MTN CEO resigns over $5.2 billion NCC fine

The Group Chief Executive Officer (CEO) of telecommunications giant, MTN, Sifiso Dabengwa, has resigned.

Dabengwa’s resignation comes after the $5.2 billion fine imposed on the company by the Nigerian Communications Commission (NCC).

The South African telecommunications company was fined over its failure to cut 5.1 million unregistered subscribers.

In a statement issued in Johannesburg on Monday, MTN announced that Non-Executive Chairman, Phuthuma Nhleko, will act as executive chairman for a maximum period of six months while the company looks for Dabengwa’s successor.

“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.”

“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.”

 

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