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MTN Nigeria Breaks Valuation Records on NGX
MTN Nigeria Plc has set a new valuation record on the Nigerian Exchange (NGX), with its market capitalisation surging to ₦16.373 trillion following a sharp rally in its share price.
RELATED: Nigeria to review $6.2bn MTN–IHS deal over telecom infrastructure, national security concerns
The telecom giant’s strong performance has seen it overtake BUA Foods, which had led market movements since 2025, and edge past Dangote Cement to emerge as the NGX’s top market mover last week.
Share Price Hits 52-Week High
Trading data from the NGX showed that MTN Nigeria’s share price climbed to a new 52-week high of ₦780, as investors reacted positively to the company’s announcement of an acquisition involving its tower infrastructure.
The stock has gained 19.45% over the past seven trading sessions, rising from ₦653 on February 12, 2026, underscoring strong renewed investor confidence.
IHS Towers Deal Drives Investor Optimism
Market sentiment was boosted after MTN Nigeria disclosed plans to acquire tower assets from its infrastructure partner, IHS Towers, subject to regulatory approval.
Analysts say the backward integration strategy is expected to significantly reduce long-term infrastructure-related costs, improve operational efficiency and strengthen margins across MTN Nigeria’s core telecom business.
Earnings Expectations Fuel Further Upside
The rally also comes ahead of the company’s 2025 full-year earnings release, with Broad Street analysts suggesting the results could trigger further re-rating of the stock.
Equity analysts at Cowry Asset Management Limited have set a target price of ₦1,029.60, projecting that MTN Nigeria’s market capitalisation could exceed ₦21 trillion if the valuation holds.
Cowry Asset Management has issued a “buy” recommendation on the stock at ₦780, citing an estimated 32% upside potential.
MTN Nigeria’s Market Leadership
MTN Nigeria remains the country’s largest telecommunications provider and one of Africa’s most dominant operators. As of early 2025, the company had over 90 million subscribers and controlled approximately 51% of Nigeria’s telecom market.
The operator leads in revenue generation, voice traffic and network infrastructure, supported by sustained investments in 4G and 5G technologies.
Key Highlights (2025–2026)
- Market Dominance: Over 51% market share, well ahead of Airtel and Globacom
- Subscriber Base: More than 90 million active subscribers as of March 2025
- Infrastructure Scale: Largest telecom network in Nigeria; most valuable listed company on NGX as of February 2026
- Financial Performance: Strong revenue growth driven by rising data consumption and fintech expansion, despite FX losses in 2024
- Network Performance: Ranked Nigeria’s fastest mobile network in 2025
Outlook
As of early 2026, MTN Nigeria continues to lead the Nigerian telecom market in both subscriber base and market valuation, reinforcing its status as a bellwether stock on the NGX and a key driver of market sentiment.
