Prime Business Africa
MTN Nigeria closed the third quarter of 2025 as the most sought-after telecommunications stock on the Nigerian Exchange (NGX) Limited, also known as the stock market, according to Prime Business Africa’s analysis.
Equity investors snubbed MTN’s market rivals like Legend Internet and Airtel Nigeria during the period under review, resulting in the companies failing to improve the value of investments held by their shareholders.
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MTN Nigeria
MTN Nigeria’s shareholders saw the value of their investments appreciate by 18.32 percent between July and August, as NGX investors were bullish on the company’s shares in Q3.
The company’s share performance showed that the equity investors were willing to pay N423 per share at the end of the third quarter, compared to the N357.50 kobo the share was traded at the beginning of the period.
Prime Business Africa gathered that the N65.5 kobo increase in MTN Nigeria’s share price resulted in a combined gain of N1,37 trillion for the company’s shareholders within the three-month period.
Also, the share appreciation led to MTN Nigeria’s market valuation increasing to N8.88 trillion on September 30, compared to the N7.50 trillion recorded on July 1.
Airtel Nigeria
The story was different for Airtel Nigeria’s shareholders as their investment value did not increase or decrease during the period under review.
Analysis showed that Airtel Nigeria started the third quarter with N2,310.50 kobo per share and closed the period at the same period, indicating the company’s share traded flat throughout.
Consequently, Airtel Nigeria’s market valuation was stagnant between July and September, remaining at N8,68 trillion — allowing MTN to overtake the company as the most capitalised network provider on NGX.
Legend Internet
Within the three months under review, Prime Business Africa gathered that the value of investments held by Legend Internet’s shareholders had depreciated by 37.08 percent.
This indicates the company’s share was bearish throughout the period, as its share price dropped by N3.03 per share, as equity traders valued the share at N5.14 kobo at the end of Q3, compared to the N8.17 kobo it was sold at the start of the period.
Prime Business Africa notes that due to the price drop, Legend Internet’s shareholders recorded a combined loss of N6.06 billion, and the company’s market valuation decreased from N16.34 billion to N10.28 billion.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
