Breaking News:NCC N1.4trn FINE:MTN CEO RESIGNS

MTN this morning announced the appointment of Phuthuma Nhleko as Executive Chairman in a temporary capacity as Sifiso Dabengwa resigns as CEO.
“MTN wishes to inform the market that MTN’s Chief Executive Officer, Mr Sifiso Dabengwa has resigned,” the company said in a statement released by the telecom giant.
“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,” stated Sifiso Dabengwa.
Nhleko, the current Non-executive Chairman has agreed to act as Executive Chairman for a maximum period of 6 months while the Company identifies a successor for Mr Dabengwa.
Nhleko is no stranger to the business as he served as Non-executive Director and Chairman of MTN from July 2001 until June 2002 and thereafter as an executive director, Group President and CEO until March 2011. He has subsequently chaired the Group in a Non-executive capacity for the past two and a half years (29 May 2013).
“I will assume responsibility as Executive Chairman for the next 6 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,” commented Nhleko.
To ensure compliance with King III, Mr. Alan van Biljon will continue to serve as the Lead Independent Director on the MTN board of directors (“MTN Board”) whilst Mr. Nhleko takes over executive responsibility.
“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,” concluded Nhleko.
CKN News investigation showed that the CEO who was in Nigeria few days back to seek NCC's understanding on the matter was not successful on his mission.Meanwhile the regulatory body says through an unidentified source that the November date deadline for MTN to pay up its fine stands..