MTN Nigeria Plc has ascended to the top of the Nigerian Exchange (NGX) as the most capitalized stock, marking a significant milestone in its recovery and growth trajectory.
At the close of trading on July 31, 2025, MTN’s share price surged to N472, elevating its market capitalization to a record N9.91 trillion.
This pushed the telecom giant ahead of former market leaders, Dangote Cement and Airtel Africa, which now follow with market capitalizations of N8.9 trillion and N8.7 trillion, respectively.
The development represents a remarkable comeback for MTN Nigeria, whose market value more than doubled from N200 at the start of the year, adding N5.71 trillion (approximately $3.68 billion) in just seven months.
The rally underscores strong investor confidence, fueled by the company’s return to profitability, growth in data and digital services, and improved financial health.
MTN Nigeria’s Q2 2025 financial results cemented its resurgence. The company posted a pre-tax profit of N419.61 billion, a dramatic turnaround from a pre-tax loss of N179.60 billion recorded in the same period in 2024.
In Q1 2025, MTN had already posted a pre-tax profit of N202.63 billion, bringing its H1 2025 pre-tax earnings to N622.24 billion.
This marked MTN’s third consecutive profitable quarter, after battling steep foreign exchange losses and elevated finance costs driven by naira devaluation throughout 2023 and early 2024.
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If current earnings momentum—averaging N183.72 billion in quarterly post-tax profits—continues, MTN is poised to fully erase its retained losses and return to positive equity in Q3 2025, its first since 2022.
After losing N1.17 trillion in market value in 2024, MTN has reversed its fortunes in 2025. The stock rose from N200 in January to N245 by the end of Q1, boosting its market capitalization to N5.14 trillion.
By the end of Q2, it reached N357.50, valued at N7.51 trillion. Now, with a July-end price of N472, MTN leads the NGX as the most valuable listed entity.
This resurgence signals a re-rating of fundamentally strong stocks amid shifting macroeconomic dynamics and renewed confidence in Nigeria’s telecom sector. MTN’s performance is not only a personal turnaround story but also reflects broader optimism in the Nigerian capital market.
With its profitability restored, liabilities reduced, and investor confidence surging, MTN Nigeria is now widely seen as well-positioned for long-term growth, innovation, and value creation.