Monday, November 9, 2015

MTN Group President and Chief Executive Officer, Sifiso Dabengwa, resigns over N1.04tn fine

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MTN Group President and Chief Executive Officer, Sifiso Dabengwa, resigned on Monday morning over the N1.04tn fine imposed on MTN Nigeria by the country’s regulatory body – the Nigerian Communications Commission.

According to source at the MTN Group office, the company has subsequently appointed ‎Phuthuma Nhleko as Executive Chairman in a temporary capacity.

He said Nhleko, the current Non-executive Chairman, has agreed to.....
act as Executive Chairman for a maximum period of six months while the company identifies a successor for Dabengwa.

A copy of Dabengwa’s resignation letter was made available to our correspondent.

It read in parts, “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.”
Officials at MTN said Nhleko was no stranger to the business as he served as non-executive director and chairman of MTN from July 2001 until June 2002 and thereafter as an executive director, Group president and CEO until March 2011. He has subsequently chaired the Group in a non-executive capacity for the past two and a half years (since May 29, 2013).
“I will assume responsibility as Executive Chairman for the next six 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,” Nhleko said in his acceptance letter.

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