MTN Becomes Most Valuable Listed Company in Nigeria
Telecommunications company MTN Nigeria Plc has broken valuation records on the Nigerian Exchange (NGX), hitting N16.373 trillion after a fast-and-furious rally.
With the trend, MTN Nigeria has succesfully outflanked BUA Foods, which had held the mover train since 2025, and beat Dangote Cement to claim the golden position as number one market mover last week.
Trading data showed that the telecom company’s share price hit a new 52-week high of N780 as the market reacted positively to its announcement of the IHS Tower acquisition.
The current share price represents a 19.45% surge over the past seven trading sessions on the Nigerian Exchange, up from N653 on February 12, 2026.
Investors ramped up position after the telecom company announced a deal with its tower services provider. The backward integration is expected to save MTN Nigeria significant outflows related to its telecom infrastructure, though the deal is subject to regulatory approval.
The surge in market valuation also preceded its 2025 earnings results, which some Broad Street investment analysts said would drive further market-value adjustments.
With a target price of N1,029.60, equity analysts at Cowry Asset Management Limited expect MTN Nigeria Plc’s market cap to cross N21 trillion if the estimate holds.
In its stock market recommendation, Cowry Asset Limited recommended buying the telecom stock at N780, with a forecasted 32% upside potential. Oando Drops Hints on Tranche 2 Shares Distribution
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