MTN’s Nigerian Unit Becomes Most Valuable Stock in Lagos

(Bloomberg) -- It may be a new kid on the block, but MTN Group Ltd.’s Nigerian unit has become the most valuable company on the Lagos stock exchange. Three months after listing, MTN Nigeria Communications Plc had a market capitalization of 2.82 trillion naira ($7.82 billion) as of Monday’s close. The mobile phone company has overtaken Dangote Cement Plc, owned by Africa’s richest man, Aliko Dangote.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editors responsible for this story: Alastair Reed at areed12@bloomberg.net, ;Blaise Robinson at brobinson58@bloomberg.net, John Viljoen, Phil Serafino

©2019 Bloomberg L.P.