$5.2billion Fine: MTN paid N560m Severance Allowance to Its Nigerian and South African CEOs

Telecommunication giant, MTN Group paid its Nigerian and South African CEOs, Mike Ikpoki and Sifiso Dabengwa, a total of $2.8 million (N560million) as severance allowances after they were sacked following the $5.2 billion fine slammed on the company by the Nigerian Communications Commission (NCC).

Details of the severance package were contained in the group’s annual report published on Monday in South Africa.

According to the report, Dabengwa got 23.7 million rand ($1.6 million) payout after being forced to resign. The amount was almost equal to his basic salary for three years.

On the other hand, Ikpoki was paid 17.3 million rand ($1.2 million) in compensation.

MTN was fined $5.2 billion last October, for contravening the directives of NCC on unregistered SIM card deactivation.

Though the fine was later reduced to $3.2 billion.

MTN is still in talks with the federal government on the payment of the fine.

Source: Thisday