23.6 C
Johannesburg
Tuesday, May 21, 2019
Home Breaking News MTN CEO exit a loss, says Vodacom boss

MTN CEO exit a loss, says Vodacom boss

The resignation of MTN group chief executive officer Sifiso Dabengwa is a “loss to the industry”, says Vodacom boss Shameel Joosub. By Gareth van Zyl, NewsAgency


Dabengwa joined MTN in 2004 as the company’s CEO in Nigeria. He then became group CEO in 2011.

But Dabengwa resigned on Monday amid the company facing a $5.2bn fine in Nigeria for failing to disconnect unregistered SIM cards in the country in a timely manner.

Since the announcement of the fine, MTN’s share price has tumbled from a close of R190.84 on Friday October 23 to R159.42 at 13:44 on Monday November 9. The Johannesburg Stock Exchange (JSE) is also investigating MTN over how it first announced its fine in a SENS market update.

And in an interview with Fin24 on Monday following Vodacom’s interim results for the period ended September 30 2015, Joosub commented on the news earlier in the day that Dabengwa has resigned from its rival with immediate effect.

“I think it’s a loss to the industry,” Joosub told Fin24.

“I think Sifiso is a stalwart of the industry, and obviously he’s had a lot of success over the years,” added Joosub.

‘No benefit for Vodacom’

Vodacom and MTN are close rivals in South Africa’s mobile market where the former has around 30 million subscribers and the latter 29 million.

Asked whether the problems MTN are experiencing in Nigeria were benefiting Vodacom in any way from a competitive viewpoint, Joosub said: “No, I don’t think so. I think for me it’s more important that we’re consistently executing our strategy, and we don’t really focus too much on what’s going on outside there.”

“Obviously, you have to be cognisant of what your competitors are doing, but I think you have to really execute very well on your plan,” Joosub said. – Fin24

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Telkom’s Chairman-In-Waiting Sello Moloko Buys Stake in Tech Firm KID

Sello Moloko, Telkom's chairman-in-waiting, has bought a 40% stake in Knowledge Integration Dynamics (KID) for an undisclosed amount. Moloko has acquired the shareholding in KID...

African Bank Launches MyWORLD, A New “Shared Banking” Account

African Bank today officially launches its transactional banking offering called MyWORLD to South Africans. The bank said the introduction of MyWORLD has elevated it to...

VALR Launches Bitcoin-Rand Trading

VALR, a digital asset trading platform, is planning to launch rand trading, enabling its customers to buy Bitcoin with rand. The company said trading will...

How AI Is Transforming Business Travel

by Anique Drumright It’s no secret that the travel industry has become digital-first over the last several years. In fact, research shows that 60% of leisure and about...

Telkom Accused Of Dirty Tricks Not To Recognise ICTU

A David and Goliath battle is taking place at Telkom, the country's biggest fixed-line telephone group, which has allegedly resorted to dirty tricks against...