A re-rating of Airtel Africa Plc has lifted the market value of its 3.758 billion outstanding shares on the Nigerian Exchange (NGX) above N21.8 trillion, cementing its position as the most valuable listed company on the local bourse.
The telecommunications giant has added approximately N3.8 trillion to its market capitalisation in almost two weeks, prompting several investment firms to revise their target prices upward on the stock as investor demand intensifies.
As of July 2, Airtel Africa was valued at about N18 trillion, with its shares closing at N4,794.60. The stock crossed the N5,000 threshold on July 3, following the company’s announcement 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, which carry no voting rights.
By July 13, Airtel Africa’s share price had climbed to N5,801.40, pushing its market capitalisation beyond N21 trillion and marking a gain of more than N3.8 trillion over the period.
The rally is historic for the Nigerian stock market, with Airtel Africa overtaking every listed company to emerge as the largest company by market capitalisation, edging closer to the N22 trillion mark.
Trading data showed the stock reached a new 52-week high of N5,801.40 on Monday, with investors exchanging 13,256 shares worth approximately N3.6 million. Trading volume increased by 37 percent compared with Friday’s session.
Since the start of 2026, Airtel Africa’s share price has surged from N2,270 to N5,801.40, representing a 156 percent year-to-date gain and making it one of the best-performing stocks on the NGX.
The recent rally also marks a significant departure from the stock’s traditionally thin trading pattern, with increased investor participation driving sustained price appreciation. In the previous week alone, Airtel Africa’s market value rose by about 21 percent, extending gains recorded after the stock crossed the N5,000 mark.
The sharp appreciation has been underpinned by strong financial performance.
For the financial year ended March 2026, Airtel Africa reported earnings per share (EPS) of 18.60 cents, representing 210 percent year-on-year growth, supported by strong revenue expansion and favourable foreign exchange movements across key operating 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 rewarded shareholders with a total dividend of 7.10 cents per share.
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Investor confidence has also been strengthened by a major ownership restructuring within the Airtel Group.
Earlier, Bharti Airtel Limited completed a cashless share transfer valued at about N4 trillion, increasing 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 transaction executed on June 22 and disclosed to both the Nigerian Exchange and the London Stock Exchange on June 29.
The transferred shares were valued at an average price of approximately £3.66 per share, implying a total transaction value of £2.177 billion (about N4 trillion).
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Following the transfer, Bharti Airtel increased its direct stake in Airtel Africa from 62.31 percent to 79.04 percent, consolidating its control over the African telecommunications business through an internal, cashless equity restructuring while positioning itself to benefit from the continent’s growing demand for digital connectivity and mobile financial services.