MTN Warns Investors Its Profit Will Drop By 20% Because Of Nigeria

MTN Group has issued a profit warning informing investors that they expect its full year profits to drop by about 20%.

The telecoms giant claims its profits was severely affected due to “under performance in Nigeria” its largest market.

MTN in 2014 reported that its revenue growth of 6,4% in the year was largely the result of an increase of 12.1% in MTN Nigeria’s revenue. MTN also faces a $3.9 billion fine from the NCC which it has taken to court and still trying to negotiate with authorities.

Reuters reports shares of MTN Group slumped more than 13% on Friday following this news as investors worry that things could even get worse if it provides for the Nigerian fine.