BUSINESS

MTN Chief Executive Sifiso Dabengwa resigns


Africa’s largest telecommunications company, MTN Group Ltd Chief Executive  Sifiso Dabengwa has resigned. His resignation came at a time when the company is struggling with Nigerian authorities over a $5.2 billion fine imposed to them by the Nigerian Communication Authority (NCA).

On October 26th, the Nigerian Communications Commission (NCA) fined MTN for allegedly missing the deadline to deactivate 5.1 million unregistered SIM cards, this was under regulations meant to battle terrorism and other crimes according to NCA.

“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,” Chief Executive Sifiso Dabengwa said in a statement.

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

The fine imposed to MTN is more than double the company’s profit in 2014 which rose 20% to $2.26 billion

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Nixon Kanali

Tech journalist based in Nairobi. I write about tech, business and African startups. Founder and Editor For TechTrendsKE. Nixon is also the East African tech editor for Africa Business Communities. Send tips to nkanali@techtrendske.co.ke.

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