MTN Group’s Nigerian unit is now more valuable than all the banks, insurance companies on the Nigerian Exchange

According to capital market data from the Nigerian Exchange dated May 20th, MTN Nigeria’s market capitalization stood at N5 trillion (about US$12 billion), making it one of the most valuable companies in Nigeria.

For specifics, the telecom company is now more valuable than the combined market capitalizations of all the 11 commercial banks and over 20 insurance companies that are listed on the Nigerian Exchange.

Note that the combined market capitalization of all the financial services companies listed on the Nigerian bourse is currently at N4 trillion (US$9.6 billion).

MTN’s high market capitalization is all thanks to a jump in its share price. The stock is currently trading at N249 (US$0.60) per share, according to checks by Business Insider Africa. Year to date, the stock price has appreciated by +54.42 percent according to data obtained from Financial Times.