The South Africa Stock Exchange announced the suspension of trading in the shares of telecoms firm MTN.
This followed the N1.04 trillion ($5.2 billion) fine slammed on the company last week by the Nigerian Communications Commission, NCC.
Shortly after the fine was imposed, the South African Stock Exchange said the company would be probed for possible insider trading. Now, it has suspending trading on the shares pending the investigation.
“Yes, trading in MTN shares has been suspended and the information was broadcast across the trading platform,” said Peter Redman of the South African Stock Exchange surveillance department.
READ: MTN finally agrees to pay N1.04tr fine after meeting with Osinbajo
MTN’s fine was imposed because of its failure to cut off its remaining 5.1 million unregistered users by the given deadline.
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