MTN CEO resigns following Nigeria record fine

November 9, 2015
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MTN Sifiso Dabengwa
Dabengwa has been MTN CEO since March 2011

, The CEO of Africa’s largest telco Sifiso Dabengwa has resigned with immediate effect. Dabengwa’s resignation comes days after the Nigerian Communications Commission (NCC) fined MTN an unprecedented $5.2 billion fine for failing to switch off unregistered SIM cards on its network.

The fine, which is more than double the company’s profit last year, was to be settled two weeks after the announcement although there are reports MTN is negotiating with NCC.

“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,” stated Dabengwa.

MTN said on Monday that the current Non-Executive Chairman Phuthuma Nhleko will take over as CEO in an acting capacity for six months.

Nhleko said he will actively engage Nigerian authorities to resolve the hefty fine as MTN scouts for a new chief executive.

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