The latest disclosure shows that Olugbenga Ojeranti, Senior Manager, Financial Operations, acquired 81,327 shares of MTN Nigeria in transactions valued at approximately N40.9 million. The shares were purchased at an average price of N504, with the acquisitions executed in two tranches between 15 and 30 December 2025. Specifically, 66,327 shares were bought at N503, while a further 15,000 units were acquired at N505.
This transaction adds to a series of insider purchases reported after the company released its financial results in late October 2025. Earlier in December, non-executive director Andrew Alli acquired 93,220 shares, while Kolapo Olaleye, General Manager, Financial Planning, also purchased 23,000 shares. All transactions were disclosed in line with regulatory requirements.
Market participants appear to have taken note. MTN Nigeria’s share price climbed to N550 by mid-session on 9 January 2026, reflecting improved sentiment supported by both stronger fundamentals and visible insider confidence. The stock is up 7.63% month-to-date, extending gains from a robust close to 2025.
The rally follows an exceptional year for the stock. MTN Nigeria ended 2025 at N511, up from N200 at the start of the year, delivering a 155% return to investors. Trading activity was equally pronounced, with about 806 million shares exchanged over the year—the highest volume recorded since 2020—highlighting renewed investor engagement.
Financial rebound reshapes sentiment
Underlying the market’s response is a sharp turnaround in MTN Nigeria’s financial performance. For the nine months ended 30 September 2025, the company reported a pre-tax profit of N1.12 trillion, reversing a pre-tax loss of N713.6 billion recorded in the corresponding period of 2024. The third quarter was particularly strong, with pre-tax profit rising to N504.2 billion from N37.7 billion a year earlier.
Revenue for the nine-month period reached N3.73 trillion, driven largely by data services, which generated N1.97 trillion—up 73% year-on-year—and accounted for more than half of total revenue. Voice services also posted solid growth, increasing 48% year-on-year to N1.19 trillion. These gains were supported by higher smartphone adoption, increased data usage, and continued expansion of MTN’s fintech offerings.
In a further sign of recovery, the company resumed interim dividend payments for the first time since 2022, aligning with earlier analyst expectations that dividend payouts would return in 2025.
Why insider buying matters
Insider share purchases, particularly by senior management and board members, are often viewed as a signal of confidence in a company’s outlook. When such transactions occur after earnings disclosures, they can provide the market with additional insight into how insiders assess the sustainability of recent performance.
In MTN Nigeria’s case, the sequence of purchases following a return to profitability suggests that leadership believes the recovery achieved in 2025 is durable. For investors, this may reinforce perceptions of improved governance, stronger cash generation, and the potential for further operational and financial gains.
Key takeaways
- MTN Nigeria delivered a 155% return to shareholders in 2025 and has gained more than 7% in January 2026 alone.
- The company recorded its strongest quarterly profit in years in Q3 2025, marking a decisive shift from losses in 2024.
- Resumed dividend payments and improved earnings momentum have been central to renewed investor interest.
- Continued growth in the fintech segment remains a potential driver of additional upside over the medium term.