South Africa’s MTN paid its former chief executive officer Sifiso Dabengwa 23.7 million rand ($1.6 million) after he resigned over a record fine imposed on the company by Nigerian authorities.
Dabengwa quit in November after Nigerian authorities imposed a $5.2 million fine on MTN’s Nigerian unit in October.
He was awarded a total payout of 40.6 million rand, MTN said in its annual report on Monday.
Non-executive chairman Phuthuma Nhleko was then named executive chairman of Africa’s biggest mobile phone group for a period of six months, to help resolve the fine.
MTN has since managed to negotiate the penalty down to $3.9 billion but is still hoping to reduce it further.
