MTN Group Ltd. said Chief Executive Officer Sifiso Dabengwa resigned from Africa’s biggest mobile-phone company following a $5.2 billion fine by Nigerian regulators related to unregistered subscribers.
Sifiso Dabengwa will be replaced by non-executive chairman Phuthuma Nhleko for a maximum of six months, Africa’s biggest mobile phone company said in a statement.
MTN was fined in October by the Nigerian telecoms regulator for failing to cut off users with unregistered SIM cards.
MTN has until Nov. 16 to pay the Nigeria penalty, which relates to the timing of the disconnection of 5.1 million subscribers and is based on a charge of 200,000 naira ($1,008) for each unregistered customer. The company’s shares lost almost a quarter of their value following the disclosure of the fine, before a partial recovery.
The company said it continued talks with the Nigerian authorities over the fine.
Title : Breaking News: MTN CEO Resigns Over $5.2 Billion Nigeria Fine
Description : MTN Group Ltd. said Chief Executive Officer Sifiso Dabengwa resigned from Africa’s biggest mobile-phone company following a $5.2 billion...
Description : MTN Group Ltd. said Chief Executive Officer Sifiso Dabengwa resigned from Africa’s biggest mobile-phone company following a $5.2 billion...
