MTNN regains crown as Nigeria’s most valuable listed company

MTN NIGERIA Plc (MTNN) has returned to the top of the Nigerian Exchange (NGX) rankings, overtaking BUA Foods Plc to become the country’s most valuable listed company by market capitalisation. The telecom giant achieved the feat after its share price climbed sharply on Friday, February 13, lifting its total market value to N14.9 trillion and ending BUA Foods’ six-month hold on the number one position.

MTNN’s renewed leadership followed an 8.6 percent surge in its stock price to N708.90 per share, a move that reflected growing investor confidence in the company’s financial recovery and long-term growth prospects. The rally pushed MTNN ahead of BUA Foods, which had moved to the top spot in August 2025 after displacing MTN Nigeria during a period of heavy market volatility.

Market analysts say the telecom operator’s size now gives it an outsized role on the exchange. Data from African Stock Exchange, a market intelligence platform, shows that MTN Nigeria alone represents about 12.7 percent of the entire NGX equity market, making it a key driver of daily market movements and index performance.

One of the strongest catalysts behind the latest price rally is MTNN’s decision to declare a N5 interim dividend, a significant move after years of financial pressure that forced the company to halt dividend payments in 2022. The dividend announcement was widely interpreted as a sign that the firm’s balance sheet has stabilised, encouraging both institutional and retail investors to return to the stock.

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At the start of 2026, MTNN shares traded at N511. Since then, the stock has gained 38.7 percent, placing it among the better-performing large-cap stocks on the NGX. While it ranks 44th in terms of year-to-date performance, the scale of its market value means that even moderate gains have a powerful effect on the wider market. The recent rally builds on a strong 2025, when MTNN delivered a 178 percent return to shareholders.

Although the company has yet to publish its full-year financial results, expectations are high. Analysts at Lagos-based advisory firm CardinalStone estimate that MTN Nigeria could post a record profit of N1.062 trillion for 2025, a dramatic turnaround from the N400.44 billion loss it recorded in 2024. If confirmed, this would mark one of the most significant recoveries in Nigeria’s corporate sector in recent years.

The positive outlook is supported by MTNN’s nine-month results for the period ended September 2025. During that time, the telecom firm posted a N750 billion profit, reversing a N513 billion loss from the previous year. Revenue also climbed 57 percent year-on-year to N3.73 trillion, driven largely by strong demand for data services and the rapid expansion of its fintech business.

Chief Executive Officer Karl Toriola said the company’s rebound reflects disciplined execution and improved operating conditions. According to him, the final quarter of the year will be critical to maintaining the pace of growth. He noted that MTN intends to continue strengthening its revenue streams while using its improved balance sheet to navigate market pressures and seize new opportunities.

The shift in market leadership comes at a time when local institutional investors, particularly pension funds, are actively reshaping their portfolios. With fixed-income yields improving and macroeconomic conditions showing signs of stabilisation, investors are becoming more selective, placing greater emphasis on companies with strong earnings visibility and reliable cash flows.

MTNN’s dominance also has wider implications for the stock market. As one of the largest constituents of the NGX All-Share Index, changes in its share price can influence overall market sentiment and affect passive investment strategies that track the index. A sustained rise in MTNN’s valuation could therefore help support broader market capitalisation and encourage further inflows into equities.

For BUA Foods, losing the top position does not signal weakening fundamentals. Market watchers say the change simply reflects the cyclical nature of equity markets, where leadership can shift as investor priorities evolve. The company remains one of Nigeria’s most profitable consumer goods players, backed by strong brands and a nationwide distribution network.

With MTNN now back on top, attention will turn to whether the telecom operator can maintain its momentum and retain its leadership as investors await its full-year earnings and further strategic updates.