Former MTN CEO was paid $1.6m after resigning over $5.2m fine laid against MTN by NCC

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Former MTN CEO | Mr. Sifiso Dabengwa

Former MTN CEO | Mr. Sifiso Dabengwa

Mr. Sifiso Dabengwa the former MTN CEO who was paid $1.6million by MTN after resigning over the $5.2million fine laid against MTN by the Nigeria Communication Commission (NCC), The Telecommunication giant, therefore, MTN, has paid its former chief executive officer, Sifiso Dabengwa, 23.7 million rand ($1.6 million) after he resigned over a record fine imposed on the company by the Nigerian Communication Commission.

Dabengwa quit in November after Nigerian authorities imposed a $5.2 million fine on MTN’s Nigerian unit in October.
He was awarded a total payout of 40.6 million rand, MTN said in its annual report on Monday.

Non-executive chairman Phuthuma Nhleko was then named executive chairman of Africa’s biggest mobile phone group for a period of six months, to help resolve the fine.

MTN has since managed to negotiate the penalty down to $3.9 billion but is still hoping to reduce it further.
MTN’s share price has been down almost 20 per cent since October when the fine was imposed.

The stock had fallen 1.21 per cent at 145.59 rand by 1407 GMT.
Last year, Nigeria imposed a deadline on mobile operators to cut off unregistered SIM cards, which MTN missed, amid fears the lines were being used by criminal gangs, including militant Islamist group, Boko Haram.

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