Home BUSINESS N1.04 trillion fine: MTN CEO resigns

N1.04 trillion fine: MTN CEO resigns

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The Group CEO of MTN, Sifiso Dabengwa, is expected to resign due to the $5.4billion (N1.04 trillion) fine by Nigerian Communication Commission NCC for failing to deactivate the lines of customers with unregistered SIM cards.mtn

The telecoms company said in a statement today that  Sifiso Dabengwa will be replaced by non -executive chairman Phuthuma Nhleko for a maximum of six months. MTN was fined in October by the Nigerian telecoms regulator for failing to cut off users with unregistered SIM cards.

The company said it will continue talks with the Nigerian authorities over the fine.
“ 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 said in a statement.

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Dabengwa has been chief executive of MTN since 2011.

MTN is expected to pay the fine on or before Nov. 16. The fine is related to the 5.1 million subscribers and is based on a charge of 200,000 naira ($1,008) for each unregistered customer.

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