Telecom giant warns shareholders against media reports out of Nigeria

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March 25, 2016 8:21 AM

MTN Group strongly advised its shareholders to continue to exercise caution in dealing with the company's securities

Phuthuma Nhleko (L), CEO of MTN group, addresses a news conference in a file photo. REUTERS/Aladin Abdel Naby

MTN Group has released a statement warning its shareholders not to take media reports coming out of Nigeria into consideration before making decisions regarding the company.

The company stated that it was aware of reports about the fine imposed on it by the NCC, but advised its shareholders to ignore said reports when making business decisions on the company's securities.

MTN Group strongly advised its shareholders to continue to exercise caution in dealing with the company's securities, adding that it was in negotiations with the Federal Government.

READ: 'Lifting of suspended regulatory services not connected to N780 billion fine' - NCC

"To this end, we shall await clarity and further guidance on the fine from the Federal Government of Nigeria. Shareholders are therefore advised to continue to exercise caution when dealing in the company's securities until a further announcement is made by MTN," the company said, according to the statement.

The NCC has fined MTN Nigeria $5.1 billion back in October for failing to deactivate unregistered SIMs.

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