MTN CEO Sifiso Dabengwa resigns - TechCentral

MTN CEO Sifiso Dabengwa resigns

MTN Group CEO Sifiso Dabengwa

Former MTN Group CEO Sifiso Dabengwa

MTN Group CEO Sifiso Dabengwa has lost his job.

Dabengwa will leave MTN with immediate effect, MTN said in a statement to shareholders early on Monday morning.

His exit — which MTN is describing as a resignation — comes amid the record-setting US$5,2bn fine imposed by a Nigerian regulator after the group’s Nigerian operation allegedly failed to disconnect 5,1m unregistered Sim cards.

“The engagement with the Nigerian authorities on the Nigerian Communications Commission fine is continuing and shareholders will be advised as soon as there are any material developments on this matter,” MTN said on Monday.

Former MTN Group CEO and current nonexecutive chairman Phuthuma Nhleko will take the reins as executive chairman on an interim basis until a replacement to Dabengwa has been found.

Born in Zimbabwe, Dabengwa has been group CEO of MTN since March 2011, when he took the leadership role from Nhleko. He first joined MTN in 2004 as CEO of MTN Nigeria. He is a former executive director of Eskom.  — (c) 2015 NewsCentral Media

6 Comments

  1. Obviously more to this whole debacle than MTN has cared to share with its shareholders or the market at large. Though methinks the MTN board will simply remove themselves from all responsibility and place the blame squarely on Dabengwa.

  2. The Emperor has no clothes... on

    Two scenarios. 1) He didn’t know about this and should have been fired for gross incompetence, or 2) He did know about this and should be criminally charged for breach of fiduciary duty.

  3. The Emperor has no clothes... on

    Given the magnitude of the problem (and the fine) I don’t think the board can simply remove themselves from all responsibility. The market response will be ‘interesting’.

  4. Vusumuzi Sibiya on

    Mondays and MTN; and still yet another impending deadline next Monday for payment of the fine…

    >>Obviously more to this whole debacle than MTN has cared to share with its shareholders or the market at large.

    This resignation comes as no surprise but you are right that they should be preparing shareholders for the worst; rather than delaying the inevitable –

    Seems like the NCC will once again be having the last say on this one;

    …when you are making an example of someone, what better way than to show them the good will of renewing their license so that they have no excuse for not paying the imposed fine as per regulations which are in-place…???

    #PayTheFine #NoSympathyForMTN