Ex-MTN boss paid R24m for ‘loss of office’

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MTN Group former CEO Sifiso Dabengwa was paid R23.7 million ($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 R40.6 million, 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 R5 million for 2015 work from November 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 R145.23 as of 11.01am in Johannesburg, valuing the company at R268 billion.

BLOOMBERG

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