while Seplat Energy Plc emerged Platinum winner.
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