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Ex-MTN CEO Sifiso Dabengwa was paid R23.7 million to leave the mobile phone giant

MTN, Africa’s largest mobile phone operator, informed investors on Monday in its 2015 integrated annual report that its former CEO Sifiso Dabengwa would be receiving R23.7 million compensation for loss of office. By Gugu Lourie

The amount includes notice pay and a restraint of trade.

Dabengwa left the mobile phone operator on 9 November 2015 following a $5.2 billion (over R74 billion) fine imposed by the Nigerian authorities for failure to register subscribers, resulting in the telco losing R75 billion ($5.4 billion) of its market value.

His total remuneration, including the million compensation for loss of office, was R40.6 million.

It also included a R2.9 million for other benefits such as medical aid and unemployment insurance fund, plus a R1.1 million post-employment benefits. His salary for the period was R8.4 million and received R4.5 million share sales, according MTN’s 2015 integrated annual report, published on Monday.

Dabengwa was appointed as the CEO of MTN in April 2011 and resigned on 9 November 2015.

The company then appointed Phuthuma Nhleko as executive chairman in a temporary capacity.

Nhleko received R5 million fees paid to Captrust Investments Proprietary Limited.

To enlist the services of Nhleko, MTN board entered into a contract of employment with a service provider, Captrust Investments Proprietary Limited.

Nhleko was appointed for a fixed term period of six months, effective from 9 November 2015 and ending on 9 May 2016.

MTN’s Chief financial officer Brett Goschen was paid R9.3 million in total remunerations, which consist of R7.6 million salary plus R970 000 post-employment benefits, according to MTN’s figures.

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