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Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

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ICT

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Capital Market

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Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

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Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

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Sovereign Trust Insurance Celebrates 2025 Customer Service Week

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Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

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Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

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Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

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Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

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Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

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FG Boosts MSME Financing with NCGC Initiative

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ICT

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Capital Market

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Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

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Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

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Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

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Former MTN CEO, Ahmad Farroukh, in 6-Year Unrelenting Quest for Justice

Telecommunications giant, MTN is currently embroiled in a protracted legal battle with a former top executive, Mr. Ahmad Farroukh over the non-payment of his severance package.

The burgeoning legal battle with MTN, which still lingers more than six-years after he had exited the company is seen as a typical case that highlights the challenges some employees face when seeking fair treatment in the corporate world.

Farroukh had served MTN meritoriously and without blemish. However, his post-employment journey has taken a different course, marred by what many believe is an avoidable dispute over Farroukh’s entitled End of Service benefits had MTN been more judicious. The End of Service benefits accrued during his years with MTN and were at the time of his employment carried by Investcom, which was bought by MTN in mid-2006.

Mr. Farroukh, renowned for his illustrious career within the MTN Group for 9 years, served as the CEO of both MTN Nigeria, MTN South Africa and as Group Chief Operating Executive; managing 19 Operations, achieving remarkable milestones in growth and profitability, including the unprecedented growth of MTN Nigeria’s subscriber base from nine to forty million during his tenure. He was also the GCOE of MTN Group, superintending over 19 operations, the bulk of which, thanks to his instrumentality, were profitable. However, his glorious years of service has unexpectedly been marred by disputation.

Invariably, the bone of contention, it was learnt, revolves around Farroukh’ s claim for End of Service benefits entitled to him upon separation from MTN, which is believed to be in seven digits. It has now been six years since Farroukh initiated legal proceedings against MTN but the company is said to have engaged in delay tactics and stalling of the expeditious resolution of the case.

Many keen watchers of the case suspect that MTN’s intentions might be to deliberately prolong the case with a view to wearing Farroukh down, thereby pushing him to give up on his quest for justice or to incur exorbitant legal costs capable of deterring his pursuit for justice.

However, it was gathered that despite these obstacles, Mr. Farroukh remains resolute and finally, the court case is scheduled for October 16th 2023. It was further revealed that his unwavering commitment to holding MTN accountable for what he believes is his rightful due has garnered attention and support from fellow employees and industry observers alike. Many view this present case as a test of whether MTN, a company that promotes fairness and champions employee rights, can live up to its public image as a responsible corporate citizen.

Mr. Farroukh’s plight raises broader questions about corporate accountability and the treatment of employees, even in successful and prominent companies. Efforts to reach Farroukh for his comments were unsuccessful at the time of going to the press. Similar attempt to reach MTN for comments was futile. But our very reliable source confirmed that neither of the warring parties is prepared to sheath the sword. As the legal battle commences, the world watches with bated breath, eager to see if justice will ultimately prevail.

The consensus among ardent followers of development in this protracted court case is that wheels of justice grind slowly but surely.

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Microsoft Unveils Fund for Affordable Internet

Microsoft Corporation has launched a new fund to cultivate companies with solutions that bring affordable Internet access to underserved markets. The fund is part of Microsoft’s Affordable Access Initiative, which invests in new last-mile access technologies, cloud-based services and applications, and business models that can reduce the cost of Internet access and help more people affordably get online. “Today there are approximately four billion people globally without Internet access,” said Peggy Johnson, Executive Vice President of Business Development at Microsoft. “The ability to close that gap is more achievable than ever with technology that is readily available and affordable in many parts of the world. Through this fund, we hope to kick-start the entrepreneurial process by identifying promising ideas that we can help nurture, grow and scale.”

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