New MTN CEO to start in March 2017

The telco has also suspended dividends payouts from Nigeria
MTN CEO resigns, MTN Group, New MTN CEO to start in March 2017

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MTN Group has announced that its next chief executive will take over three months ahead of plan, as reported by Reuters.

Rob Shuter, Vodafone European boss, was due to start in July next year but MTN said in a statement accompanying its quarterly update he would now start on 13 March 2017.

"MTN Nigeria continues to refute the allegations that MTN Nigeria had improperly repatriated funds from Nigeria," the company said in its quarterly update. "Consequently MTN Nigeria will strongly defend any action that would be prejudicial to its interest."

The firm faces allegations it illegally moved $14 billion out of Nigeria. MTN shares have fallen by more than 14 percent to their lowest level in more than six years since the latest issue surfaced on Sept. 27.

MTN also said it had suspended dividends payouts from Nigeria, where it runs the country's biggest wireless phone network which generates a third of its annual sales.

The company also reported a slight fall in third-quarter user numbers due to a weaker showing in South Africa, where it vies for market share with Vodacom and Cell C

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