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N1.04tn fine: MTN Group CEO Sifiso Dabengwa resigns
Sifiso Dabengwa, MTN Group President and Chief Executive Officer, has resigned.
He resigned on Monday, November 9, 2015 over the N1.04tn fine imposed on MTN Nigeria by the country’s regulatory body – the Nigerian Communications Commission, NCC.
MTN Group office has reportedly appointed Phuthuma Nhleko as Executive Chairman in a temporary capacity.
It is reported that Nhleko, who is currently a non-executive Chairman, has agreed to act as Executive Chairman for a maximum period of six months while the company comes up with a successor for Dabengwa.
Dabengwa's resignation letter reads in part: “Due to the most unfortunate prevailing circumstances occurring at MTN Nigeria, I, Sifiso Dabengwa, in the interest of the company and its shareholders, have tendered my resignation with immediate effect.”
Nhleko 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).
Nhleko has accepted the new offer. In his letter of acceptance he stated: "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."
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