Telcom giant pays ex-CEO N350 million severance package

Authors:

folarin okunola

May 4, 2016 1:14 PM

This comes as part of the cost of MTN’s non-compliance in Nigeria, as the telecoms giant reveals the massive golden tickets given to executives who left in the midst of the ongoing mega-fine scandal.

Michael Ikpoki, former CEO of MTN Nigeria

Media reports reveal that Mr. Michael Ikpoki, former CEO MTN Nigeria, has received about $1.8 million (N350 million) as exit package after his resignation in early December last year. The package included his salary and post-employment benefits.

Ikpoki resigned after MTN revealed it was facing a $5.2 billion fine in Nigeria from the Nigerian Communication Commission’s (NCC) for failing to disconnect 5.1 million subscribers in the country.

READ: Regulator denies plans to ban Value Added Services (VAS)

This fine was later cut down by 25 per cent but MTN still faces a $3.9 billion fine from the NCC, which is yet to be resolved six months down the line.

There is no information on how much Akinwale Goodluck, former Nigerian head of regulatory and corporate affairs, received for his exit. Goodluck had resigned at the same time as Ikpoki.

Authors:

folarin okunola