Airtel Nears N20trn Market Cap, Overtakes BUA Foods as Nigeria’s Most Valuable Firm

Airtel Africa has overtaken BUA Foods to become the most valuable company on the Nigerian Exchange Limited (NGX), after a sharp rally pushed the telecommunications firm’s market capitalisation close to N20 trillion on Tuesday.

NGX data showed that the telecommunication giant’s market value rose by 10 percent to N18 trillion from N16.4 trillion the previous day. The company has retained the top spot, with its market capitalisation rising further to N19.8 trillion on Tuesday. It now ranks ahead of Dangote Cement, BUA Foods, and MTN Nigeria, whose market values stood at N17.1 trillion, N16.9 trillion, and N16.4 trillion, respectively.