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MTN Nigeria closed with total market capitalization of N5.068 trillion … more valuable than all Nigerian Banks

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Nigeria’s telecommunication giant, MTN Nigeria is now worth N5 trillion making it more valuable than all banks, insurance companies, and the entire financial services companies listed on the Nigerian Stock Exchange combined.

This is according to market valuation data as of May 20th, 2022, tracked and compiled by Nairametrics from the Nigerian Exchange.

As of Friday, MTN Nigeria closed with a total market capitalization of N5.068 trillion making it the third most capitalized stock on the Nigerian Exchange. MTN Nigeria now joining Airtel and Dangote Cement, all members of the SWOOT to be worth more than the financial services sector.

MTN was briefly the most capitalized stock two weeks ago when the share price was trading at N264 per share valuing it at N5.3 trillion. However, Airtel and Dangote Cement prices have since risen while MTN shed some of its gains.

MTN Nigeria belongs to a category of companies termed SWOOTs by Nairametrics which means Stocks Worth Over One Trillion Naira. Other members of the group include Airtel Africa (N5.5 trillion) Dangote Cement (N5.1 trillion), BUA Cement (N2.5 trillion), Nestle (N1.1 trillion), and BUA Food (N1 trillion).

MTN now more Valuable than all Financial Services Companies
Shares of MTN have been on the rise since the beginning of the year starting from about N197 to as high as N270 last week.

The share spike which is also largely driven by MTN’s blistering 2021 FY results and 2022 first-quarter results took it past N5 trillion during the week joining Airtel and Dangote Cement as the only three stocks worth over N5 trillion in Nigeria.
The entire Nigerian Financial Services sector which includes banks, insurance companies, and other financial institutions is valued at a combined N4 trillion.

With an over N1 trillion gap between MTN’s valuation and that of Financial services companies, the telecom giant is now firmly more valued than all of them and will have to experience a 20% dip in share price to fall below.

MTN’s share price has risen 51.38% in the last year.
While Airtel, valued at over N5.5 trillion is also more valuable than all the financial services firms, MTN is more significant as the company’s financials represent income generated from Nigeria alone, excluding other African countries.

Airtel’s income includes that of other sub-Saharan African countries even though the income of Nigeria is dominant with about 40% of revenues.

Why are telcos more valuable
A combination of factors explains why MTN and even Airtel are more valuable than the Nigerian financial services sector including banks.

While banks have been declaring impressive profits telcos have gone further by not just declaring profits but achieving double-digit growth projections for other sectors of their market, especially data.

With over 199 million active mobile subscribers, telcos have the customer base and demand that will continue to drive up revenues and profits in years to come.
Apart from data, Telcos also have the capacity and funding to veer into other sectors of the economy starting with banking. The recent MOMO license obtained by MTN opens up a new source of revenue for the organization.

Asides, from their growth prospects, telcos also have better control of their margins and returns. Unlike the financial services sector, Telcos deliver over 100% return on average equity of about 20%. MTN reported a return on average equity of 134% in 2021.
Apart from fundamentals, Nigerian banks also have billions in shares trading with much higher liquidity when compared to telcos.
This is due to the high proportion of single owners of the shares of the banks compared to telcos. For example, Zenith has about 643, 965 shareholders compared to MTN’s 10,931 as of the end of 2021. Also, whilst 2 shareholders own 15% of Zenith Bank, one shareholder owns 76% of MTN.
The shift in the size of Nigeria’s economy
We are also not surprised that MTN has now eclipsed the entire financial service sector in market valuation.

According to Nigeria’s GDP data, the telecommunications sector had a nominal GDP of N14.1 trillion as of December 2021 compared to N5.3 trillion for the entire financial services sector.
10 years ago (2021), Telecommunication Sector has a nominal GDP of N5.3 trillion while banks had a GDP nominal size of N1.49 trillion.
This was not the case before the advent of Telcos.
Telcos are also now 12.6% of the country’s GDP.

