MTN Nigeria Hits N780 Record High as Dangote Cement Launches NGX's First Commercial Paper
MTN Nigeria shares surged to an all-time high of N780 per share following investor optimism over the IHS deal, while Dangote Cement made history with Nigeria's first commercial paper listing valued at ₦119.87 billion on the Nigerian Exchange.
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MTN Nigeria Communications Plc (MTNN) shares reached a historic peak of N780 per share on Thursday, driven by investor anticipation of the telecommunications giant's acquisition of IHS Towers assets, according to Business Day. The surge marks a significant milestone for Nigeria's most capitalized stock and reflects growing confidence in the company's strategic expansion plans.
The rally in MTNN shares comes as market participants price in the potential value creation from the company's proposed acquisition of tower infrastructure from IHS Towers. The deal, which has been the subject of intense market speculation, is expected to reduce MTN Nigeria's operational costs and strengthen its competitive position in Africa's largest telecommunications market. Trading activity on the Nigerian Exchange (NGX) showed heightened volumes as institutional and retail investors repositioned their portfolios to capture potential upside from the transaction.
Dangote Cement Breaks New Ground with Commercial Paper Debut
In a separate development that underscores the deepening of Nigeria's capital markets, Dangote Cement Plc achieved the first commercial paper listing on the Nigerian Exchange with a two-tranche issuance totaling ₦119.87 billion. According to Channels Television, the securities were listed and admitted for trading on February 18, 2026, approximately one year after NGX introduced its Commercial Paper listing framework designed to expand activity in the short-term debt market.
The landmark issuance by Africa's largest cement producer represents a significant milestone in Nigeria's fixed-income market development. Commercial paper, typically issued with maturities ranging from 90 to 270 days, provides corporations with an alternative funding mechanism to traditional bank loans and longer-dated bonds. The successful listing validates NGX's efforts to create a more diverse and liquid debt capital market, offering investors additional instruments for portfolio diversification and cash management.
Market Infrastructure Development Gains Momentum
The dual developments signal a maturing Nigerian capital market, with equity markets responding to corporate strategic actions while debt market infrastructure expands to accommodate short-term funding instruments. Dangote Cement's commercial paper listing creates a benchmark for other blue-chip companies seeking cost-effective short-term financing alternatives, particularly as Nigerian corporates navigate elevated interest rate environments following the Central Bank of Nigeria's monetary tightening cycle.
The NGX Commercial Paper framework, launched in early 2025, aims to provide companies with access to institutional investors seeking higher-yielding short-term instruments compared to traditional money market securities. By establishing transparent pricing mechanisms and standardized documentation, the exchange seeks to reduce transaction costs and improve market liquidity for corporate issuers. The framework requires issuers to maintain minimum credit ratings and comply with disclosure requirements similar to those governing bond listings.
Implications for Nigerian Capital Markets
MTN Nigeria's share price performance reflects broader investor appetite for telecommunications assets amid Nigeria's ongoing digital transformation. The stock's appreciation to N780 per share represents substantial gains for shareholders and reinforces the company's position as a cornerstone investment in Nigerian equity portfolios. Market analysts expect continued volatility as details of the IHS deal emerge and regulatory approvals progress.
For Dangote Cement, the commercial paper issuance provides working capital flexibility while establishing the company as a pioneer in Nigeria's evolving debt capital markets. The ₦119.87 billion raised through the two tranches will support the cement manufacturer's operational requirements and potentially fund expansion activities across its pan-African footprint. The successful listing may encourage other large-cap companies to explore commercial paper as a funding alternative, particularly those with strong credit profiles and established relationships with institutional investors.
The convergence of equity market strength and debt market innovation positions the Nigerian Exchange for continued growth in 2026. As the exchange expands its product offerings and attracts diverse issuers, market participants anticipate increased foreign portfolio investment and improved price discovery mechanisms across asset classes. The commercial paper market's development, in particular, addresses a longstanding gap in Nigeria's financial infrastructure by providing corporations with flexible short-term funding options outside the banking system.