MTN Nigeria Communications Plc has hit a market capitalisation of ₦10.1 trillion ($6.52 billion) on Friday, becoming only the second company listed on the Nigerian Exchange Limited (NGX) to cross the ₦10 trillion mark.
The milestone follows a 1.69% increase in MTN Nigeria’s share price to ₦480.00 ($0.31), up from ₦472.00 the previous day, lifting its valuation from ₦9.98 trillion ($6.51 billion). The telco giant now ranks as the most valuable company on the NGX, overtaking Dangote Cement.
Dangote Cement, which became the first company to achieve a ₦10 trillion valuation in January 2024, has since left that spot. As of Friday’s close, its market capitalisation stood at ₦8.91 trillion ($5.81 billion), while Airtel Africa followed at ₦8.67 trillion ($5.65 billion).
MTN’s achievement comes just two days after it reported a record profit of ₦414.9 billion ($270.4 million) for the first half of 2025—its highest half-year earnings in at least eight years—marking a sharp turnaround from a ₦519.1 billion ($338.3 million) loss in the same period of 2024.
“We are excited by the progress made in the first half of 2025, reflecting the successful execution of our strategic priorities,” said CEO Karl Toriola in the company’s earnings report. “Building on first-quarter momentum, we delivered strong growth in service revenue during the review period.”
Toriola credited the performance to robust demand, proactive customer value management, and Q2 price adjustments. “To support this growth, we accelerated network investments to improve capacity, coverage, and service quality.”
Analysts attribute the share price surge to renewed investor confidence, bolstered by strong earnings, consistent dividend payouts, and increased data consumption. MTN has also expanded its investments in network infrastructure and fintech services to consolidate its leadership in Nigeria’s digital economy.
According to African Stock Exchanges, MTN began the year with a share price of ₦200.00, gaining 140% year-to-date, ranking it 28th on the NGX for 2025. Over the past month alone, the stock has returned 34%, placing it 23rd for four-week performance.
Despite its stellar valuation, MTN remains the 47th most traded stock on the NGX between April 30 and August 1, 2025.
All figures have been converted at an exchange rate of $1 = ₦1,533.7 as of July 31, 2025.
