MTN Nigeria Communications Plc remains one of the cornerstone stocks on the Nigerian Exchange (NGX). As the country’s leading mobile network operator by subscribers and revenue, the company has staged a powerful recovery, driving strong share-price performance and elevating its market standing among Nigeria’s largest listed companies.
Current Snapshot: Share Price and Market Capitalisation
As of late August 2026, MTN Nigeria shares trade at ₦779. With approximately 21 billion shares outstanding, this gives the company a market capitalisation of roughly ₦16.3–16.4 trillion, placing it among the top three most valuable stocks on the NGX (behind Airtel Africa and Dangote Cement in recent rankings).
The stock has delivered solid gains: approximately +52% year-to-date and nearly +79% over the past year. The 52-week range spans ₦414.10 to ₦915.00. Liquidity remains high, with significant daily trading volumes supporting easy entry and exit for investors.
Key valuation context includes a trailing P/E in the low-to-mid teens (depending on the exact earnings figure used) and continued analyst interest, with consensus leaning toward Buy and 12-month targets often in the mid-to-high ₦900s or higher.
Strong Fundamentals Supporting the Stock
MTN Nigeria’s recovery has been impressive. After a challenging 2024 marked by FX-related losses, the company returned to strong profitability in 2025 with profit after tax of about ₦1.1 trillion on service revenue of ₦5.2 trillion. Data revenue was a major driver, rising sharply as smartphone penetration and usage increased.
Momentum continued into 2026. In the first half, service revenue grew 25.9% to ₦3.0 trillion, EBITDA rose 39% with margins expanding to nearly 56%, and profit after tax jumped 70.6% to ₦707.5 billion. The company declared an interim dividend of ₦26 per share. Subscriber numbers reached around 92 million, with active data users exceeding 55 million.
Ongoing network investment (including 4G expansion, fibre, and 5G) and the growing contribution from data and fintech services underpin the earnings trajectory. Management continues to guide for average service revenue growth of at least the low-20% range over the medium term, with healthy EBITDA margins.
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Disclaimer: This post is for general information only and does not constitute investment advice. Market data and figures are as of late August 2026 and subject to change. Investing in stocks involves risk, including the potential loss of capital. Always do your own research and consult a licensed financial adviser before investing.
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