MTN Nigeria has become the most valuable company on NGX after surging to ₦9.91 trillion market cap.
NaijaOnPoint Nigeria reports that MTN Nigeria has soared to the top of the Nigerian Exchange (NGX), emerging as the most capitalized stock as of July 31, 2025.
The telecom giant’s share price closed at ₦472, pushing its market valuation to an impressive ₦9.91 trillion.
This surge dethroned previous market leaders Dangote Cement and Airtel Africa, which now trail behind with market capitalizations of ₦8.9 trillion and ₦8.7 trillion, respectively.
MTN’s stock has seen a remarkable rise, more than doubling from ₦200 at the beginning of 2025. This rally has added ₦5.71 trillion (approximately $3.68 billion) in value over just seven months a feat fueled by renewed investor confidence, strong revenue performance, and strategic expansion in data services.
In its Q2 2025 results, MTN Nigeria reported a pre-tax profit of ₦419.61 billion, a sharp turnaround from a pre-tax loss of ₦179.60 billion in the same period of 2024. Combined with Q1’s profit of ₦202.63 billion, the telecom firm has delivered a total of ₦622.24 billion in pre-tax profits for the first half of the year.
This marks the third straight profitable quarter for MTN following a challenging 2023–2024, when naira devaluation and foreign exchange losses took a heavy toll.
The company’s balance sheet has also shown major improvement:
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Total assets grew 13.69% to ₦4.77 trillion as of June 2025.
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Retained losses dropped significantly to ₦192.89 billion, down from ₦607.47 billion in December 2024.
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Negative shareholders’ funds narrowed sharply from -₦458 billion at year-end 2024 to just -₦42.45 billion.
At its current pace; averaging over ₦183 billion in quarterly post-tax profits, MTN Nigeria is on track to completely erase its retained losses by Q3 2025, potentially returning to positive equity for the first time since 2022.
MTN’s resurgence follows a difficult 2024, when it lost ₦1.17 trillion in market value, a 24.24% decline. However, 2025 has seen a powerful comeback: the stock rose to ₦245 by the end of Q1 (₦5.14 trillion market cap), then hit ₦357.50 in Q2 (₦7.51 trillion), before reaching ₦472 at the end of July.
This upward trend reflects not just improved financials but a broader shift in investor sentiment toward quality stocks. MTN’s performance is now viewed as a bellwether for Nigeria’s capital markets, symbolizing a rebound in business confidence and a vote of faith in the country’s evolving macroeconomic landscape.
With profitability restored and retained losses nearly wiped out, MTN Nigeria appears well-positioned for sustained growth, value creation, and possibly further dominance on the NGX in the months ahead.