The MTN Group has issued another cautionary statement to shareholders warning them to avoid making any decisions based on media reports, in light of a report published on Bloomberg which detailed that officials in Nigeria had suspended talks with MTN pending the outcome of an investigation by the country's House of Representatives.

"MTN notes recent media reports about the fine imposed on MTN Nigeria by the Nigerian Communications Commission (NCC). MTN cautions shareholders not to make any decisions based on media reports. Shareholders will continue to be informed of any material updates via SENS," stated Chris Maroleng, Executive, Corporate Affairs, MTN Group.

Bloomberg quoted Victor Oluwadamilare, spokesperson for Nigeria's Ministry of Communications as saying that a committee was still busy investigating the matter and "nothing can be done" until the process is completed.

As of March 2016 MTN had 57 million subscribers in Nigeria.

In a recent interview with ITWeb Africa, MTN Group COO Jyoti Desai described the quantum of the fine as "ginormous" and said while it has caused colossal damage, it was not imposed because of unwillingness to comply with regulation.

She said the company has been collaborating with the regulator at all stages of the process and negotiations are ongoing.

It is not clear as to what impact, if any, the latest reported development will have on the operator's share price.

MTN's shares have also declined by 31% since October 2015, and according to annual results for 2015, the company experienced a 51.4% decline in basic headline earnings per share.