NLNG Corporate Caring banner First bank SME Connect Fidelity bank card banner Emerald Energy Institute Camano banner

MTN CEO throws in the towel over jumbo NCC fine

By News Express on 09/11/2015

Gmail icon

Views: 2,691


The chief executive of South Africa-based mobile phone operator MTN has resigned over a $5.2 billion fine imposed on the company in Nigeria, the telecoms giant said in a statement Monday.

“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,” CEO Sifiso Dabengwa said.

MTN has appointed non-executive chairman Phuthuma Nhleko as executive chairman for a maximum of six months while the company identifies a successor for Dabengwa, the statement said.

The Nigerian Communications Commission (NCC) fined Africa’s largest telecoms firm for missing a deadline to deactivate 5.1 million unregistered SIM cards.

The Johannesburg Stock Exchange (JSE) has launched an investigation into MTN for “possible insider trading” before the company announced it had been hit by the fine.

Its share price fell from 190.84 rand ($13.4), shortly before the fine was revealed, to close at 157.45 rand on Friday — a fall of 17.5 percent in two weeks.

Shares were steady at 157.45 rand on Monday morning, the lowest price since April 2013.

The probe by the JSE could result in South Africa’s bourse operator slapping MTN with another hefty fine or result in criminal charges.

Nigeria, Africa’s most populous country, is MTN group’s largest market where it had over 62.8 million subscribers by the second quarter of this year.

Nhleko said he would “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”.

“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 said. (AFP)

•Photo shows resigned MTN Group CEO Sifiso Dabengwa.

Source News Express

Posted 09/11/2015 1:45:59 PM

 

 

CLASSIFIED ADS

 

You may also like...
Irish Catholic Bishop confesses to bedding Nigerian women...

Madrid through to third consecutive UEFA Champions League...

Senator seeks life insurance for NYSC members

TSA: FG realises N5.244tr, closes 200,000 bank accounts...

Ibadan Disco invests N11.5bn in metering, infrastructure •Tasks...

Fresh crisis rocks APGA over speakership, governorship positions...

Stranded migrants die of thirst in Niger desert...

Killing of Policemen: N5m bounty for information about...

UNICEF, NOA train activists on communication for development...

Great Ways to Fund a Small Business

NOUN gets N90m grant for research from TETFund...

Bank chief backs calls for consolidation of microfinance...

 

Latest News Heavyweights, others expected as 7th News Express Anniversary Lecture holds today in Lagos FG set to release N900bn for capital expenditure Presidency: Supreme Court to give reason for dismissal of Atiku’s appeal Friday Edo APC crisis: Oshiomhole, NWC bow to pressure, set up reconciliation committee Why my suspension can’t hold — Obaseki Scores feared dead, many injured as PDP, APC supporters clash in Bayelsa Insecurity: Gani Adams expresses worry over attitude of South-West Governors Reps urge Minister to dissolve 3-man NDDC Interim Board Imo Speaker must show proof of Doctorate degree, explain NYSC exemption — Group Kogi guber: Deployment of Bello’s ex-ADC invitation to violence, PDP tells IGP Don’t cancel Police’s recruitment of 10,000 constables, Malami urges court Falana to DSS: Release Sowore with immediate effect

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (561,859 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (451,864 views) Shameless Genevieve Nnaji exposes breasts in public (400,850 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (334,910 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (303,220 views) 10 cars more expensive than Jets (279,738 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (258,539 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (256,660 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (238,161 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (224,481 views) Lagos plane crash: Journalist releases victims’ names (201,142 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (197,913 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (108) Business & Economy (4,566) Business Verdict (86) Columnists (1,142) Complaints & Requests (97) Enterprise & Opportunities (219) Entertainment (702) Features (844) Global Business Monitor (493) ICT Monitor (67) International (4,198) Interview (211) Live Commentary (30) Love Matters (176) Maggie's Blog (481) News (53,919) Opinion (1,418) Pidgin (17) Politics (11,707) Religion (1,118) Sports (2,224) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera