MTN Nigeria Communications Plc on Tuesday became the most valuable company on the Nigerian stock market, after its market capitalisation crossed the ₦9 trillion mark for the first time, overtaking Airtel Africa.
The telecoms giant’s share price surged by 9.99% to close at ₦451.60 ($0.29), pushing its market value to ₦9.48 trillion ($6.18 billion) from ₦8.60 trillion ($5.6 billion) the previous day. This marked a significant leap for MTN Nigeria, as it regained the top spot in market valuation.
As of Tuesday’s close, Airtel Africa’s market capitalisation stood at ₦8.68 trillion ($5.66 billion) while Dangote Cement followed closely at ₦8.59 trillion ($5.59 billion), according to data from the Nigerian Exchange Limited (NGX).
MTN’s impressive rally means it now accounts for approximately 10.9% of the total equity market capitalisation of the NGX, according to data from African Stock Exchanges, a real-time market data platform. NGX’s total market capitalisation value stood at ₦87.2 trillion ($56.8 billion) on Tuesday, up from ₦85.5 trillion ($55.7 billion) the previous day.
The telecom sector has remained one of the most capitalised segments of the Nigerian stock market, with MTN and Airtel leading investor interest due to their strong revenues, extensive customer bases, and key roles in driving digital transformation across Nigeria and West Africa.
Analysts attribute MTN’s surge to renewed investor confidence driven by robust earnings performance, consistent dividend payouts, and increased data consumption across the country. The company has also been investing in network expansion and fintech services to strengthen its leadership in Nigeria’s digital economy.
In the first quarter of 2025, MTN Nigeria delivered a strong first-quarter performance, with service revenue rising by 40.5% year-on-year to ₦1.06 trillion ($689.6 million), driven by higher data usage and a February tariff hike. The company reported a profit after tax of ₦133.7 billion ($87 million), a rebound from a ₦392.7 billion ($255.4 million) loss in the same period last year.
MTN Nigeria, a subsidiary of South Africa’s MTN Group, was listed on the NGX in May 2019 and has since grown to become one of the exchange’s bellwether stocks, often influencing broader market performance.
With this latest rally, MTN not only cements its dominance in the telecommunications sector but also signals growing investor appetite for resilient, high-performing companies amid Nigeria’s broader macroeconomic challenges.
The figures were originally reported in naira, and have been converted using $1 = ₦1,534 as of July 28, 2025.
