Business
Ex-staff drags MTN over 18 years entitlement claim, opposes Stay of Execution Motion
Former expatriate staff of the MTN Group, Mr. Paul Odunewu, has filed a further-counter-affidavit at the Court of Appeal, Lagos Division, in opposition of the telecommunications giant’s Stay of Execution Motion dated 27th November 2017 filed by their Counsel – Prof G. Elias & Co.
The Court of Appeal, Lagos, listed this Appeal for Motion on the 4th of June 2024 and later the 10th of July 2024. However, MTN Counsel wrote to the Court opposing each date on the ground that their Lawyers were not available.
MTN Group Limited, South Africa (MTNG); MTN Nigeria (MTNN) and MTN International, Mauritius (MTNI) is the first, second, and third Appellant respectively, in this almost seven-year-old Appeal which had lasted more than 10 years from the Lagos State High Court to the National Industrial Court of Nigeria (NICN) before judgement was delivered on 27 September 2017.
In a judgement delivered by Honourable Justice Oyejoju Oyewunmi on September 27, 2017, at the NICN, Akure, the trial Court had found that termination of the employment of the former Network Group Operations Manager on February 28, 2006, was wrongful and malicious; and that MTN Group is the Parent Company and the life wire of both MTNN and MTNI that controls them and thus integral part of both companies. Also, MTN Nigeria has no power of its own to act under its contractual agreement with Mr. Odunewu except as approved by its Parent Company, MTN Group. NICN had ordered that the judgement sums of $13.47 million, ₦2.54 million, and £10 thousand be paid by the second and third defendants (MTNN & MTNI), “except the issue of costs which is to be paid by all the defendants (MTN sic)”. The trial judge had ordered MTN to make the payments within 30 days, failing which the sums would appreciate at 21 percent interest per annum.
Meanwhile, in a Further-Counter-Affidavit filed on July 2, 2024, one Damilola Osibanjo, a Lawyer at Prof A. B. Kasunmu’s Chambers, deposed that the “Applicants” (sic MTN) set up complex legal and financial structures to ensure that enormous revenue and profit generated by MTNN do not stay in Nigeria and is not available to pay the judgement debt and default interest accruing. “As of 31st December 2023, MTN Nigeria reported provisions for litigation of ₦17.025 billion for court cases between the 2nd Applicant and various bodies. MTNN treats default interest accruing over time as finance cost which they do not include in provision.
The litigation provisions of ₦17.025 billion (or US $18.77 million at an exchange rate of ₦907.1: $1 as of 31st December 2023) is inadequate to meet MTNN legal obligations and accruing default interests in Nigeria.”
Osibanjo deposed: “I know that the entire appeal is a masterful delay tactic, shrewdly designed by MTN to deny Mr. Odunewu from enjoying the fruit of the judgement. I know that MTN have been persistently contriving sham excuses not to prosecute this appeal expeditiously and diligently as contemplated by the ruling of this honourable Court on the 18th of October 2018 when the court directed that the Motion for Stay of Execution shall abide the determination of this Appeal, which was adjourned to 27th February 2019. This honourable Court heard and ruled on the 18th of October 2018, 15th of July 2020, 2nd of November 2020, and 22nd of February 2022 the three separate motions of MTN for leaves to amend and further amend the originating Notice of Appeal. I know that the prevarication of MTN to regularize their Appeal has caused substantial delays in prosecuting this appeal to determination. I know that MTN are stalling determination of this appeal by probating and reprobating on the same issue with their contentions of the competence of Mr. Odunewu’s Notice of Preliminary Objections filed on 13 April 2022 and his Motion on Notice to Amend the Respondent Brief filed on 5th October 2022.”
Osibanjo deposed: “To the ultimate benefit of the South Africa based MTN Group, MTN have engineered heavy losses in Nigeria through assets stripping and heavy borrowing which left the MTN Nigeria shareholders’ funds at a hefty deficit of ₦434.7 billion as at the three-month period ended on 31st March 2024 worsen from a deficit of ₦45.4 billion as at year ended on 31st December 2023.
MTN losses in Nigeria worsen to ₦392.7 billion over the first three months of 2024, and the currency loss also worsens significantly to ₦656.4 billion for the said three-month period at a reported exchange rate of ₦1309.39: $1.00.”
“MTN Nigeria reported, for the year ending 31st December 2023, pre-tax loss of ₦177.8 billion which resulted in a wipeout of shareholders’ funds from a revenue of ₦2.469 trillion, and an EBITDA (operating profit) of ₦773.66 billion. MTN Nigeria attributed the losses to massive currency loss of ₦740 billion, at an exchange rate of ₦907.1: $1, arising mainly from leases (₦367.4 billion currency loss) and borrowings (₦241.7 billion currency loss). From startup in 2001 till 31st December 2023, MTN Nigeria reported a cumulative total revenue of about ₦18.141 Trillion from Nigeria at an operating profit (EBITDA) of, at least, ₦8.35 Trillion. As of the year ended on 31st December 2023, MTN Nigeria reported a Liability of circa ₦3.23 Trillion.”
