MTN Nigeria has announced its unaudited Q1 2026 financial results, showcasing a strong recovery momentum that began in 2025 after two years of losses.

The telecommunications giant reported a pre-tax profit of N546.42 billion for the quarter. This represents a substantial 169.64% increase compared to the N202.65 billion recorded in the same period in 2025.

This performance marks MTN Nigeria's second-best quarterly pre-tax profit since its listing, falling just 4% short of the N569.59 billion achieved in Q4 2025.

The company's return to profitability in 2025 followed losses in 2023 and 2024, which had impacted its retained earnings and shareholders' funds. The stock price has since rallied significantly from N200 in 2024 to N801.10 as of May 8, 2026.

In parallel, the Nigerian Naira demonstrated relative stability in the foreign exchange market, closing the first trading week of May 2026 at N1,364 to the US dollar. Data from the Central Bank of Nigeria (CBN) indicates that the currency maintained positive momentum throughout the week, reflecting growing market confidence in the ongoing forex reforms.

Meanwhile, FirstHoldCo Plc is embarking on an aggressive balance sheet fortification strategy, proposing to raise up to N253.099 billion in fresh capital to achieve a N1 trillion paid-up capital base. This move positions the bank to potentially lead an industry-wide "up-tiering" of capital requirements.

The Nigerian Exchange also saw positive sentiment, with the All-Share Index closing at 244,670.65 points on May 8, 2026, an increase of 2.1% from the previous close. Market capitalization rose to N157.02 trillion, supported by strong trading volumes and a high number of deals.