MTN Group CEO Ralph Mupita mentioned the pan-African telecommunications big would exit Iran if given the chance.
Talking on the group’s annual outcomes presentation for the 12 months ended 31 December 2025 on Monday, Mupita painted an image of a enterprise that has change into more and more tough to handle, with the group having no executives on the bottom in Iran because the begin of January and no participation on MTN Irancell’s board for a while.
The scenario got here to a head in January when the bulk shareholders appointed a brand new Irancell CEO with out consulting MTN — a course of Mupita described as a transparent breach of governance guidelines.
“The appointment of the CEO is made by majority shareholders there. The traditional sequence of occasions is that we might get consulted across the change in CEO. In early January, that didn’t occur,” mentioned Mupita.
“We did protest that [to say], ‘Traditionally, you’ve requested us, as a result of we have now sanctions and different processes that we wish to verify.’”
Former Irancell CEO Alireza Raflei was dismissed in January by state-backed shareholders for an alleged failure to enact government-ordered web and voice name shutdowns throughout anti-government protests.
MTN holds a 49% non-controlling stake in Irancell. In his presentation, Mupita mentioned Irancell’s contribution to the broader group is comparatively modest.
Minimize off
The Iranian operations account for simply 4% of group internet belongings and about 7% of adjusted headline earnings. MTN additionally has round R2-billion in excellent loans and dividends which have gathered and stay caught within the nation.
US-led sanctions, in place since Could 2018, have successfully minimize Iran off from the Swift funds community and worldwide monetary infrastructure, making it inconceivable for MTN to maneuver cash in or in a foreign country in compliance with its sanctions obligations.
“You’ll be able to’t put cash in; you possibly can’t take cash out,” mentioned Mupita.
Learn: MTN vs Turkcell: $4.2bn bribery lawsuit heads to SA’s high courtroom
With no path to capital repatriation and a governance relationship that has soured, MTN would like to exit — however the sanctions that make the enterprise unworkable additionally make a clear exit almost inconceivable. Merely strolling away will not be a legally viable choice, Mupita famous, as a result of MTN would technically stay the proprietor of the shares regardless.
“You’ll be able to abandon [the investment] in a approach that causes you extra hurt than you anticipated. It’s a difficult and difficult scenario and we try to handle it greatest we are able to.”
One other challenge hanging over MTN is an ongoing US grand jury investigation into the group’s dealings in Iran and the now-disposed-of operation in Afghanistan.
MTN faces a class-action regulation go well with filed by households of slain US troopers who’ve claimed the cell operator violated American anti-terrorism legal guidelines by supporting terror teams in Afghanistan. Concerning Iran, MTN and its former executives Phuthuma Nhleko and Irene Charnely face corruption allegations from Turkcell over how MTN acquired its working licence there.
Learn: US grand jury probing MTN over Iran, Afghanistan allegations
Grand juries don’t resolve on guilt or innocence, however the course of might result in a call to convey formal costs to MTN relying on the result of the investigation. Mupita mentioned MTN continues to voluntarily cooperate with US officers on the matter and can replace the market ought to any materials developments happen.
Mupita pointed to Syria as a possible template for what an exit might seem like. Following the autumn of the Assad regime, sanctions on Syria have been lifted, permitting MTN to start finalising a settlement settlement that will enable the group to formally exit its Syrian operations. The ultimate settlement settlement was partly negotiated throughout Cell World Congress in Barcelona earlier this month.
“I believe you noticed what occurred in Syria — the sanctions obtained lifted, and now we’re busy finalising a settlement settlement. We’ll now have the ability to truly exit Syria,” mentioned Mupita. — (c) 2026 NewsCentral Media
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