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ZENITH BANK RENEWS COMMITMENT TO CHILDREN WITH EDUCATION, INCLUSION & OPPORTUNITY AT THE CORE

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  • Much more than commemorating the annual Children’s Day marked every May 27, Zenith Bank Plc is championing the
    narrativethatchildrenarethetrueleadersoftomorrow.TheBankhasdeepeneditsinvestmentincarefullycurated
    initiativesthatelevatechildrenacrosseducation,financialliteracy,health,digitalinclusion,andsocialprotection,
    building a generation equipped to thrive and lead. For Zenith Bank, every child matters, and the Bank’s footprint reflects
    a deliberate, pan-African strategy to nurture potential from the earliest age.
    Zenith Bank has been the financial institution partner to Kiddies Corner on Inspiration 92.3FM Lagos for over three
    years, anchoring the Tuesday edition and Zenith Financial Literacy Friday show. The programme blends spelling bee
    contestswithfinancialliteracyquestions,creatingawarenessandonboardingchildrenintotheZenithChildren’s
    Account (ZECA). This partnership came alive at the Inspiration FM Children’s Day Carnival on Saturday, May 23, 2026,
    whereZenithBankhostedover1,000childrenandtheirparents,celebratingZECAwinnerswithgames,skits,and
    Zenith Bank branded gifts.
    The Bank’s Zenith Financial Literacy Week, held quarterly, takes this mission into select schools across all 36 states
    andtheFCT.Studentsaretrainedonsavings,budgeting,basicinvestments,anditsretailproducts,withthetop
    performer in each school awarded N50,000. Complementing this is the Bank’s nationwide Financial Literacy Program
    undertheCBN-mandatedGlobalMoneyWeek,whichin2025alonereached3,622studentsacross22LGAs,
    deploying 137 bank employee volunteers as educators.
    In alignment with the United Nation’s (UN) Sustainable Development Goal (SDG) 4 on Quality Education, Zenith Bank
    hasdonatedstate-of-the-artICTcentresandcomputersystemstoschoolsanduniversitiesnationwide,includinga
    ComputerCentretoBamainaAcademy,Dutse,JigawaState.Itstransformativeinterventionsincludefullyequipped
    libraries,vocationalfacilities,andlarge-scaleschoolrenovations,fromOjotaSecondarySchoolandVictoriaIsland
    Secondary School in Lagos to Hugallawa Primary School in Jigawa. Targeted financial support further breaks barriers
    with N1 million cash donation to Louisville Girls High School, Ijebu-Itele, supporting girl-child education; infrastructure
    upgrades at Maryland Comprehensive Secondary School; a N1 million scholarship endowment for St. Francis Catholic
    Secondary School; and support for the North-East Children’s Fund to aid education in conflict-affected communities.
    Through its Primary Healthcare Centre Initiative across all 774 LGAs, Zenith Bank educates parents on early childhood
    savings during routine visits, linking health and financial well-being. The “PAD-A-QUEEN” Initiative commemorates the
    International Day of the Girl Child, reaching5,000 girls in 10 schools withsanitary pads, hygiene kits, and menstrual
    health education to keep girls in school and promote SDGs 3, 4, and 5.
    The Bank’s compassion extends to the most vulnerable. At Bethesda Home and School for the Blind, Idi Oro, Lagos,
    Zenith donatedbraille materials,food, and toiletries.For the2026 InternationalDay forStreet Children,it partneredwith
    Bosco Child Protection Centre on medical check-ups, food, clothing, and counseling. Annual Christmas Charity Visits to
    orphanagesdelivercash,toys,andessentialsupplies,whilesupportfortheSmileandShineChildrenFoundation’s
    Strive Conference empowers over 2,000 adolescents with life skills and leadership training.
    Commenting on the Bank’s intentionality towards the development of children, Dame Dr. Adaora Umeoji, OON, Group
    Managing Director/CEO, ZenithBank Plc, said, “AtZenith Bank, weare deliberate about initiativesthat elevate children
    becausetheyarenotjustourfuture,theyareourpresentresponsibility.AsWhitneyHoustonsopoignantlysang,‘I
    believethechildrenarethefuture,teachthemwellandletthemleadtheway.’Thatisthephilosophydrivingour
    investmentsineducation,financialliteracy,health,anddigitalinclusion.FromKiddiesCornertoICTcentres,from
    PHCs to orphanages, we are teaching them well, equipping them early, and giving them the tools to lead. Zenith Bank
    renews its commitment to every Nigerian child, to nurture their dreams, protect their dignity, and secure their tomorrow.”
    Championing youth expression, the Zenith Annual Youth Parade, hosted by the Bank for 19 years, stands as a flagship
    Corporate Social Responsibilityinitiative. Bringing togetherthousands of childrenand teenagers in avibrant showcase
    of unity and discipline, the parade has remained dedicated since inception to the vital mission of supporting, nurturing,
  • andempoweringtheNigerianchild,reinforcingtheBank’sbeliefthatleadershipislearnedearlythroughteamwork,
    confidence, and celebration of young Nigerian identity.
    ForZenithBank,Children’sDayismorethanadateonthecalendar.Itisadailypledgetoempower,protect,and
    prepareNigeria’schildrenforleadership.Fromclassroomstocommunities, the Bank’s initiatives are teaching them well
    and letting them lead the way because the future belongs to children who are equipped today.
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ZENITH BANK APPOINTS ENGR. MUSTAFA BELLO AS CHAIRMAN AT ANNUAL GENERAL MEETING

