MTN Nigeria Plc has emerged as the most valuable listed company on the Nigerian Exchange (NGX), achieving a market capitalisation of N16.373 trillion following a sharp rally in its share price.
The telecommunications giant surpassed BUA Foods, which had led market capitalization rankings since 2025, and moved ahead of Dangote Cement to secure the top position among NGX-listed equities.
Market data indicates that MTN Nigeria’s stock climbed to a 52-week high of N780 per share. The rally was largely fueled by investor optimism surrounding the company’s announcement of its acquisition of IHS Tower assets.
Over the past seven trading sessions, the stock advanced 1.45 percent, rising from N653 to its current level. The momentum underscores renewed investor confidence in the telecom operator’s growth strategy and infrastructure consolidation plans.
The proposed IHS Tower acquisition represents a strategic backward integration move designed to reduce recurring infrastructure lease costs. By bringing tower assets under its control, MTN Nigeria is expected to significantly curtail capital outflows tied to network infrastructure expenditure.
However, the transaction remains subject to regulatory approvals.
Equity analysts at Cowry Asset Management Limited have issued a bullish outlook on the stock, assigning a target price of N1,029.60. Should the projection materialise, MTN Nigeria’s market capitalisation would exceed N21 trillion.
In its latest investment advisory note, Cowry Asset recommended a “Buy” rating at N780, citing an estimated 32 percent upside potential.
The development marks a pivotal moment in Nigeria’s capital market, as telecommunications continues to assert dominance over traditionally heavyweight sectors such as cement and consumer goods.
The surge also reflects the broader structural shift within the Nigerian economy, where digital infrastructure, data services, and telecom expansion are increasingly central to economic growth.
Investors will now monitor regulatory developments surrounding the tower acquisition, as well as MTN Nigeria’s earnings performance in upcoming quarters, to determine whether the stock can sustain its upward trajectory.
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