MTN Nigeria Becomes Second NGX Company to Hit ₦10 Trillion Market Cap

MTN Nigeria Communications Plc became the second Nigerian Exchange Limited (NGX)–listed firm to surpass a ₦10 trillion market capitalization, closing at ₦480 per share on August 1, 2025, following a 1.69% price gain and lifting its valuation to ₦10.08 trillion ($6.52 billion).

This milestone surpasses Dangote Cement’s former high and propels MTN into the top market value position on NGX.

Dangote Cement became the first company to hit ₦10 trillion in January 2024 but has since slipped to ₦8.91 trillion, while Airtel Africa stands at ₦8.67 trillion ($5.65 billion), placing MTN Nigeria firmly at the top of NGX’s market value rankings.

Year‑to‑date, MTN Nigeria shares have surged +136%, with growth of +148% over the last year, and a remarkable +300% over five years. Recent momentum includes +32% in the past month and +88.8% over the last quarter, powered by investor optimism and solid financial delivery.

MTN started the year at ₦200 per share, delivering +140% year‑to‑date, ranking 28th among NGX stocks for YTD returns, and 23rd for four‑week gain as it delivered +34% in July alone.

In H1 2025, MTN reversed a ₦519.1 billion loss in H1 2024 to record a net profit of ₦414.9 billion ($270 million), its highest half‑year earnings in over eight years. EBITDA surged 119.5%, while service revenue jumped 54.6%.

Driven by aggressive capex of ₦565.7 billion in H1, MTN accelerated network rollout, data infrastructure, and fintech innovation, contributing to subscriber growth, data traffic surge, and improved service quality.

Speaking on the results, CEO Dr. Karl Toriola commented:

“We are excited by the progress made in the first half of 2025, reflecting the successful execution of the strategic priorities we previously communicated to the market. Building on the momentum from the first quarter, we delivered strong growth in service revenue for the period under review. This was driven by robust demand for our services, proactive customer value management and price adjustments, mainly in Q2. In reinforcing this growth, we accelerated investment in our network to enhance capacity, coverage and quality of experience.”

MTN Nigeria’s historic market cap breakthrough reflects a combination of financial turnaround, strategic investment, and investor confidence. As it leads NGX in valuation, MTN reinforces its role as a cornerstone of Nigeria’s emerging digital economy.

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