Airtel Africa Plc has witnessed the market value of its 3.758 billion outstanding shares on the Nigerian Exchange (NGX) climb above N21.8 trillion, making it the most valuable listed company on the local bourse.
The telecommunications company has added approximately N3.8 trillion to its market capitalisation in almost two weeks, a rally that has prompted several investment firms to revise their target prices upward as investor demand intensifies.
As of July 2, Airtel Africa was valued at about N18 trillion, with shares closing at N4,794.60. The stock crossed the N5,000 threshold on July 3, following the company’s disclosure that its issued share capital as of June 30, 2026 stood at 3,645,588,673 ordinary shares of $0.50 each, including 6,136,678 treasury shares with no voting rights.
By July 13, the share price had climbed to N5,801.40, pushing market capitalisation beyond N21 trillion, a gain of more than N3.8 trillion over the period. The rally marks a historic shift on the Nigerian stock market, with Airtel Africa overtaking every other listed company to become the largest by market capitalisation, edging closer to the N22 trillion mark.
Trading data showed the stock hit a new 52-week high of N5,801.40 on Monday, with investors exchanging 13,256 shares worth approximately N3.6 million, a 37 percent increase in trading volume compared with Friday’s session.
Since the start of 2026, Airtel Africa’s share price has surged from N2,270 to N5,801.40, a 156 percent year-to-date gain, making it one of the best-performing stocks on the NGX. The rally also marks a departure from the stock’s traditionally thin trading pattern, with increased investor participation driving sustained price appreciation. In the previous week alone, the company’s market value rose by about 21 percent.
The sharp appreciation is underpinned by strong financial performance. For the financial year ended March 2026, Airtel Africa reported earnings per share of 18.60 cents, representing 210 percent year-on-year growth, supported by revenue expansion and favourable foreign exchange movements across its key markets. Pretax profit more than doubled, rising 114.7 percent to $1.419 billion, while profit after tax increased 147.9 percent to $813 million. The company also declared a total dividend of 7.10 cents per share.
Investor confidence has been further strengthened by an ownership restructuring within the Airtel Group. Bharti Airtel Limited completed a cashless share transfer valued at about N4 trillion, raising its direct ownership in Airtel Africa to 79.04 percent. The transaction involved promoter group entity Indian Continent Investment Limited (ICIL), which transferred 595,204,251 Airtel Africa ordinary shares to Bharti Airtel in an off-market deal executed on June 22 and disclosed to both the NGX and the London Stock Exchange on June 29. The shares were transferred at an average price of approximately £3.66 each, implying a total transaction value of £2.177 billion (about N4 trillion).
Following the transfer, Bharti Airtel’s direct stake in Airtel Africa rose from 62.31 percent to 79.04 percent, consolidating its control of the African telecommunications business through an internal, cashless equity restructuring.
