MTN Ex-CEO Paid $1.6 Million To Leave After Record Nigeria Fine
MTN Group Ltd. former Chief Executive Officer Sifiso Dabengwa was paid 23.7 million rand ($1.6 million) for loss of office after he resigned from Africa’s biggest wireless operator following a record $5.2 billion fine levied by Nigerian regulators.
The payout took Dabengwa’s total 2015 remuneration to 40.6 million rand, Johannesburg-based MTN said in the company’s annual report published on Monday. Phuthuma Nhleko, who returned as executive chairman to resolve the Nigeria penalty after Dabengwa left, was paid 5 million rand for 2015 work from Nov. 9. The fine remains unresolved.
MTN shares have declined 24 percent since the fine, later reduced to $3.9 billion, was made public in October. The stock traded 1.5 percent lower at 145.23 rand as of 11:01 a.m. in Johannesburg, valuing the company at 268 billion rand.