Tag: MTN Nigeria

MTN Telecom CEO quits after $5.2bn Nigerian fine

Broadband, Business, Mobile
The CEO of Africa's largest mobile telecoms company, MTN Group, has resigned following two weeks of wrestling with the Nigerian authorities over the imposition of a massive fine. In a statement to the Johannesburg Stock Exchange, the company announced that Sifiso Dabengwa will leave with immediate effect, to be replaced temporarily by non-executive chairman Phuthuma Nhleko. Chief executive Sifiso Dabengwa tendered his resignation with immediate effect, saying it was "in the interest of the company and its shareholders". The fine, which amounts to double MTN's profit last year, was for failing to cut off unregistered mobile users. The firm was given until 16 November, just two weeks, to pay the penalty. The fine amounts to ₦200,000 ($1,000) for every customer who should have been disco