- The market value of MTN Nigeria dropped to N3.2 trillion after losing N500 billion in the first quarter
- The telecoms firm loses N200 billion in market capitalisation in the second month of this year
- The decline in MTN Nigeria's market value cost the telco its place in the most capitalised companies on NSE
MTN Nigeria loses billions of naira in market value in the first quarter of 2021. The loss cost the network provider its place in the most capitalised companies on the Nigerian Stock Exchange.
The telecoms firm recorded over N500 billion loss in its market value, this is according to Legit.ng calculations of three months which falls between January to March this year.
MTN had ended January with N3.7 trillion, but it lost over N300 billion in February, as its market capitalisation settled at N3.4 trillion. Note that market capitalisation is the total valuation of a company.
The telco shed more in March, as it lost N200 billion more, causing its value to slump to N3.2 trillion. This brought the total loss to more than N500 billion in three months.
In the process, MTN lost its second place on the most capitalised companies on the stock market to its market rival, Airtel Nigeria. The y'ello network provider had been topping the subsidiary of Bharti Airtel for months.
The loss in its network comes at a period subscribers are dumping MTN. Legit.ng had previously reported that 1.14 million subscribers stopped using the company's data service in March.
This crashed the number of MTN data subscribers to 62.84 million in March, against the 63.98 million recorded during the preceding month. Although, MTN remains the network with the highest data subscribers ahead of Airtel, Globacom, and 9mobile.
Meanwhile, Legit.ng also reported that Nigeria fell behind Kenya and South Africa on the future of investment Index for Japanese investors. South Africa surpassed the country this year, having been behind in 2020.