MTN Nigeria’s market cap hits N14.9 trillion, reclaiming NGX’s top spot from BUA Foods after a strong dividend-driven share rally

MTN Nigeria Plc has regained its position as the most valuable listed company on the Nigerian Exchange (NGX), with its market capitalisation surging to N14.9 trillion as of Friday, February 13.

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The rebound follows an 8.6 percent jump in the share price to N708.90, overtaking BUA Foods Plc, which had held the top spot since August 7, 2025.

According to African Stock Exchange data, MTN Nigeria now accounts for approximately 12.7 percent of total equity market capitalisation on the NGX, highlighting its influence on the bourse.

Investor confidence in the telecom giant has strengthened following the announcement of a N5 interim dividend, signalling a return to financial stability after dividend suspensions in 2022.

The stock has risen 38.7 percent year-to-date, building on a remarkable 178 percent gain in 2025.

Although full-year 2025 earnings are yet to be released, analysts at CardinalStone project a record profit of N1.062 trillion, a sharp turnaround from a N400.44 billion loss in 2024.

Revenue for the nine months ended September 2025 climbed 57 percent year-on-year to N3.73 trillion, driven by growth in data services and fintech operations.

CEO Karl Toriola credited the recovery to disciplined execution and improved operating conditions, noting that sustained growth depends on macroeconomic stability.

The resurgence also reflects broader market trends, as domestic institutional investors reallocate portfolios, favouring earnings quality, cash flow stability, and dividend sustainability over inflation-hedge strategies.

MTN Nigeria’s return to the summit of the NGX demonstrates renewed investor conviction in the telecom sector and underscores the critical role of dividend visibility in capital market leadership.

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BUA Foods remains profitable, with strong brand equity and an extensive distribution network, suggesting that the shift reflects market rotation rather than declining fundamentals.