MTN Nigeria Becomes Most Capitalized Stock at N16.37trn

As of February 16, 2026, MTN Nigeria Communications PLC has achieved a market capitalization of N16.37 trillion, surpassing BUA Foods PLC, which has a market capitalization of N14.38 trillion, and Dangote Cement PLC at N13.5 trillion, making MTN the most capitalized stock on the Nigerian Exchange (NGX). This significant increase in MTN's market value is linked to the Nigerian equity market's rally and recent reforms by the National Pension Commission (PENCOM), which raised equity allocation limits for pension funds.

The stock price of MTN appreciated by 36.3% to close at N779.70 per share, compared to N572.00 per share in January 2026. The reforms are expected to inject fresh liquidity into the stock market, positively impacting blue-chip companies like MTN and Dangote Cement.

PENCOM's adjustments to equity limits across various pension fund classes aim to enhance investment in the domestic market, reflecting a strategic move to address the underutilization of alternative asset classes.