MTN Reclaims Market Crown, Edges Out BUA Foods on NGX
Atume Terfa
Nigeria’s equities market has witnessed a dramatic leadership change as MTN Nigeria Communications Plc stormed back to the summit of the Nigerian Exchange, overtaking BUA Foods Plc to become the country’s most valuable listed company.
A powerful rally in MTNN’s share price pushed the telecom giant’s market capitalisation to ₦14.9 trillion as of February 13, 2026. The stock climbed 8.6 per cent in a single trading session to close at ₦708.90, sealing its return to the number one position on the Nigerian Exchange Group (NGX).
The surge reflects renewed investor confidence in the telecom heavyweight, which recently reinstated shareholder rewards with a ₦5 interim dividend. The payout signalled a turnaround in fortunes after a challenging period that forced the company to suspend dividends in 2022. Since the beginning of the year, MTNN’s shares have soared nearly 39 per cent, rising from around ₦511 and reinforcing its recovery narrative.
For much of 2025, BUA Foods had dominated the valuation charts, riding strong earnings growth and steady consumer demand to cross the ₦10 trillion market-cap milestone. Its ascent underscored the strength of Nigeria’s consumer goods sector and highlighted investor appetite for defensive, non-energy stocks during a volatile economic period.
But market leadership can be fleeting. MTNN’s resurgence demonstrates how quickly sentiment can pivot when earnings momentum, dividend signals, and broader macroeconomic stability align. Analysts attribute the telecom firm’s renewed appeal to improved profitability, stronger data-driven revenues, and expectations of sustained cash returns to shareholders.
The comeback also reinforces the weight dividends carry in shaping equity valuations on the NGX. Investors, encouraged by MTNN’s restored payout strategy, appear to be positioning ahead of the company’s full-year financial results, betting on sustained performance.
While BUA Foods remains firmly among Nigeria’s trillion-naira heavyweights, MTNN’s climb suggests that telecom resilience and consistent shareholder returns are once again commanding premium attention in 2026.
Market watchers say the leadership reshuffle could influence broader trading sentiment on the NGX, particularly if MTNN maintains its upward momentum and continues to reward investors in the months ahead.
