The CEO of MTN Group, Mr Sifiso Dabengwa, has resigned.

His resignation comes as a direct result of the $5.2bn fine imposed by the Nigerian Communications Commission (NCC). Nigeria is the group’s largest market in terms of revenue and subscriber base.

Mr Dabengwa said in a statement issued by MTN to its shareholders this morning:

“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.”

Mr Phuthuma Nhleko, a current non-executive chairman, will take over as executive chairman before a replacement is found. Mr Nhleko is also a former Group CEO of MTN and was Mr Dabengwa’s predecessor.

“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,” said Nhleko.

MTN continues to engage with the Nigerian authorities as the payment deadline for the fine draws near.

 

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