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Home » MTN Chief Resigns After $5.2 Billion Nigerian Fine

MTN Chief Resigns After $5.2 Billion Nigerian Fine

JOHANNESBURG – MTN CEO Sifiso Dabengwa has resigned with immediate effect, the company said on Monday, it was reported. This comes two weeks after the telecommunications giant’s Nigerian division was fined $5.2 billion by that country’s communications agency for failing to disconnect users with unregistered SIM cards. MTN shares initially reacted badly to the news, and the JSE temporarily suspended […]

By SAPeople Staff Writer
09-11-15 07:21
in News
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JOHANNESBURG – MTN CEO Sifiso Dabengwa has resigned with immediate effect, the company said on Monday, it was reported.

This comes two weeks after the telecommunications giant’s Nigerian division was fined $5.2 billion by that country’s communications agency for failing to disconnect users with unregistered SIM cards.

MTN shares initially reacted badly to the news, and the JSE temporarily suspended trading in the company’s shares a week ago. Nigeria is MTN’s biggest country of subscribers, and the company has been given until 16 November to pay the penalty.

An MTN spokesman was quoted as saying that Dabengwa resigned as “an honourable” gesture, but this did not mean that he was at fault for the debacle in Nigeria.