“I know that Mr. Odunewu filed a Motion on Notice dated 08 January 2020 for an order of this honourable Court to compel MTN to deposit the judgement debt and accruing default interest till date of fund transfer to a bank account in the name of the Chief Registrar of the Court/Paul Odunewu. The said motion was supported by the following cogent facts, among others:
a) MTN are running their operations in Nigeria with riskier financial structure (characterized by higher Leverage, worse Liquidity, and worse Solvency) in 2021 than in 2014 (before the 2015 Nigerian Communications Commission (NCC) Fine of ₦330 billion (or US$1.1 billion).
b) MTN Group received US$399.59 Million (₦148.19 billion) in December 2019 as redemption of its preference shares investment of US$2.012 Million injected into MTN Nigeria in November 2007, which reduced share capital of MTNN to ₦17.623 billion in 2019 compared to ₦65.145 billion in 2018. For every US$1.00 investment in 2007 MTN Group redeemed US$ 198.51 in 2019 as well as annual dividends during the period of twelve years.
c) From 2006 to 2016, MTN repatriated $13.92 billion in the guise of dividends/profit, repayment of loans and licenses/management fee. Whereas MTN injected a total capital inflow of $1.24 Billion for their operations in Nigeria for the period 2001 – 2016. As of 2016, MTN were repatriating US$11.00 for every US$1.00 that they injected into their business in Nigeria.
That it is now in the interest of justice for this honourable Court to hear the Stay of Execution Motion or order MTN to deposit the judgement debt and accruing default interest till date of fund transfer to a bank account in the name of the Chief Registrar / Mr. Paul Odunewu.”
“MTN have engaged in asset stripping by selling off the most valuable and profitable network infrastructure of MTN Nigeria to the pan-African telecoms infrastructure provider, IHS Holding Limited (“IHS Group”), in 2014 and then leaseback the towers for the MTNN operations in Nigeria. The business resulting from the acquisition of the MTNN towers in 2014 is INT Towers Limited wholly owned by Nigeria Tower InterCo B.V. in which MTN Group had a 51% control at start up and IHS the remaining 49%. The leaseback agreements between MTN Nigeria and the IHS Group were indexed in US Dollar. MTN Group is the largest shareholder of the IHS Group in which it owns 26% stake and the ultimate beneficiary of the MTN Nigeria leaseback agreement with the IHS Group.”
–Businessday
Aliko Dangote, known as Africa’s wealthiest businessman, recently experienced a significant decline in his fortune following a drop in shares of his cement company on the Nigerian Exchange, as reported by Business Elites Africa.
The billionaire, who leads the Dangote Group, faced a staggering loss of approximately $163 million in a mere four days.
Cement slump drags down fortune
Dangote’s fortune had been on an upswing earlier this month, boosted by gains in Dangote Cement and a stronger naira. But the recent decline in the company’s stock has wiped out part of those profits.
Shares of Dangote Cement, where he owns over 87 percent, slipped more than three percent, falling from ₦528 on September 11 to ₦511.2 by Monday morning.
The drop pushed the company’s market value down to roughly $5.6 billion, directly affecting Dangote’s personal wealth.
This setback has reduced his year-to-date gains to $687 million, down from the $850 million growth recorded earlier in September.
Despite the dip, Dangote still remains one of the most influential figures on the African continent, with his cement business dominating markets across the region.
A refinery making global moves
Beyond cement, Dangote is also making bold moves in the energy sector. His $20 billion refinery near Lagos, which started operations last year, is gradually reshaping Nigeria’s role in global energy trade. Nigeria fuel prices
At the end of August, the plant made headlines by sending its first-ever shipment of gasoline to the United States.
Roughly 300,000 barrels of petrol left the refinery aboard the vessel Gemini Pearl, marking the first time Nigeria exported refined gasoline directly to America. For decades, the country had relied on exporting crude oil while importing refined fuel for local use.
The new facility, with a daily capacity of 650,000 barrels, has already exported cargoes to Asia and the Middle East.
Refinery outages in Saudi Arabia and Kuwait have also opened opportunities for Dangote’s products to fill supply gaps in those markets, a sign of Nigeria’s growing competitiveness in refined petroleum exports.Nigeria fuel prices
Balancing losses and gains
While the slip in Dangote Cement has trimmed Dangote’s paper wealth, his diversification into energy and food industries continues to strengthen his long-term influence in Africa’s economy.
The billionaire may have lost $163 million on paper, but with his refinery steadily gaining ground in global markets, the picture of his financial empire remains one of resilience and expansion.
