MTN Group President and Chief Executive Officer, Sifiso Dabengwa has resigned.

His resignation came at a time the company is trying to sort the N1.04tn fine imposed on them by Nigeria’s regulatory body – the Nigerian Communications Commission.

Punch reports that the company subsequently appointed ‎Phuthuma Nhleko as Executive Chairman on a temporary capacity.

According to an insider, Nhleko, the current Non-executive Chairman, has agreed to act as Executive Chairman for a maximum period of six months while the company identifies a successor for Dabengwa.

The resignation letter of Sifiso Dabengwa reads, “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.”

It was gathered that Mr. Alan van Biljon would continue to serve as the Lead Independent Director on the MTN board of directors (MTN Board), while Nhleko takes over executive responsibility.

In his acceptance letter, Nhleko said, “I will assume responsibility as Executive Chairman for the next six months as I 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 in .

‎”Stakeholders are reminded that MTN will continue to inform them of any material engagements with the Nigerian authorities via the Stock Exchange News Service of the JSE Limited.”

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