The company’s Chief Financial Officer and Executive Director, Modupe Kadri, acquired 275,309 ordinary shares worth approximately N218.3 million, according to a regulatory filing submitted to the Nigerian Exchange Limited (NGX) on June 16, 2026.
The purchase was executed on June 15 at a price of N793 per share in Lagos and was disclosed in line with insider trading transparency requirements designed to ensure market integrity and investor visibility.
“Initial notification” filing confirms transaction details
The disclosure, signed by Company Secretary Uto Ukpanah, classified the deal as an “Initial Notification” under NGX Issuers’ Rules. Based on the transaction price, the total value amounted to N218.32 million.
Such filings are mandatory for listed firms in Nigeria when directors or key management personnel trade in their company’s shares, helping regulators and investors track insider activity in real time.
“A show of confidence” from top management
Market watchers often interpret insider buying as a signal of confidence in a company’s outlook, and this transaction is no exception.
Kadri’s acquisition comes on top of earlier share allocations, including employee-related transfers that also increased his holdings. In April, MTN Nigeria disclosed the transfer of millions of shares to staff, with Kadri receiving 382,491 units as part of the scheme.
Combined, these movements have increased his exposure to the company significantly over the past few months.
Mixed insider activity amid selective selling
While the CFO was buying, other insiders have been trimming positions.
- An analyst in treasury operations, Anthony Aigbe, sold 2,370 shares at N867 per share, valued at about N2.05 million.
- An accountant in financial analysis, Mubarak Adegboyega Alli, also sold 4,950 shares at N820 per share, worth roughly N4.06 million.
The contrasting activity highlights the routine nature of insider transactions, which can reflect personal financial planning as much as corporate sentiment.
Strong earnings backdrop supports investor optimism
The share purchase comes against the backdrop of a robust financial run for MTN Nigeria.
In its first-quarter 2026 unaudited results, MTN Nigeria reported a pre-tax profit of N546.42 billion, a surge of 169.64% compared with the same period in 2025. The figure represents the company’s second-highest quarterly pre-tax profit since its listing in 2019.
Revenue also climbed sharply, rising 42% year-on-year to N1.498 trillion, marking the company’s strongest quarterly top line since its market debut.
Earnings per share jumped 166% to N16.95, underscoring the scale of the earnings rebound and its impact on shareholder returns.
Strong stock performance adds momentum
The company’s shares have also reflected this operational strength. MTN Nigeria stock closed at N800 on Wednesday, up from N758 in March and significantly higher than N531.70 in December 2025—representing gains of over 50% in six months.
Against that backdrop, Kadri’s purchase may be read by investors as alignment with the company’s recent growth trajectory and a belief that current performance momentum could continue.
As always with insider transactions, the signal is not definitive—but in this case, it adds another layer of interest to an already strongly performing stock.