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Under the steady and strategic leadership of Karl Toriola, MTN Nigeria has surged to the top of Nigeria’s capital market, emerging as the most valuable listed firm on the Nigerian Exchange with a record market valuation of $11.2 billion.
The milestone follows a remarkable rally in the telecom giant’s stock, signaling growing investor confidence in the company’s long-term strategy, strong fundamentals, and forward-looking leadership approach.
The surge saw MTN Nigeria surpass former market leaders BUA Foods and Dangote Cement, which had previously dominated the exchange’s top valuation rankings.
Market watchers say this shift reflects a broader investor rotation toward telecom infrastructure and digital-economy growth plays, an area where Toriola’s execution has been widely praised.
Share price rally signals investor confidence
Trading data showed MTN Nigeria’s stock price climbed to a new 52-week high of $0.53, marking a 19.45% rise within seven trading sessions, up from $0.44 recorded on February 12, 2026.
Analysts attribute the surge largely to investor optimism following the company’s announcement of its tower acquisition deal with IHS Towers.
The transaction, once approved by regulators, is expected to significantly cut operating costs through infrastructure control and improved efficiency, another example of Toriola’s strategic push toward sustainable profitability. Industry experts note that backward integration into infrastructure ownership is a bold yet calculated move.
By reducing reliance on third-party providers, MTN Nigeria stands to retain more value within its operations, strengthen margins, and improve long-term shareholder returns.
Financial analysts also point out that the market rally came ahead of the company’s 2025 earnings release, suggesting strong expectations that its results will reinforce current investor optimism.
Equity specialists at Cowry Asset Management Limited issued a bullish outlook, setting a target share price of $0.70.
Should that projection materialise, MTN Nigeria’s market capitalization could exceed $14.3 billion, further cementing its dominance on the exchange.
The firm also issued a “buy” recommendation at $0.53, forecasting about 32% upside potential, an endorsement that underscores confidence in the company’s strategic direction and management quality.