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Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as the Chairman of its Board of
Directors.Theappointment,whichtakesimmediateeffect,hasbeenapprovedbytheCentralBankof
Nigeria (CBN) and ratified by shareholders at the Annual General Meeting held on May 5, 2026.
Engr.Bello’sappointmentrepresentsastrategicsteptoensurethecontinuity,stability,andsustained
effectivenessoftheBoard,whilereinforcingthehighstandardsofcorporategovernance,regulatory
compliance,andstrategicoversightforwhichZenithBankiswidelyrespected.HejoinedtheBoardof
Zenith Bank Plc on 29 December 2017 and has served on several Board committees, including the Board
Audit and Compliance Committee, Board Governance, Nomination and Renumeration Committee and as
Chairman of theBoard RiskManagementCommitteeuntilhisappointmentasChairmanof theBoardof
Directors.
He has extensive leadership experience at Board and executive levels, a strong understanding of corporate
governanceprinciplesandregulatoryexpectations,andaproventrackrecordinstrategicoversightand
organisationalgrowth.Hehasconsistentlydemonstratedintegrity,independenceandsoundjudgement,
qualities that distinguished him as the natural choice to lead the Board into its next chapter.
Engr. Mustafa Bello is a distinguished engineer, statesman and corporate leader. His career spans more
than four decades across the public and private sectors of the Nigerian economy. He served as Minister of
CommerceoftheFederalRepublicofNigeriafrom1999to2002underPresidentOlusegunObasanjo,
GCFR,whereheledthedevelopmentofNigeria’sWTO-consistentTradePolicy.Healsooversawthe
CorporateAffairsCommission(CAC)onlineprojectof2002,whichmodernisedthewaybusinesses
registerandoperateinthecountry.FromNovember2003toFebruary2014,heservedasExecutive
Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), where
hewasinstrumentalinattractingforeigndirectinvestmentintoNigeria,buildingmultilateralandbilateral
partnerships, and representing the Federal Government at international conferences and missions.
HegraduatedfromAhmaduBelloUniversity(ABU),Zaria,in1978withaB.Engr.inCivilEngineering
(SecondClassUpperDivision),winningtheShellPrizeforthebestprojectandthesisintheFacultyof
Engineering.HebeganhiscareerwiththeNigerianArmy’sDirectorateofQuarteringandEngineering
Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer
from 1980 to 1983.
HeiscurrentlytheChairmanofInvest-in-NorthernNigeriaLimited,aspecialpurposevehicleforthe
economic and social transformation of the Northern Nigerian economy, and has previously served on the
boards of Eskom Holdings Limited of the Republic of South Africa (2004 to 2008) and FrieslandCampina
WAMCO Nigeria Plc as an Independent Non-Executive Director. He is a Fellow of the Nigerian Society of
Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as
well as Fellow of the Academy of Natural Sciences & Engineering in Nigeria (ANSEN).
Zenith Bank stands among Africa’s leading financial institutions, with a strong capital base and operations
acrossNigeria,theUnitedKingdom,theUnitedArabEmirates,Ghana,SierraLeone,TheGambiaand
Côte d’Ivoire.
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ZENITH BANK EXPANDS FOOTPRINT WITH CÔTE D’IVOIRE SUBSIDIARY LAUNCH

