It has been revealed that even though they resigned from their appointments, the former chief executive officer of MTN Group, Sifiso Dabengwa, and the former head of the company’s operations in Nigeria, Mike Ikpoki, pocketed $2.8 million (about N560 million) as severance package after they were forced to resign, following the N1.04 trillion fine imposed on MTN Nigeria by the Nigerian Communications Commission (NCC).
Information on the severance package was disclosed in MTN Group’s annual report published monday in Johannesburg, South Africa.
A breakdown of the report showed Dabengwa received a 23.7 million rand ($1.6 million) payout – about almost three years’ basic salary and took Dabengwa’s total 2015 remuneration to 40.6 million rand. Ikpoki on the other hand received 17.3 million rand ($1.2 million) in compensation, totalling $2.8 million (N560 million) that was doled out to both executives by the group.
MTN was fined N1.04 trillion in October 2015 by the NCC.
