MTN Nigeria CEO Karl Toriola earns R226m in five years, averages R871,000 weekly

The Chief Executive Officer of MTN Nigeria, Karl Toriola, received a total remuneration of R226.46 million (South African rand) over five years, translating to approximately R871,000 weekly, according to disclosures by MTN Group.

The figures, contained in the telecommunications company’s integrated reports and executive remuneration disclosures, cover the period between 2021 and 2025, during which Toriola headed MTN Nigeria.

A breakdown of his remuneration shows that he earned R50.05 million in 2021, R43.34 million in 2022, R40.71 million in 2023, R35.36 million in 2024 and R57 million in 2025.

The total amounts to R226,461,000 over 60 months, representing an average of approximately R3.77 million monthly or R871,000 weekly

Toriola assumed leadership of MTN Nigeria in 2021 after serving as the telecommunications company’s Vice-President for West and Central Africa.

His remuneration underwent significant adjustments in 2022 following a board-approved review of his compensation package.

In April 2022, his gross salary was increased by 14 per cent, followed by an additional 9.38 per cent adjustment in October after an independent salary survey benchmarked his earnings against the top 10 companies listed on the Nigerian Exchange (NGX).

MTN said the additional adjustment reflected the size of its Nigerian operations, market capitalisation, revenue generation and the responsibilities of the chief executive.

“Considering MTN Nigeria’s market cap size and revenue generation as well as his responsibilities, the board approved that he be benchmarked against the 75th percentile of the Gross Salary of the Nigerian comparator group,” the company stated.

Despite the salary adjustments, his total reported remuneration fell from R50.05 million in 2021 to R43.34 million in 2022, largely due to changes in performance-related payments and other compensation components.

His remuneration structure was subsequently adjusted to incorporate payments in both Nigerian naira and US dollars.

In 2023, Toriola received a 16 per cent inflation-linked increase on the naira component of his salary and a 3.5 per cent increase on the dollar-denominated portion.

However, the sharp depreciation of the naira significantly affected the rand value of his overall remuneration.

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“During the year under review, the Nigerian naira experienced material devaluation,” MTN explained, noting that exchange rate fluctuations had a substantial impact on the calculation of his total remuneration.

His earnings declined further to R35.36 million in 2024, partly because the value of long-term incentive awards that vested during the year was considerably lower.

The highest remuneration within the five-year period was recorded in 2025, when his total earnings climbed to approximately R57 million.

MTN attributed the increase largely to the vesting of long-term incentive awards and an appreciation in the company’s share price, which rose from R124.60 in 2024 to R202.20 in 2025.

“The increase in company performance weighting to 70% for all executives, combined with strong Group performance, resulted in higher STI payouts,” the company stated.

Toriola’s responsibilities also expanded in November 2025 when he assumed the additional role of Vice-President for Francophone Africa alongside his position as MTN Nigeria CEO.

His remuneration was subsequently benchmarked against a new salary survey and revised to reflect a fully US dollar-based compensation arrangement shared between MTN Nigeria and the group.

Toriola was born in Ile-Ife, Osun State, and grew up in Modakeke, where his father, businessman Oba Toriola Olubiyi, became the traditional ruler in 2022.

Oba Olubiyi was crowned the 20th Ogunsua of Modakeke at the age of 81, after spending 43 years in the line of succession.

Karl Toriola studied Electronic and Electrical Engineering at Obafemi Awolowo University, graduating in 1994. He subsequently obtained a master’s degree in Communication Systems from the University of Wales in 1996.

His telecommunications career began at Ericsson in Switzerland before he returned to Nigeria and progressed into senior management positions.

He joined MTN Nigeria in 2006 as Chief Technical Officer and later held several strategic leadership positions within the telecommunications group before his appointment as chief executive in 2021.

His career has since expanded beyond Nigeria, culminating in his additional appointment to oversee MTN’s operations in Francophone Africa.