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.
