The Chief Executive Officer of MTN Group Sifiso Dabengwa has resigned over the hefty $5.2 billion fine imposed on the company by the Nigeria Communications Commission.
Trading in the shares of the Johannesburg-based firm had been suspended after its share price nose-dived on the floor of the Johannesburg Stock Exchange.
In a statement released on Monday, Dabengwa said: “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.”
The company announced Dabengwa’s role will be filled in the interim by its Non-Executive Chairman Phuthuma Nhleko, until a substantive CEO can be found.
The interim CEO says he will find a solution to the lingering impasse with the regulatory body.
MTN has until November 16 to pay the fine.