His resignation comes as a direct result of the $5.2bn fine imposed by the Nigerian Communications Commission (NCC). Nigeria is the group’s largest market in terms of revenue and subscriber base.
Mr Dabengwa said in a statement issued by MTN to its shareholders this morning:
“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.”Mr Phuthuma Nhleko, a current non-executive chairman, will take over as executive chairman before a replacement is found. Mr Nhleko is also a former Group CEO of MTN and was Mr Dabengwa’s predecessor.
“I will assume responsibility as Executive Chairman for the next 6 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,” said Nhleko.MTN continues to engage with the Nigerian authorities as the payment deadline for the fine draws near.
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