Africa\u2019s biggest mobile network MTN has announced that its Nigerian chief executive officer has resigned amid a multi-billion dollar fine in that country.<\/p>\n
[contextly_sidebar id=”eX9a1vWsnXWcdF3YzFT0eYWHmlOPf8Ff”]The company announced in a statement on Thursday morning that Michael Ikpoki, its Nigerian CEO, has handed in his resignation with immediate effect.<\/p>\n
MTN Nigeria\u2019s head of regulatory and corporate affairs, Akinwale Goodluck, has also resigned.<\/p>\n
The former chief operating officer and chief financial officer at MTN Nigeria, Ferdi Moolman, will become that business unit\u2019s CEO.<\/p>\n
Nigerian national Amina Oyagbola has also been named head of regulatory and corporate affairs at MTN Nigeria.<\/p>\n
The resignations in Nigeria come amid MTN being fined $5.2bn by regulators in that country for failing to disconnect up to five million unregistered SIM cards in that country.<\/p>\n
However, in a market update to shareholders on Thursday, MTN said that the Nigerian Communications Commission (NCC) had agreed to cut the fine to $3.4bn and that this penalty needs to be paid by December 31 2015.<\/p>\n
In the wake of the announcement of the fine in late October, MTN\u2019s group chief executive officer Sifiso Dabengwa subsequently quit amid the company\u2019s share price losing a fifth of its value. MTN\u2019s former CEO Phuthuma Nhleko was then appointed as executive chairperson and tasked with tackling the fine.<\/p>\n
MTN also said that the search for a new group CEO is underway and remains a priority.<\/p>\n
‘Implementing a previous structure’<\/strong><\/p>\n Meanwhile, along with the announcement of the Nigerian resignations, MTN said that the group has resolved to re-implement its previous reporting structure which splits its operations into three regions: West and Central Africa \u00a0(WECA), South and East Africa (SEA), \u00a0and Middle East and North Africa (MENA).<\/p>\n The company also announced other new senior appointments in line with this structure.<\/p>\n \u201cThis revised structure and strengthened leadership will improve operational oversight and increase management capacity,\u201d said MTN group executive chairman Phuthuma Nhleko in a statement.<\/p>\n MTN has over 230 million subscribers across Africa and the Middle East and over 60 million in Nigeria, making it that country\u2019s biggest mobile network.<\/p>\n –<\/p>\n Credit:\u00a0 Fin24<\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Africa\u2019s biggest mobile network MTN has announced that its Nigerian chief executive officer has resigned amid a multi-billion dollar fine in that country. [contextly_sidebar id=”eX9a1vWsnXWcdF3YzFT0eYWHmlOPf8Ff”]The company announced in a statement on Thursday morning that Michael Ikpoki, its Nigerian CEO, has handed in his resignation with immediate effect. MTN Nigeria\u2019s head of regulatory and corporate affairs, […]<\/p>\n","protected":false},"author":14,"featured_media":93910,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[20,4],"yoast_head":"\n