The person responsible for MTN Nigeria’s financial strategy just put ₦218 million of personal capital behind the company’s stock price trajectory.
Modupe Kadri, the company’s chief financial officer and executive director, purchased 275,309 ordinary shares at ₦793 per unit on June 15, 2026.
A regulatory filing submitted to the Nigerian Exchange Limited the following day confirmed the full scope of the transaction, signed by company secretary Uto Ukpanah.
The filing classified the purchase as an “Initial Notification” under the exchange’s insider dealing disclosure rules, which apply to all directors of listed companies.
That level of personal commitment from a sitting CFO is uncommon on the Nigerian Exchange, where insider purchases of this scale rarely surface.
For investors watching Nigeria’s largest telecom stock, the decision of the company’s top finance executive to deploy nine-figure capital deserves careful examination.
What the NGX insider dealing filing shows about the purchase
The regulatory filing submitted to the Nigerian Exchange identified Kadri by his dual role as executive director and chief financial officer at MTN Nigeria.
Kadri bought the shares at ₦793 each, near the stock’s recent trading level of ₦800 on the Nigerian Exchange, Investing.com data shows.
The transaction involved ordinary shares with the ISIN code NGMTNN000002 and was executed in Lagos on a single trading day, the filing confirmed.
This purchase extends a pattern of growing insider accumulation, with Kadri’s total position expanding by roughly 657,800 shares over the past three months, Nairametrics reported.
In April, MTN Nigeria transferred 3,771,677 ordinary shares to 106 employees through its equity incentive program, with Kadri receiving 382,491 of those units.
MTN Nigeria’s stock surge and a record-breaking first quarter
The CFO’s personal investment arrives during a period of exceptional momentum for MTN Nigeria’s stock price and underlying financial performance across the board.
Key MTN Nigeria stock and earnings figures
- MTNN shares gained 50.46% over six months, climbing from ₦531.70 in December 2025 to ₦800 as of mid-June 2026
- Q1 2026 pre-tax profit reached ₦546.42 billion, a 169.64% year-over-year increase compared with the same period in 2025
- Quarterly revenue hit ₦1.498 trillion, up 42% year-on-year, representing the highest quarterly figure since listing in 2019
- Earnings per share surged 166% to ₦16.95, representing nearly 30% of the company’s full-year 2025 earnings per share
The full-year 2025 results showed MTN Nigeria posting ₦1.7 trillion in pre-tax profit, reversing a ₦550.3 billion loss recorded the prior year, Nairametrics reported.
Service revenue climbed 55.1% to ₦5.17 trillion in 2025, powered by a 74.5% rise in data revenue as active data subscribers topped 53.2 million.
CEO Karl Toriola described 2025 as a turning point for the company amid its strongest recovery in years, Nairametrics reported.
Analysts pointed to data segment growth and improving foreign exchange conditions as primary catalysts driving the company’s return to profitability.
CardinalStone maintains buy rating with ₦933 target price for MTNN
Kadri’s personal capital commitment lines up with a broadly bullish analyst consensus that sees meaningful upside still remaining in MTN Nigeria’s share price trajectory.
CardinalStone Securities Limited maintained a “Buy” rating on MTNN following the Q1 2026 results, assigning a 12-month target price of ₦933.33 per share, ProShare reported.
That target implies roughly 16.7% upside from current trading levels and reflects the firm’s confidence in continued margin expansion through the remainder of the year.
The firm noted that Q1 2026 earnings were backed by robust revenue growth, easing cost pressures, and a net foreign exchange gain, ProShare reported.
Three analysts covering the stock assign a “Strong Buy” rating with an average 12-month target of ₦988.16, Investing.com data shows.
CardinalStone projects an EBITDA margin of 52.9% for 2026, underpinned by cost savings from renegotiated tower leases and the company’s ongoing deleveraging efforts.
What insider buying at this scale may signal for MTNN investors
Insider purchases carry a distinct weight in equity markets because executives rarely deploy personal capital into their own company stock without strong underlying conviction.
Unlike insider selling, which often stems from routine personal reasons like tax obligations or portfolio diversification, purchases with personal funds typically reflect genuine forward-looking confidence.
Kadri’s decision to buy at ₦793 after the stock had already gained more than 50% in six months suggests he sees further room for appreciation.
Investors tracking MTNN for directional signals will weigh this filing alongside the analyst consensus, the earnings trajectory, and broader Nigerian Exchange trends moving forward.
