In a definitive move that signals strong internal confidence, Modupe Kadri, chief financial officer (CFO) of MTN Nigeria Communications Plc (MTNN) has significantly expanded his stake in the telecommunications giant with a fresh N1.03 billion share acquisition.
- +MTNN CFO makes bullish bet with N1.03bn new shares acquisition
The major transaction, disclosed in a regulatory filing with the Nigerian Exchange Limited (NGX) on July 18, underscores the executive leadership’s bullish outlook on the company’s long-term growth trajectory amidst evolving dynamics in the nation’s digital and telecom sectors.
The major transaction, disclosed in a regulatory filing with the Nigerian Exchange Limited (NGX) on July 18, underscores the executive leadership’s bullish outlook on the company’s long-term growth trajectory amidst evolving dynamics in the nation’s digital and telecom sectors.
In what appears to be a confidence bet on MTNN, Kadri bought an aggregated 1,313,732 ordinary shares at an average price of N782.39.
Details of the transaction shows that he bought 10,274 units at N765 per share; 544,136 units at N770 per share; 695 units at N792.20 per share; and 12,544 units at N794.50 per share.
Kadri also purchased 20,990 units of MTNN shares at N794.70 per share; 97,198 units at N795 per share; 36,370units at N798 per share; 155,787 units at N798.10 per share; and 1,189 units at N798.40 per share.
He also bought 75,959 units at N798.50 per share; and 42,000 units at N755.10 per share; 55,590 units at N755.60 per share; and 261,000 units at N756 per share.
The N1.03 billion stake is a massive statement in the Nigerian stock market because when a CFO—the exact person who holds the keys to the balance sheet—makes a buy of this magnitude, it sends very specific ripples through the investor community.
The stock opened this year N511. The current trading price of N800 implies a Year-to-Date (YTD) return of +56.6 percent.
It had reached 52-week high of N915 on May 4, as against 52-week low of N325. The market capitalisation is about N16.8 trillion, making it the third largest on the NGX.
MTNN has navigated intense macroeconomic headwinds recently (FX volatility, rising energy costs).
A purchase of this size strongly hints that internal cost-management strategies are paying off, or that upcoming telecom tariff reviews and digital/fintech revenue streams are looking exceptionally robust.
MTN Nigeria has been one of the standout heavyweights on the Premium Board of the NGX this year, showcasing massive recovery and growth.
The stock’s 56.6 percent YtD rally reflects strong fundamental performance, including a powerhouse first quarter (Q1) earnings report where Profit After Tax (PAT) surged 166 percent year-on-year to N355.5 billion.
