Dec 17 (Reuters) - MTN Group Ltd
* Further update on the fine imposed on MTN Nigeria and renewal of cautionary announcement
* MTN Nigeria acting on legal advice has resolved that manner of imposition of fine
* Quantum thereof is not in accordance with NCC’s powers under Nigerian Communications Act, therefore there are valid grounds upon which to challenge fine
* Advised that all factors having a bearing on matter have been thoroughly and carefully considered
* Has followed due process and has instructed its lawyers to proceed with an action in federal high court in Lagos seeking appropriate reliefs.
* Will continue to engage with Nigerian authorities to try and ensure an amicable resolution in best interests of company Source text for Eikon: Further company coverage: