Modupe Kadri, Chief Financial Officer of MTN Nigeria Communications Plc, has deployed over one billion naira of personal funds to acquire 1.3 million shares in the telecommunications giant, a move that stands as a powerful statement of internal confidence in the company’s long-term trajectory.
The Executive Director and CFO purchased 1,313,732 ordinary shares valued at N1.03 billion across multiple tranches at an average price of N782.39 per share, according to regulatory filings disclosed with the Nigerian Exchange Limited. The transaction underscores the depth of belief within senior management that the current share valuation does not fully reflect the company’s intrinsic value.
Details of Kadri’s acquisition reveal a calculated accumulation strategy executed across multiple price points. He purchased shares ranging from N755.10 to N798.50 per share, with the bulk of buying concentrated between N770 and N798.10.
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The methodical approach, conducted across numerous tranches, demonstrates deliberate decision-making rather than a single opportunistic move. This disciplined execution carries particular weight because when a CFO, the executive responsible for the company’s financial operations and balance sheet, commits personal capital at this scale, the market interprets it as a tangible endorsement of the organization’s fundamentals and near-term prospects.
The significance of Kadri’s investment becomes clearer when examined against MTN Nigeria’s market performance this year. The stock opened 2026 at N511 and now trades around N800, representing a year-to-date gain of 56.6 percent.
The company reached a 52-week high of N915 in May before consolidating, while its current market capitalization stands at approximately N16.8 trillion, cementing its position as the third largest company on the premium board.
This recovery has been driven by strengthening fundamentals even as the company navigated intense macroeconomic headwinds including foreign exchange volatility, elevated energy costs, and challenging operating conditions.
The CFO’s confidence appears backed by substance. MTN Nigeria delivered a powerhouse first quarter earnings report where Profit After Tax surged 166 percent year-on-year to N355.5 billion, demonstrating the company’s ability to expand profitability despite external pressures.
Analysts have suggested that Kadri’s personal investment hints that internal cost-management strategies are delivering results or that upcoming telecom tariff reviews and digital and fintech revenue streams present exceptional opportunities. The company has been one of the standout performers on the NGX’s premium board throughout 2026, showcasing remarkable recovery and growth momentum.
Insider buying of this magnitude from a CFO sends unambiguous signals through the investor community. It suggests that management believes the stock remains undervalued at current levels and that future performance will reward shareholders who accumulate positions now.
The decision to deploy over one billion naira in personal funds also reflects confidence that the company’s strategic positioning in Nigeria’s expanding digital ecosystem remains robust, particularly given evolving dynamics in fintech integration and the ongoing importance of telecommunications infrastructure to the broader economy. For market observers monitoring institutional sentiment at Nigeria’s premier blue-chip companies, Kadri’s actions represent a concrete vote of confidence in MTN Nigeria’s long-term value creation potential.
