MTN CEO, Sifiso Dabengwa Resigns With Immediate Effect Over N1.4trillion Fine

MTN group Chief Executive Officer, Sifiso Dabengwa has resigned with immediate effect.
The move is believed to be the fallout of the N1.4trillon slammed on the telecommunication company the National Communication Commission for failing to adhere to rules surrounding registration of sim cards.

Dabengwa’s resignation was communicated via a statement released yesterday
MTN stated Phuthuma Nhleko had been appointed as Executive Chairman in a temporary capacity. Sifiso Dabengwa
“MTN wishes to inform the market that MTN’s Chief Executive Officer, Mr Sifiso Dabengwa, has resigned.

“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,” Dabengwa was quoted to have said in the statement.
Nhleko, the current non-executive chairman has agreed to act as Executive Chairman for a maximum period of six months while the telco identifies a successor for Mr Dabengwa.

Nhleko is 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 (29 May 2013)