This sharp decrease has brought his total estimated wealth down to around $28.8 billion, according to the Bloomberg Billionaires Index. The fluctuations in his company’s stock serve as a critical reminder of the volatility inherent in the financial markets.
As the 2027 election approaches, the political landscape is intensifying, with the spotlight firmly on President Bola Tinubu and the policies his administration has implemented.
One notable development is the recent appreciation of the Naira, which has gained traction in the foreign exchange market. Click link to continue reading.
On Monday, the Naira made headlines by appreciating to below N1,500 per dollar at the official foreign exchange market for the first time since February 2025.
According to data released by the Central Bank of Nigeria, the Naira improved to N1,497.5 per dollar, a notable increase from last week’s closing figure of N1,501.5. This remarkable shift indicates a substantial gain of N4.03 against the dollar, showcasing the currency’s strengthening position compared to its previous status.
In contrast, the Naira held steady at the black market, maintaining a rate of N1,537 per dollar, consistent with the figures from the previous weekend.
The last recorded instance of the Naira trading below N1,500 at the official market was back in February 2025, underscoring the significance of this recent performance.
This rising trend in the Naira is notable against the backdrop of Nigeria’s bolstered external reserves, which have surged to an impressive $41.70 billion as of September 12, 2025. The combination of these economic indicators casts a spotlight on the government’s financial strategies and their implications as the nation gears up for a pivotal electoral season.
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The Delta State Government says its recent investment mission to Brazil has unlocked fresh prospects for industrial expansion, agricultural development, renewable energy, and job creation in the state.
Briefing journalists in Asaba, the Commissioner for Works (Rural Roads) and Public Information, Mr. Charles Aniagwu, said Governor Sheriff Oborevwori’s administration has already recorded significant gains by opening up all 25 local government areas with vital infrastructure, thereby creating access to mineral resources, industrial corridors, and potential free trade zones.
Aniagwu explained that the Brazil engagement was aimed at showcasing Delta’s investment opportunities while also drawing lessons from Brazil’s agricultural model, especially in ranching.
He stressed that the establishment of ranches in the state would not only boost food production and jobs but also strengthen security by curbing the use of forests as criminal hideouts.
“We are pursuing both security and job creation by targeting ranching and other agro-industrial investments,” Aniagwu said. “Our discussions in Brazil are progressing very well, and we are optimistic about the outcomes.”
He disclosed that the state also held talks with renewable energy firms and other players in the power sector, building on earlier engagements with the Rural Electrification Agency in Abuja.
According to him, the goal is to light up the state, expand industries, and create employment opportunities that will improve living standards.
Aniagwu noted that the government’s focus on agriculture and industry was deliberate, given the rising number of graduates from tertiary institutions across the state.
“Our goal is to create a productive economy where our graduates and young women can secure meaningful jobs beyond the limited space in the civil service,” he added.
“This is how we can guarantee both social and fiscal security for our state while raising living standards.”
He reaffirmed that the Oborevwori administration remains committed to the MORE Agenda, with particular emphasis on infrastructure expansion, energy generation, agriculture, and industrial growth.
African Export-Import Bank (Afreximbank) and the Midstream and Downstream Gas Infrastructure Fund (MDGIF) have signed a Memorandum of Understanding (MoU) to establish a collaborative framework aimed at promoting, developing, and improving gas infrastructure in Nigeria, according to ChannelsTV.
It was signed on the sidelines of the just-ended fourth Intra-African Trade Fair (IATF2025) by Helen Brume, Director and Global Head – Project and Asset-Based Finance on behalf of Afreximbank, and Oluwole Adama, Executive Director on behalf of MDGIF.
The MoU emphasises private sector-led delivery models and aligns with both institutions’ mandates and strategic priorities.
Under the terms of the MoU, Afreximbank and MDGIF will work together with the overarching intention of mobilising up to $500 million over a four-year period to support midstream and downstream gas infrastructure projects. The investment is structured as a blend of senior debt and equity contributions, considered under both entities’ independent mandates, with a focus on accelerating the modernisation and expansion of Nigeria’s gas sector.
Project Highlights:
Targeted Gas Infrastructure Investment: Joint identification and prioritisation of eligible projects, with annual pipeline targets to ensure investment goals are met.
Senior Debt Financing: Afreximbank will consider providing direct financing and credit risk guarantees to support project finance transactions, working alongside local financial institutions.
Project Preparatory Support: Establishment of a dedicated support, either through funding or a support framework, for feasibility studies, legal structuring, environmental assessments, and other preparatory activities for bankable gas projects.
Equity Financing: MDGIF will consider equity contributions to complement Afreximbank’s senior debt, enabling full capital structuring for eligible projects.
Promotion and Advocacy: MDGIF will leverage Afreximbank’s platforms, including the Intra-African Trade Fair, to promote its initiatives and engage stakeholders.
