- Telecommunications giant, MTN Nigeria's market capitalisation has hit the N5 trillion market capitalisation
- The company is now more valuable than all the banks, insurance companies and other financial services companies in Nigeria
- MTN Nigeria joins Airtel and Dangote Cement as the most valuable companies in Nigeria with the N5 trillion market cap threshold
Nigeria’s leading telecommunication company, MTN Nigeria has hit N5 trillion market capitalisation which makes it more valuable than all the banks and insurance companies in Nigeria put together.
It is also bigger than all the financial services companies that are listed on the Nigerian Stock Exchange.
MTN, Airtel and Dangote Cement lead most capitalised companies in Nigeria
According to Nairametrics, the company’s valuation was released on May 20, 2022, and was tracked from the Nigerian Exchange.
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As of Friday, May 20, 2022, MTN Nigeria closed with a total market cap of N5.068 trillion making the company the third most capitalised firm on the Nigeria Exchange.
The company now joins Airtel, Dangote Cement and other members of high net worth companies to be more valuable than all financial services companies sector.
MTN was the most capitalised stock briefly two weeks ago when the share price traded at N264 per share at N5.3 trillion. Dangote Cement and Airtel share prices have since surged while MTN lost some of its gains.
Company shares soars on the exchange
Shares of the company have surged since the beginning of 2022, starting from N197 to as much as N270 last week.
The share increase was also mainly driven by the company’s 2021 Financial Year results and the 2022 first-quarter results that took it above N5 trillion during the week as just three stocks are worth more than that much in Nigeria.
The financial services sector in Nigeria which includes the banks is valued at N4 trillion combined.
Telecom operators lament poor electricity supply, spend N360 billion on diesel cost
Legit.ng has reported that the telecommunication companies have cried out to the Nigeria Communications Commission (NCC) over the poor electricity supply in the country.
They said that the cost of running and powering telecom services across the country has jumped by 233.33 per cent in recent months to about N360 billion every month.
The Association of Licensed Telecoms Operators of Nigeria (ALTON) said the cost of diesel to run network towers, base stations and offices increased from N225 per litre to N750 per litre as of March 2022.