MTN Nigeria Plc (MTNN) has reclaimed its position as the most valuable company on the Nigerian Exchange, overtaking BUA Foods Plc after a sharp rally in its share price.
The telecom giant’s market capitalisation climbed to N14.9 trillion as of Friday, February 13, following an 8.6 per cent jump in its share price to N708.90. The gain ended BUA Foods’ six-month run at the top, after it displaced MTNN on August 7, 2025.
According to African Stock Exchange data, MTNN now accounts for about 12.7 per cent of the total equity market capitalisation on the Nigerian Exchange (NGX), reinforcing its outsized influence on market performance.
Investor appetite for MTNN has surged since the company announced a N5 interim dividend payout, marking a return to shareholder distributions after suspending dividends in 2022 during a challenging financial period.
The stock, which opened 2026 at N511.00, has gained 38.7 per cent year-to-date, building on a 178 per cent return recorded in 2025. Despite the strong rally, it ranks 44th on the NGX in year-to-date performance.
Although MTNN has yet to release its full-year 2025 results, analysts at CardinalStone project a record N1.062 trillion profit, a sharp turnaround from the N400.44 billion loss reported in 2024.
For the nine months ended September 2025, the company posted a N750 billion profit, reversing a N513 billion loss a year earlier. Revenue rose 57 per cent year-on-year to N3.73 trillion, driven by strong growth in data and fintech services.
Karl Toriola, Chief Executive Officer, said the company is focused on sustaining its recovery.
“In the final quarter of the year, our focus is on maintaining the strong momentum built in the first nine months. We will continue to execute with discipline, leveraging our diversified revenue streams and strengthened balance sheet to capture growth opportunities,” he said.
MTNN’s resurgence comes as domestic institutional investors, especially pension funds, rebalance portfolios amid improved fixed-income yields and a more stable macroeconomic environment. Investors are increasingly prioritising earnings quality and cash-flow strength over inflation-hedge narratives.
As one of the largest constituents of the NGX All-Share Index, MTNN’s performance carries broader market implications. Sustained gains could lift overall market capitalisation and influence passive fund flows.
For BUA Foods, the shift reflects market rotation rather than weakening fundamentals. The company remains one of Nigeria’s most profitable consumer goods manufacturers, supported by strong brand equity and nationwide distribution.
With renewed investor confidence and a strengthened balance sheet, MTNN’s return to the top signals a significant turnaround for the telecom heavyweight, and a potential bellwether for broader equity market sentiment.
