MTN Nigeria has surged to the top of the Nigerian Exchange (NGX), overtaking Dangote Cement to become the most valuable publicly listed company in the country.
As of the close of trading on July 31, 2025, the telecom giant’s share price hit N472, lifting its market capitalization to a record N9.91 trillion.
The milestone marks a dramatic reversal of fortunes for MTN, which suffered a sharp decline in 2024, shedding N1.17 trillion in market value due to macroeconomic shocks, naira devaluation, and rising finance costs.
Now, with a 136 per cent rally from N200 per share in January 2025, the company has added approximately N5.71 trillion (or $3.68 billion) to its valuation in just seven months.
Dangote Cement and Airtel Africa now trail MTN with market capitalizations of N8.9 trillion and N8.7 trillion respectively.
The company posted a second quarter of 2025 pre-tax profit of N419.61 billion, up from a loss of N179.60 billion in the second quarter of 2024.
Combined with its first quarter’s profit of N202.63 billion, MTN’s half-year pre-tax earnings stand at N622.24 billion—making this its third consecutive profitable quarter.
“This is a remarkable financial turnaround,” said Dr. Olumide Hassan, a telecom analyst with Afrinvest. “MTN has not only returned to profitability but has done so with scale. Its performance is beginning to reflect the true potential of Nigeria’s digital economy.”
The consistent quarterly growth has triggered a wave of investor confidence, evident in the company’s steady share price rally.
MTN’s stock rose to N245 in the first quarter of 2025, bringing its market capitalization to N5.14 trillion. By the end of the second quarter, it had reached N357.50, with a valuation of N7.51 trillion, before finally closing July at N472.
“Investors are rewarding MTN for its resilience and strategy,” noted Titi Alade, an equity research lead at Vetiva Capital. “The telecom giant has turned operational stability into market leadership, leveraging digital expansion and effective cost control.”
Analysts attribute the company’s performance to strategic investments in its data infrastructure, improved service delivery, and a tighter grip on operational costs—all critical in navigating the volatility of Nigeria’s economic terrain.
Beyond profitability, MTN is also repairing its balance sheet. Sources say the company is on track to return to positive equity in the third quarter of 2025, after narrowing its negative shareholders’ funds from -N458 billion at the end of 2024 to just -N42.45 billion as of June 2025.
“This is not just about MTN,” said Chuka Eze, an investment strategist. “It reflects a broader re-rating of quality, well-run firms with scalable infrastructure and exposure to Nigeria’s growing digital population.”