MTN Group President and Chief Executive Officer, Sifiso Dabengwa, resigned on Monday morning over the N1.04tn fine imposed on MTN Nigeria by the country’s regulatory body – the Nigerian Communications Commission.

A credible source at the MTN Group office told our correspondent that the company subsequently appointed ‎Phuthuma Nhleko as Executive Chairman in a temporary capacity.

He said Nhleko, the current Non-executive Chairman, has agreed to act as Executive Chairman for a maximum period of six months while the company identifies a successor for Dabengwa.

A copy of Dabengwa’s resignation letter was made available to our correspondent.

‎It read in parts, “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.”

Officials at MTN said Nhleko was 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 (since May 29, 2013).

“I will assume responsibility as Executive Chairman for the next six months as I proactively deal with the Nigerian regulator and will continue to work with them in addressing the issues around unregistered subscribers as a matter of urgency,” Nhleko said in his acceptance letter.

The PUNCH gathered that Mr. Alan van Biljon would continue to serve as the Lead Independent Director on the MTN board of directors (MTN Board), while Nhleko takes over executive responsibility.

“Together with the MTN Board, my second priority will be to find an appropriate Chief Executive Officer to take MTN forward. I will then revert to my Non-executive Chairman role,” Nhleko added.

‎”Stakeholders are reminded that MTN will continue to inform them of any material engagements with the Nigerian authorities via the Stock Exchange News Service of the JSE Limited.

“Shareholders are advised to continue to exercise caution when dealing in the company’s securities until a further announcement is made,” the source added.‎

http://punchng.com/2015/11/5339 lalasticlala, dominique, davide470

Not surprised though, knew it will happen sooner or later

lolzz

he doesnt want to lose a penny

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Heads are rolling I guess.


Meanwhile Standards organization of Nigerian SON should look into this menace of substandard tech accessories being sold in the market. http://gidilink..com.ng/2015/11/all-this-fake-memory-cards.html

Below is a 2 and 8 GB memory card that got corrupted within 1 week while i lost sensitive information on it.

So painful.

Them never see anything yet!

Seems even MTN has more credibility than the Nigerian leadership. Our leaders are power drunk. They will rather they go down the drain than resign their "rightful inheritance" over any controversy, no matter how grave the allegations are.

Chai!
How are the mighty fallen...?
I'm sure many will be sacked along with him.

Useless MTN. They should just pack and go with their yeye poor service delivery

He wants to do business as usual. What does he want to negotiate with the Nigerian authorities? Use bribes, etc to change the story. May God block him and his efforts off ab initio. May Buhari and the EVC of the NCC never be ready to be corruptly pacified by HIM. Amen.

this is not cool...

.MTN neva see anything yet; they think say nobody fit deal with dem..'

Ole !

' If U see ao Mtn deal with me'*Deducting nd remuvin all my credit without subscribing or calling** I call customer care reach level' Dey nodey pick again'..

God punish them

I tell you the man is most likely sacked by the board but its more courteous to use the word "resign"

Great....

Lalasticlala ....I told you.When will my suggestions on how MTN would survive make fp

Ok

MTN the worst & nonsense network......My BB subscription not yet activate since first week of last month. After they ve deducted my 1000Airtime.
Airtel, Glo and Etisalat still far better than them.

I saw it coming though

who cares!!!

MTN ooooooooo! They were so used to forming 'Oloye' until dem jam the new DPO!

Moral of the story.........Nigeria is no longer the disorganized playground for corporate miscreants!

This is a very good time to buy MTN's share

How's resignation going to change anything? ...Talk about crying oover spilt milk

Thank you... I'll apply..

Lolzz I laf in Biafra FTC Again

free2ryhme:
He wants to do business as usual. What does he want to negotiate with the Nigerian authorities? Use bribes, etc to change the story. May God block him and his efforts off ab initio. May Buhari and the EVC of the NCC never be ready to be corruptly pacified by HIM. Amen.

Bribery may not possible in this dispensation.
A lot of search lights are already on them

ain't seen nothing yet!

I am proud to see this kind of change in my country, if it where before, dem for pass backyard door..

oh boy, no be small thing o

.that one nor be news. I'll be happy if the useless network stop sending me useless unsolicited
/annoying sms.Seem GLO Don stop.God bless AIRTEL