MTN Sacks CEO In Nigeria

MTN has fired its CEO in Nigeria Michael Ikpoki and head of regulatory and corporate affairs, Akinwale Goodluck.

“

This revised structure and strengthened leadership will improve operational oversight and increase management capacity,” said MTN group executive chairman Phuthuma Nhleko in a statement.

The the Nigerian Communications Commission had imposed a fine of $5.2 billion on MTN in October for failing to meet a deadline to disconnect 5.1 million unregistered subscribers slumping the company’s shares by 23 percent of their value since then. Chairman Phuthuma Nhleko took an executive position in November and led negotiations with the NCC after Chief Executive Officer Sifiso Dabengwa resigned.

In view of the current situation, a restructuring of the Nigerian unit was deemed fit. The former chief operating officer and chief financial officer at MTN Nigeria, Ferdi Moolman, will become MTN Nigeria’s CEO while Amina Oyagbola has been named head of regulatory and corporate affairs at MTN Nigeria.

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’s head of regulatory and corporate affairs, Akinwale Goodluck, has also resigned according to a statement from MTN. However, sources revealed they were forced to resign.

Meanwhile, 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.