Following the issuing of a R71 billion fine from the Nigerian Communications Commission, MTN CEO Sifiso Dabengwa has resigned from his position in the company.
In a SENS announcement released last week Dabengwa stated “Due to the most unfortunate prevailing circumstances occurring at MTN Nigeria, I, in the interest of the Company and its shareholders, have tendered my resignation with immediate effect.”
Dabengwa joined MTN in 2004 as the company’s CEO in Nigeria. He then became group CEO in 2011.
MTN is facing a R71 billion fine in Nigeria for failing to disconnect unregistered SIM cards in the country in a timely manner.
Phuthuma Nhleko, the current Non-executive Chairman has agreed to act as Executive Chairman for a maximum period of 6 months while the Company identifies a successor for Mr Dabengwa.
“I will assume responsibility as Executive Chairman for the next 6 months as I proactively deal with the Nigerian regulator and will continue to work with them in addressing the issues around unregistered subscribers as a matter of urgency,” says Nhleko.
The company has stated that its engagement with the Nigerian authorities on the Nigerian Communications Commission (NCC) fine is continuing and “shareholders will be advised as soon as there are any material developments on this matter.”