Contrary to the imposed $5.2 billion fine labeled against leading telecommunication giant MTN , by the Nigerian Communications Commission (NCC) in October, the parental company stakeholders MTN Group, has fired its CEO in Nigeria Michael Ikpoki alongside with head of regulatory and corporate affairs, Akinwale Goodluck.
According to statement released out by the MTN group executive chairman Phuthuma Nhleko says:
“This revised structure and strengthened leadership will improve operational oversight and increase management capacity,”
During October, Nigerian Communications Commission (NCC) imposed a fined of $5.2 billion for failing to unregistered 5.1 million subscribers on its network, which slumped the company’s shares by 23 percent of their value since then.MTN Group Chairman Phuthuma Nhleko took an executive position in November and led negotiations with the NCC after Chief Executive Officer Sifiso Dabengwa resigned weeks ago.
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.