MTN Nigeria has claimed the top spot as the most valuable company on the Nigerian Exchange (NGX), hitting a historic milestone by crossing the N10 trillion market capitalisation mark. This feat not only secures the telecom giant’s dominance on the bourse but also highlights an extraordinary turnaround for a company that was grappling with significant financial setbacks just a year earlier.
As of the close of trading at the end of July 2025, MTN Nigeria’s share price soared to N480, lifting its market value to N10.07 trillion. This milestone saw the telco leapfrog long-standing market leaders, Dangote Cement and Airtel Africa, whose market capitalisations now trail at N8.91 trillion and N8.68 trillion, respectively. The rally represents a staggering 16.9% surge in MTN’s share price within a single week and a more than 100% increase since the start of the year, when its shares traded at just N200.
The company’s performance has been powered by a strong rebound in profitability and renewed investor confidence. MTN’s Q2 2025 results showed a pre-tax profit of N419.61 billion, a sharp turnaround from the N179.60 billion pre-tax loss it posted in the same period of 2024. Combined with its Q1 profit of N202.63 billion, the telco reported a cumulative H1 pre-tax profit of N622.24 billion. This marks its third consecutive profitable quarter, following a turbulent stretch in 2023 and early 2024 marred by foreign exchange losses and high finance costs triggered by the naira’s devaluation.
Balance sheet improvements have been equally impressive. Total assets rose 13.69% to N4.77 trillion as of June 2025, while retained losses dropped to N192.89 billion from N607.47 billion at the end of 2024. Negative shareholders’ funds have narrowed to -N42.45 billion, signaling the company’s approach to returning to positive equity, potentially as early as Q3 2025. If MTN maintains its current run rate of approximately N183.72 billion in post-tax quarterly profits, it could fully wipe out its retained losses in the coming months.
Market analysts attribute the share price rally to a combination of robust earnings recovery, strong demand for MTN shares, and a broader re-rating of quality Nigerian stocks amid an evolving macroeconomic environment. Within just five trading days, the telco’s valuation jumped by N1.45 trillion, underscoring investors’ growing appetite for companies with proven resilience and solid fundamentals.
MTN’s resurgence also carries broader implications for the Nigerian stock market. After shedding N1.17 trillion in market value in 2024—a 24% decline—the company has staged an extraordinary comeback that now positions it as the benchmark for investor optimism. Its success reflects a shift in market sentiment toward telecommunications and data-driven businesses, which are increasingly seen as pillars of Nigeria’s digital economy.
As MTN Nigeria edges into uncharted territory with a market cap above N10 trillion, the focus now turns to sustaining its momentum. With its profitability restored, debt pressures easing, and investor trust rekindled, the telco appears well-positioned to continue creating long-term value. For the NGX, MTN’s rally is more than a corporate triumph—it’s a signal of renewed vitality in Nigeria’s capital markets.
