THE FUSE

MTN Nigeria Communications Plc's post-devaluation recovery has hardened into a rally. The country's largest telecommunications operator reported first-quarter profit of ₦355.5 billion, up 165.9 percent year-on-year, on its strongest quarterly revenue since 2019. The print pushed its market value to ₦18.3 trillion on April 30, the highest of any stock on the Nigerian Exchange and a milestone Karl Toriola, chief executive officer, has been chasing for two years.