Insiders at MTN Nigeria have been buying the shares of the telecommunications giant aggressively—a signal that they perceive the stock to be trading at a bargain—with recent insider buys totaling 12.253 million shares valued at ₦9.744 billion.
Regulatory insider disclosures compiled by MoneyCentral show that corporate insiders and employee funds formed the bulk of the buyers.
This massive wave of internal capital deployment serves as a major vote of confidence from the telecom company’s leadership. It highlights that the management team views the stock as severely undervalued following a powerful operational turnaround that pushed the company’s first-quarter after-tax profits up by 165.9% to hit ₦355.50 billion.
CFO Commits ₦1 Billion as MTN Nigeria Stock Trades at Bargain 12x Earnings Multiple
| Insider | Shares Purchased | Price per Share | Value | Transaction Period |
|---|---|---|---|---|
| MTN Employee Share Acquisition Trust | 10.936 million | ₦796.76 | ₦8.713 billion | June 9-11, 2026 |
| Modupe Kadri (Executive Director/CFO) | 1.313 million | ₦782.39 | ₦1.027 billion | June 16-17, 2026 |
| Olayinka Jimoh (Manager Treasury Operations) | 3,760 | ₦792.00 | ₦2.977 million | June 9-15, 2026 |
| Total | 12.253 million | Average ₦795.30 | ₦9.744 billion | — |
Source: NGX
Mr. Modupe Kadri, an Executive Director/Chief Financial Officer (CFO) at MTN Nigeria purchased 1.313 million shares at ₦782.39 per share worth ₦1.027 billion between 16th and 17th of June 2026.
Mr. Olayinka Jimoh, Manager Treasury Operations purchased 3,760 shares at ₦792 per share, worth ₦2.977 million between 9th and 15th of June 2026, while MTN Nigeria Employee Share Acquisition Trust bought a total of 10.936 million shares at ₦796.76 per share worth ₦8.713 billion between 9th and 11th June 2026.
MTN Nigeria stock performance and valuation
| Metric | Value |
|---|---|
| Year-to-date share price gain | +56.56% |
| NGX-ASI year-to-date gain | +52.78% |
| Closing price (Thursday, June 18) | ₦800 per share |
| Price to Earnings ratio | 12.57x |
| Q1 2026 PAT | ₦355.5 billion (+165.9% YoY) |
| Q1 2026 Revenue growth | +41.32% YoY (₦436.90 billion absolute increase) |
| Earnings Per Share (Q1 2026) | ₦16.95 (+166% from N6.37) |
MTN Nigeria shares are up 56.56% year-to-date, slightly outperforming the NGX-ASI which is up 52.78% in the same time period, and closed trading at ₦800 per share on Thursday. The shares trade at a Price to Earnings ratio of 12.57, even as First Quarter (Q1) 2026 Profit After Tax (PAT) surged 165.9% to ₦355.5 billion.
Insider buying is often regarded as a bullish signal by analysts and investors because insiders possess superior information about company fundamentals, competitive positioning, and future prospects.
The ₦9.744 billion insider purchase—representing substantial capital commitment—strengthens the bullish interpretation versus smaller, symbolic insider buys.
MTN Nigeria insiders’ ₦9.744 billion aggressive share buying spree—particularly the Employee Share Acquisition Trust’s ₦8.713 billion purchase of 10.936 million shares—signals strong insider confidence that the stock trades at a bargain despite its 56.56% year-to-date gain. The ₦795.30 average purchase price represents insider conviction that N800 closing price offers value at 12.57x P/E.
CFO Modupe Kadri’s N1.027 billion purchase of 1.313 million shares at ₦782.39 per share—below the N800 closing price—demonstrates executive-level confidence in MTN Nigeria’s valuation trajectory.
Executive directors typically possess superior information about company fundamentals, making their capital deployment a credible bullish signal.
The insider buying spree contrasts with MTN Group’s Africa-wide challenges from South Africa’s anti-immigrant sentiment and Nigeria’s potential anti-MTN regulatory pressure. Insiders’ confidence despite geopolitical risks suggests MTN Nigeria’s operational fundamentals remain robust and insulated from pan-African political tensions affecting the parent company.
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