MTN wishes to clarify and place on record that the company continues to engage constructively with Nigerian authorities at all levels.
However, the company has noted, with concern, the speculation and false information in the media. MTN particularly cautions against reports purporting that the company has agreed a resolution with the NCC on the fine. It is false as no resolution has yet been reached. MTN continues to engage the authorities in Nigeria on this matter.
To this end, all stakeholders are reminded that MTN will inform them of any material developments in our engagements with Nigerian authorities via the Stock Exchange News Service of the JSE Limited (SENS). Shareholders have also been asked to exercise caution when reacting to information that has not been released by the company.
It is also important to note that MTN has operated in Nigeria for over a decade. In this time, and as in the other markets where we have a presence, MTN has conducted its business in accordance with established principles related to sound corporate governance.
As a company which owes its founding and growth to the emerging world, we are conscious of our responsibility to invest in the growth of local economies and development of communities wherever we operate. Nigeria is no different. Since launching more than a decade ago, we have made significant investments in connecting customers to our network. We take these responsibilities and obligations very seriously.
In conducting our business, MTN is always mindful that our growth has not only been due to the success of our commercial propositions. We therefore remain committed to maintaining solid partnerships with regulators, governments, communities and our markets, including in Nigeria, to build a sustainable industry that contributes to the growth of local economies.
MTN wishes to inform the market that MTN’s Chief Executive Officer, Mr Sifiso Dabengwa has resigned.
“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.
Stakeholders are reminded that MTN will continue to inform them of any material engagements with the Nigerian authorities via the Stock Exchange News Service of the JSE Limited (SENS).
Shareholders are advised to continue to exercise caution when dealing in the Company’s securities until a further announcement is made.
About the MTN Group
Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 30 September 2015, MTN recorded 233 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo-Brazzaville), Rwanda, South Africa, Sudan, South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. Visit us at, WWW.MTNBUSINESS.COM and WWW.MTN.COM
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