South Africa’s MTN Group Limited said its Nigerian Chief Executive Officer, Rob Shutter will be stepping down next year March.
The group said Rob Shutter will not be extending his four-year contract at Nigeria’s largest mobile carrier that is listed on the Nigerian Stock Exchange as MTN Communications Plc.
It would be recalled that Rob Shuter was hired by then-MTN Chairman Phuthuma Nhleko in 2017 to shake up the carrier following a disastrous run-in with authorities in Nigeria, the Johannesburg-based company’s biggest market, which resulted in a $1 billion fine and a severe share price decline.
There are other controversial moments for the group at its Nigerian operation during the reign of Shutter. It would also be recalled that MTN had further clashes under Shuter, including over claims the company illegally moved $8.1 billion out of the country and owed $2 billion in back taxes.
MTN is not only facing regulatory hammer in Nigeria. In South Africa, the telecom regulator had ordered MTN and Vodacom to cut their data prices by at least 40%.
In a trading update release today, the company said “following data price reductions in South Africa and Nigeria in 2019, we expect price elasticity to improve data revenue growth in 2020. In Nigeria, expansion of our 4G network and migration of incidental to active data users remain key priorities to drive data revenue growth.”