MTN Nigeria hits $12.1 billion, tops BUA Foods as Nigeria’s most valuable listed company

There is a quiet shift taking place on the Nigerian Exchange, one that says as much about investor conviction as it does about the changing weight of sectors in Africa’s largest economy. MTN Nigeria Communications Plc has moved ahead of BUA Foods Plc to become the most valuable publicly listed company in Nigeria, after a sustained rally that has lifted its market capitalization to $12.14 billion.

This did not happen in a single burst. It built steadily, backed by consistent buying interest that has pushed MTN Nigeria’s share price up by 52.6 percent since the start of the year. That gain stands in sharp contrast to BUA Foods, whose share price has risen by 5.7 percent over the same period. The divergence has redrawn the leaderboard on the local bourse, placing a telecom operator ahead of a consumer goods giant that had held its ground with steady earnings growth.

MTN leads NGX, BUA Foods second

Market data compiled by Shore.Africa shows the scale of MTN Nigeria’s climb. Its market cap has increased by $4.75 billion since the start of the year, supported not only by investor demand but also by the appreciation of the naira against the U.S. dollar. From N10.73 trillion, or $7.39 billion, on Jan. 1, its market cap has risen to N16.38 trillion, or $12.14 billion, at the time of drafting. The move has placed the telecom operator firmly at the top of Nigeria’s equity market.

BUA Foods, by comparison, has posted more measured gains. Its market cap has risen by N829.8 billion, or $1.37 billion, moving from N14.38 trillion, or $9.9 billion, at the start of the year to N15.21 trillion, or $11.27 billion. The increase has been supported by a modest rise in its share price and further helped in dollar terms by the stronger naira. Even so, the company now ranks as the second most valuable listed business in the country.

The momentum behind MTN Nigeria’s shares has coincided with a broader strategic move by its parent, MTN Group, to regain control of infrastructure it once sold. In a deal that has drawn attention across the industry, MTN Group reached an agreement to acquire IHS Towers at an enterprise value of $6.2 billion. The transaction, concluded after weeks of negotiations, marks a return to direct ownership of assets that underpin mobile connectivity across key markets.

MTN, IHS deal strengthens telecom reach

Founded in Nigeria in 2001, IHS Towers has grown into one of the largest independent operators of telecom infrastructure globally, managing more than 39,000 towers across Africa and Latin America. Its network supports millions of users, with MTN as its largest customer, relying on those towers to deliver voice and data services. The company’s board has unanimously approved the deal and recommended it to shareholders.

Under the agreed terms, IHS shareholders will receive $8.50 per ordinary share in cash, a price that represents a 36 percent premium to its 52-week volume-weighted average and a three percent premium to its unaffected closing price of $8.23 on Feb. 4, 2026. MTN, which already held roughly 24 percent of IHS on a fully diluted basis, has committed to vote in favor of the transaction. Long-term investor Wendel has also pledged its support, bringing total backing to more than 40 percent of shareholders.

The financing structure reflects a mix of existing exposure and fresh funding. The deal will be supported by the rollover of MTN’s roughly 24 percent stake in IHS, about $1.1 billion in cash from MTN, approximately $1.1 billion from IHS’ balance sheet, and the rollover of no more than existing IHS debt. For MTN, the transaction reverses a decade-long shift toward outsourced tower ownership and is expected to reduce long-term rental costs while giving the company more control over future 5G and fibre deployment.

BUA Foods profit jumps; MTN tops NGX

While MTN Nigeria’s rise has been driven largely by market demand and corporate developments at the group level, BUA Foods’ performance reflects strength in its core operations. The company reported profit of N507.7 billion ($366.6 million) for the period ended Dec. 31, up from N266 billion ($192.7 million) a year earlier.

Revenue increased to N1.8 trillion ($1.29 billion), from N1.52 trillion ($1.1 billion), supported by sugar, pasta and rice sales as well as tighter cost control. Its balance sheet has also strengthened. Total assets rose to N1.38 trillion, or $990 million, retained earnings climbed to N694.7 billion ($500 million), and shareholders’ equity reached N702.8 billion ($507 million). Ownership remains concentrated, with Abdul Samad Rabiu holding a 92.63 percent stake.

The contrast between the two companies is now clear in market terms. One has surged ahead on the back of investor demand and strategic positioning at the group level, while the other has continued to grow through earnings and operational discipline. For now, NGX’s balance of value has shifted, with MTN Nigeria at the top, reflecting where investors are placing their bets.