MTN Nigeria has emerged as the most capitalized listed company on the Nigerian Exchange, with its market valuation reaching N9.91 trillion at the close of trading on July 31, 2025.

The telecom giant’s share price closed at N472, more than doubling from N200 at the start of the year. This sharp rise added N5.71 trillion (approximately $3.68 billion) to its market value in just seven months.

The rally saw MTN overtake Dangote Cement and Airtel Africa, which now trail with market capitalizations of N8.9 trillion and N8.7 trillion, respectively.

MTN’s strong performance has been fueled by renewed investor confidence, supported by consistent revenue growth, expansion in data services, and a return to profitability following two challenging years marked by naira devaluation and foreign exchange losses.

According to its Q2 2025 results, MTN posted a pre-tax profit of N419.61 billion—an impressive turnaround from a pre-tax loss of N179.60 billion in Q2 2024. Coupled with its Q1 profit of N202.63 billion, the company recorded N622.24 billion in pre-tax earnings for the first half of 2025.

The stock’s recovery has been steady throughout the year, climbing to N245 by the end of Q1 (valued at N5.14 trillion), and further to N357.50 in Q2 (N7.51 trillion), before reaching its July peak.

After losing N1.17 trillion in market value in 2024, MTN Nigeria’s resurgence in 2025 marks one of the strongest comebacks on the local bourse.