MTN Nigeria Becomes Most Valuable Stock on Nigerian Exchange
TLDR
- MTN Nigeria has surged to the top of the Nigerian Exchange (NGX) as the most capitalized company, closing July 31, 2025, with a market value of ₦9.91 trillion
- Its share price ended the month at ₦472, more than doubling from ₦200 at the start of the year and adding ₦5.71 trillion in value
- This milestone displaces former leaders Dangote Cement (₦8.9 trillion) and Airtel Africa (₦8.7 trillion), reflecting a decisive shift in investor sentiment
MTN Nigeria has surged to the top of the Nigerian Exchange (NGX) as the most capitalized company, closing July 31, 2025, with a market value of ₦9.91 trillion. Its share price ended the month at ₦472, more than doubling from ₦200 at the start of the year and adding ₦5.71 trillion in value over seven months.
This milestone displaces former leaders Dangote Cement (₦8.9 trillion) and Airtel Africa (₦8.7 trillion), reflecting a decisive shift in investor sentiment toward Nigeria’s telecom sector.
MTN’s strong performance is underpinned by a financial turnaround. In Q2 2025, it posted a ₦419.61 billion pre-tax profit, compared to a ₦179.6 billion loss in the same period last year. Combined with ₦202.63 billion in Q1, H1 2025 pre-tax profit reached ₦622.24 billion.
The company also reported a 13.7% rise in total assets to ₦4.77 trillion, while retained losses narrowed to ₦192.89 billion. MTN is on track to return to positive equity in Q3 2025 for the first time since 2022.
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Key Takeaways
MTN Nigeria’s rise to the top of the NGX market capitalization rankings is a significant reversal from 2024, when the company lost over ₦1 trillion in value. Its recovery—from steep FX losses and negative equity—to record profitability and shrinking retained losses underscores how quickly fundamentals can shift in Nigeria’s volatile macroeconomic environment. The telecom giant’s strong earnings, data-driven revenue growth, and cost controls have reignited investor interest. With consistent quarterly profits, improving balance sheet strength, and the potential to return to positive equity, MTN is being re-rated as a growth and value stock. This performance is also reflective of a broader shift on the NGX. Investors are increasingly rewarding companies that can navigate FX risks, sustain profitability, and demonstrate capital discipline. As macro conditions stabilize and market participation deepens, MTN’s resurgence may mark the beginning of a new phase where fundamentally sound stocks take center stage in Nigeria’s equity market recovery.
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