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Zenith Bank Plc has announced the opening of its Côte d’Ivoire subsidiary, marking a pivotal achievement in the Group’s Pan-African expansion strategy.The official opening ceremony, scheduled to hold on Wednesday, April 29, 2026, is expected to attract senior government officials and regulators from Nigeria and Côte d’Ivoire, continental business leaders, and members of the diplomatic community, highlighting the strategic economic ties and investment opportunities between the two markets.The new subsidiary, licensed in December 2025 by the Ministry of Finance and Budget, Republic of Côte d’Ivoire, and regulated by the UMOA Banking Commission, will commence operations from its headquarters at SCI Wall Street, Avenue Noguès, Plateau, Abidjan.The launch represents a strategic move to deepen the Bank’s presence in Francophone West Africa and strengthen financial intermediation within the West African Economic and Monetary Union (WAEMU). Positioned as a gateway for cross-border trade and investment, Zenith Bank Côte d’Ivoire will focus on corporate banking, trade finance, local and offshore banking services, and structured financial solutions tailored to businesses operating across Africa and internationally.Commenting on the launch, the Group Managing Director/CEO, Dame Dr. Adaora Umeoji, OON, said: “From the very beginning, our Founder and Chairman, Jim Ovia CFR, set out to build a truly global brand with a strong presence across Africa and key international markets. The launch of Zenith Bank Côte d’Ivoire is a bold step in realising that vision; opening a strategic corridor into Francophone West Africa and reinforcing our commitment to facilitating trade, investment, and enterprise growth across the continent. As we continue to expand thoughtfully and strategically, we remain focused on delivering world-class banking solutions that connect African businesses to global opportunities.”The new subsidiary will be headed by MD/CEO Mr. Cédric Tano, a seasoned banking executive with over two decades of experience. Speaking ahead of the official opening, he said “We are proud to establish Zenith Bank’s presence in Côte d’Ivoire at a time of strong economic growth in the country and increasing regional integration. Our focus is to showcase the Zenith brand as a customer-centric institution that combines global best practices with deep local insight. We are well positioned to support businesses with innovative financing solutions, facilitate cross-border trade, and contribute meaningfully to the growth of the Ivorian economy and the wider WAEMU region.”The Côte d’Ivoire launch forms part of Zenith Bank’s broader continental growth strategy. In addition to the Anglophone countries where it currently operates, and in line with the expansion into the Francophone market, the Bank has commenced its entry process into the CEMAC (Central African Economic and Monetary Community) region, with Cameroon as the focal point. With a footprint already spanning Nigeria, Ghana, Sierra Leone, The Gambia, the United Kingdom, France, the UAE, and China, Zenith Bank continues to bridge African markets with global opportunities, enabling seamless trade and financial connectivity across the continent and beyond.

Founded in 1990, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a consistent track record of strong financial performance. For 16 consecutive years, the Bank has held the record of highest Tier-1 capital in the Nigerian banking industry. Built on the foundation of People, Technology, and Service, Zenith Bank continues to deliver innovative financial solutions while maintaining a disciplined approach to growth and risk management. Its performance has earned it numerous local and international recognitions and endorsements.

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