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GTCO58.40+1.24%ZENITHBANK46.10-0.43%UBA32.85+0.92%ACCESSCORP22.30-1.10%FBNH28.70+0.35%STANBIC56.25+1.62%FCMB8.95-0.55%WEMABANK11.50+2.21%DANGCEM462.00+0.65%BUACEMENT95.40-0.22%WAPCO38.25+1.86%NESTLE1180.00-0.42%DANGSUGAR36.20+0.83%FLOURMILL64.55+1.49%UNILEVER18.45-1.07%NB35.60+2.45%GUINNESS64.10+0.16%SEPLAT5800.00+1.92%GTCO58.40+1.24%ZENITHBANK46.10-0.43%UBA32.85+0.92%ACCESSCORP22.30-1.10%FBNH28.70+0.35%STANBIC56.25+1.62%FCMB8.95-0.55%WEMABANK11.50+2.21%DANGCEM462.00+0.65%BUACEMENT95.40-0.22%WAPCO38.25+1.86%NESTLE1180.00-0.42%DANGSUGAR36.20+0.83%FLOURMILL64.55+1.49%UNILEVER18.45-1.07%NB35.60+2.45%GUINNESS64.10+0.16%SEPLAT5800.00+1.92%
Credit profile

MTN Nigeria

Proshare Rating
A2.ng
1Y PD
1.40%
LGD
45%
Spread
380 bps
Outstanding
₦530.00B
Watchlist
Negative

Thesis

Subscriber leadership and fintech optionality, but FX-denominated lease obligations have driven multi-year negative equity.

Strengths
  • • Subscriber market share 38%
  • • Fintech ramp via MoMo PSB
  • • Spectrum depth
Risks
  • • Negative equity post-FX devaluation
  • • Tariff repricing political risk
  • • Capex deferral

External ratings

  • AgustoAa-Negative
Last reviewed 2026-05-02