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