MTN Nigeria Insiders Invest ₦9.74 Billion as Shares Trade at Bargain
MTN Nigeria executives and employee trust bought a total of 12.253 million shares valued at ₦9.744 billion in mid-June. The wave of insider purchases signals strong confidence in the telecom’s undervalued stock despite regional tensions. CFO Modupe Kadri led the buy, acquiring 1.313 million shares worth ₦1.027 billion at an average price of ₦782.39. The Employee Share Acquisition Trust accounted for 10.936 million shares at ₦796.76 each, investing ₦8.713 billion. MTN Nigeria’s stock has risen 56.6% year-to-date and closed at ₦800 per share. Trading at a 12.57x price-earnings ratio, the company posted a 165.9% jump in Q1 after-tax profits to ₦355.5 billion. Analysts view heavy insider buying as a bullish indicator. Management’s substantial capital outlay suggests they see further upside for MTN Nigeria despite geopolitical headwinds across the continent.
Use The App To Win ₦1m
Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.