Capacity Building: Development of a structured programme to enhance MDGIF’s institutional capabilities in project structuring, risk management, and innovative financing.
With respect to the collaboration between both parties, Mrs Kanayo Awani, Executive Vice President – Intra-African Trade and Export Development at Afreximbank, noted that:
“This MoU marks a significant milestone in our shared commitment to accelerating Africa’s economic transformation. By combining Afreximbank’s deep expertise in trade and project finance with MDGIF’s national investment reach, we are poised to unlock new opportunities for inclusive growth and sustainable development across Nigeria and, potentially, across the West Africa sub-region.”
She added: “We stand ready to work with the MDGIF in advancing the development of gas infrastructure projects in Nigeria, which will add value to the country’s natural resources. This intervention is also important as it aligns with Afreximbank’s Industrialisation and Export Development Agenda.”
Senator Oluremi Tinubu, the First Lady of the Federal Republic of Nigeria, has called for unwavering support for the Niger Delta Power Holding Company (NDPHC) to accelerate growth in the nation’s power sector.
The appeal came during a courtesy visit by the managing director and chief executive officer of NDPHC, Engr. Jennifer Adighije, to the First Lady over the weekend in Abuja.
Speaking passionately about the critical role of NDPHC, Senator Tinubu said, “It is essential that all stakeholders rally behind NDPHC’s leadership to ensure the company fulfills its mandate of advancing Nigeria’s power infrastructure. I urge the entire Management and staff of NDPHC to continue supporting Engr. Adighije’s vision with dedication and teamwork.”
The First Lady also commended Adighije’s commitment and leadership qualities. “Your diligence, passion, and deep sense of responsibility stand as a shining example of leadership in Nigeria’s power sector,” she stated. “Young women like you, who demonstrate rare leadership virtues, inspire a new generation of leaders and bring hope to our nation’s development.”
Senator Tinubu expressed joy and pride in seeing young Nigerians excel in positions of high responsibility. “I sincerely commend your efforts towards leading NDPHC with every sense of diligence and commitment,” she emphasised. “Your leadership is not only about managing the company but also about inspiring others to step up and contribute meaningfully.”
She further urged continuous teamwork within NDPHC to ensure the attainment of critical milestones in power generation and distribution. “For Nigeria to achieve steady power growth, the success of companies like NDPHC is vital. Let us all work together to support this leadership and push forward the sustainable energy agenda for our people,” she concluded.
Engr. Jennifer Adighije expressed gratitude for the warm reception and the commendations. She assured that NDPHC would remain resolute in transforming Nigeria’s power landscape through innovative projects and effective management.
The visit underscores a renewed focus on the power sector’s growth, with strong endorsements from key national figures encouraging collaboration and dedication toward a brighter energy future for Nigeria.
When Oluwatosin Ajibade, popularly known as Mr Eazi, tied the knot with Temi Otedola, daughter of billionaire businessman Femi Otedola, many in Nigeria’s elite circles questioned why one of the nation’s most prominent families would give their daughter’s hand to a musician.
But at the couple’s white wedding in Iceland, Africa’s richest man, Aliko Dangote, provided an answer that silenced critics by confirming Mr Eazi as an entrepreneur with businesses across 18 countries on the continent.
Below is a list of Mr Eazi’s businesses, not known to many Nigerians.
1- emPawa Africa – Founded in 2018, emPawa is a talent incubation and music distribution platform that has helped launch stars like Joeboy. It provides mentorship, funding, and resources for up-and-coming artists across Africa.
2- Zagadat Capital – Mr Eazi’s venture capital firm invests in startups in tech, media, and entertainment. Notable investments include:
3- pawaPay – A pan-African mobile payments company.
4- Thrive Agric – an agri-tech startup connecting farmers to investors.
5- BetPawa – A popular online betting platform.
6- Street Banker – A financial inclusion project for underserved communities.
7- Choplife Gaming & Choplife SoundSystem – Expanding beyond music, Eazi launched Choplife Gaming in 2022, a pan-African lottery and gaming company. His Choplife SoundSystem blends music, events, and lifestyle branding into a cultural business model.
Although less publicised, the singer has confirmed investments in real estate projects across Nigeria and Ghana, as well as hospitality ventures linked to his Choplife brand.
Through Zagadat Capital, Eazi also holds stakes in several fintech firms driving financial inclusion across Africa.
Now married into one of Nigeria’s most influential families, Mr Eazi embodies a hybrid lifestyle — blending music, global entrepreneurship, and elite family life.
For him, business has never been secondary.
As Dangote hinted, music may be just the tip of the iceberg. With ventures spread across at least 18 African countries, Eazi is positioning himself not just as a musician, but as one of the continent’s most ambitious entrepreneurs.
And with his marriage to Temi Otedola, many say the couple may just become Africa’s new symbol of power, wealth, and influence.
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