Prime Business Africa
In the first quarter (Q1) of 2026, equity traders in the Nigerian Exchange (NGX), also known as the stock market, favoured MTN Nigeria’s shares over its market rival, Airtel Africa.
According to Prime Business Africa’s (PBA) analysis, MTN shareholders recorded 48.72 percent growth in their investment value during the period under review, compared to Airtel shareholders, who recorded a 10 percent increase.
Join our WhatsApp ChannelThis indicates MTN Nigeria was the most sought-after when compared to Airtel, as demand for the former resulted in its share price soaring by N249 within three months.
Traders in the stock market were willing to buy the shares of MTN at N511 per share as of January 2, however, the offer for a share was raised to N760, reflecting the stock market’s high confidence in holding the telco’s shares.
With the shares rising threefold, the investment held by MTN shareholders appreciated by 48.72 percent, representing a combined gain of N5,22 trillion for them.
Also, the share appreciation did not just benefit the shareholders of the company, it also improved the valuation of MTN in the Nigerian stock market, as it increased from N10.72 trillion on January 2 to N15.95 trillion on March 31.
Looking at the performance of Airtel during the same period, the company’s share price increased to N2,497 per share at the end of Q1, compared to the N2,270 it traded at the start of the period.
With traders willing to buy a share of Airtel at N227 more within the first quarter, the shareholders’investment appreciated by 10 percent.
Following the appreciation, Airtel shareholders recorded a combined gain of N853.1 billion, while the company’s NGX valuation surged from N8.53 trillion on January 2 to N9.38 trillion on March 31.
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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.
