Telecommunications giant MTN Nigeria Plc has surged to the top of the Nigerian Exchange (NGX), recording a market capitalisation of N14.9 trillion as of Friday, February 13. The rise follows an 8.6 percent jump in its share price to N708.90, making it the most valuable listed company in the country.
This development ends BUA Foods Plc’ six-month run as Nigeria’s most capitalised company after it overtook MTN in August 2025.
According to African Stock Exchange data, MTN now represents about 12.7 percent of the entire NGX equity market. Investors have responded positively to the telecom’s announcement of a N5 interim dividend payout, marking a strong comeback after dividends were suspended in 2022.
MTN shares started 2026 at N511.00, gaining 38.7 percent year-to-date, and ranking 44th on the NGX in terms of YTD performance. Last year, the stock delivered an impressive 178 percent return.
Analysts at CardinalStone, a Lagos-based consultancy, project MTN Nigeria to hit a record N1.062 trillion profit in 2025, a major recovery from a N400.44 billion loss in 2024. The company posted N750 billion profit in the nine months ending September 2025, reversing a N513 billion loss a year earlier, with revenues soaring 57 percent year-on-year to N3.73 trillion, driven by growth in data and fintech services.
CEO Karl Toriola said the company is focused on sustaining momentum:
“In the final quarter of the year, our focus is on sustaining the strong momentum built in the first nine months. We will continue to execute with discipline, leveraging our broad revenue streams and strengthened balance sheet to navigate market dynamics and capture growth opportunities.”
The market leadership of MTN also carries broader significance. As a major component of the NGX All-Share Index, its performance influences overall market sentiment and passive fund flows. Analysts note that continued gains could bolster overall market capitalisation.
For BUA Foods, the shift does not indicate weakening fundamentals. The company remains among Nigeria’s most profitable consumer goods firms, supported by strong brand equity and nationwide distribution.
