MTN Nigeria has overtaken Airtel Africa and Dangote Cement to become the most capitalised stock on the Nigerian Exchange as of July 31, 2025.
The company’s market value rose to ₦9.91 trillion after its share price hit ₦472, up from ₦200 at the start of the year. That increase added ₦5.71 trillion.
The telecom giant’s return to investor favour follows strong financial results, including ₦419.6 billion pre-tax profit in Q2 and ₦622 billion for H1 2025.
Analysts attribute the stock rally to MTN’s recovery from its 2023–2024 losses and a sharp reduction in its retained loss from ₦607.5 billion to ₦192.9 billion.
ALSO READ
MTN Nigeria’s total assets rose to ₦4.77 trillion by mid-year, while shareholder deficit narrowed significantly to ₦42.5 billion.
Based on its H1 momentum, the company is projected to fully wipe out its retained loss by Q3 and return to positive equity territory.
At ₦9.91 trillion, MTN now accounts for 10.9% of the NGX’s total market capitalisation, estimated at ₦87.2 trillion.
The stock’s surge reflects improved investor confidence amid sector reforms, rising data revenue, and strategic operational adjustments.
