MTN Nigeria Plc has reclaimed its position as the most valuable company on the Nigerian Exchange, overtaking BUA Foods Plc after a strong rally in its share price.
As of Friday, February 13, MTN Nigeria’s market capitalisation climbed to N14.9 trillion following an 8.6 percent increase in its share price to N708.90.
The surge ends BUA Foods’ six-month reign at the top of the Nigerian Exchange (NGX), after the food giant displaced MTNN in August 2025.
According to data from African Stock Exchange, a market analytics platform, MTN Nigeria now accounts for about 12.7 percent of the total equity market capitalisation on the Nigerian Exchange, underlining its weight in the country’s capital market.
Investor confidence has been bolstered by the company’s announcement of a N5 interim dividend, signalling a turnaround after it suspended dividend payments in 2022 amid financial pressures.
The dividend declaration helped drive renewed buying interest. MTNN’s share price, which opened the year at N511.00, has gained 38.7 percent year-to-date, adding to a remarkable 178 percent return recorded in the previous year.
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Although the company is yet to release its full-year 2025 earnings, analysts at Lagos-based consultancy CardinalStone project a strong rebound, estimating a record profit of N1.062 trillion for 2025.
This would mark a sharp recovery from the N400.44 billion loss posted in 2024.
The telecommunications giant already demonstrated a solid turnaround in its nine-month results which ended September 2025, reporting a N750 billion profit compared to a N513 billion loss in the same period the previous year.
Revenue rose 57 percent year-on-year to N3.73 trillion, driven largely by growth in data services and fintech operations.
The Chief Executive Officer of MTN Nigeria, Karl Toriola, expressed optimism about sustaining the company’s recovery into the final quarter of the year.
He noted that management remains focused on disciplined execution, leveraging diversified revenue streams and a strengthened balance sheet to navigate market conditions and capture growth opportunities.
The company’s renewed market leadership carries broader implications for the NGX.
As one of the largest components of the NGX All-Share Index, MTNN’s performance significantly influences overall market sentiment and passive investment flows.
Continued gains in the stock could provide additional support for total market capitalisation.
For BUA Foods, the shift in ranking does not necessarily reflect weakening fundamentals.
The company remains one of Nigeria’s most profitable consumer goods firms, backed by strong brand presence and nationwide distribution.
Rather, the development highlights the cyclical nature of equity markets, where leadership positions often rotate in response to earnings momentum and investor sentiment.
