Johannesburg - 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.
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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.
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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