In a strongly worded statement MTN has refuted media reports that it has agreed a resolution with the Nigerian Communications Commission (NCC) on the recently imposed NGN1.4 trillion fine.

The mobile operator says the reports are false and it continues to engage authorities on the matter.

"The company has noted, with concern, the speculation and false information in the media. MTN particularly cautions against reports purporting that the company has agreed a resolution with the NCC on the fine. It is false as no resolution has yet been reached. MTN continues to engage the authorities in Nigeria on this matter," reads an excerpt from the statement.

It advised shareholders to exercise caution regarding information not released by the company.

"To this end, all stakeholders are reminded that MTN will inform them of any material developments in our engagements with Nigerian authorities via the Stock Exchange News Service of the JSE Limited (SENS)," the company stated.

MTN referred to its track record in Nigeria. "It is also important to note that MTN has operated in Nigeria for over a decade. In this time, and as in the other markets where we have a presence, MTN has conducted its business in accordance with established principles related to sound corporate governance," the statement reads.

The mobile operator reaffirmed its commitment to the Nigeria market and to partnerships with stakeholders, including regulators, governments and communities. "....to build a sustainable industry that contributes to the growth of local economies," it added.

MTN again warned shareholders to exercise caution when dealing in the Company's securities until a further announcement is made.

On Tuesday 3 November it was announced that the NCC had approved the renewal and extension of MTN's operating spectrum in the 900MHz and 1800MHz frequencies until 2021.

Attempts to solicit comment from MTN Nigeria have, to date, proven unsuccessful.