Karl Toriola, chief executive officer of MTN Nigeria and son of the monarch of Modakeke, collected a total of R226.46 million in executive remuneration over five years, according to MTN Group integrated reports and executive remuneration disclosures.
Remuneration Payouts Across Five Years
The disclosures show that Toriola earned an average of R871,000 per week across the 60-month period, translating to approximately R3.77 million per month. His annual compensation shifted notably year by year, starting at R50.05 million in 2021 before dropping to R43.34 million in 2022 and R40.71 million in 2023. Total remuneration declined further to R35.36 million in 2024 before climbing to nearly R57 million in 2025.
| Year | Base Salary & Benefits | Short-Term Incentive (STI) | Long-Term Incentive (LTI) Vesting | Total Single-Figure Remuneration (ZAR) |
|---|---|---|---|---|
| 2025 | R17,929,000 | R15,183,000 | R23,885,000 | R56,997,000 |
| TOTAL | R82,280,000 | R61,740,000 | R82,441,000 | R226,461,000 |
Board Approves Salary Increases Following Independent Survey
The executive compensation structure underwent multiple adjustments approved by the board. In April 2022, Toriola received a 14% gross salary increase. An independent salary survey later compared his pay with the top 10 companies listed on the Nigerian Stock Exchange, prompting a further 9.38% increase in October.
MTN stated that the board benchmarked his salary against the 75th percentile of the Nigerian comparator group, factoring in the size of the Nigerian operation, its market capitalization, revenue generation, and Toriola’s responsibilities. His contract was subsequently modified to include payments in both Nigerian naira and US dollars.
MTN Nigeria chief executive and Vice President, Francophone Africa, Karl Toriola, earned R56.997 million (approximately ₦4.69 billion, $3.4 million) in total compensation in 2025, a 61.2% jump from the previous year.https://t.co/LiZeL9TM3J
Currency Devaluation and Incentive Vesting Alter Annual Earnings
Fluctuations in foreign exchange rates and equity performance directly affected his annual earnings. In 2023, he received a 16% inflation-linked increase on the naira portion of his pay and a 3.5% increase on the dollar portion. However, material devaluation of the Nigerian naira reduced the rand value of his overall remuneration.
The drop in 2024 remuneration to R35.36 million occurred partly because long-term incentive awards vesting that year carried substantially lower values. Conversely, the sharp rebound in 2025 to almost R57 million stemmed from higher short-term incentive payouts driven by a 70% company performance weighting, strong group performance, and an increase in the share price used to calculate vested awards from R124.60 in 2024 to R202.20 in 2025.
Expanded Responsibilities Across African Operations
Toriola took on additional duties as vice-president for Francophone Africa in November 2025, operating alongside his ongoing role as CEO of MTN Nigeria. Following this expansion, his remuneration underwent a new survey-based benchmarking process and was revised into a full US dollar-based salary arrangement shared between MTN Nigeria and the group.
Born in Ife, Osun State, Toriola grew up in Modakeke. His father, businessman Toriola Olubiyi, was crowned the 20th Ogunsua of Modakeke in 2022 at age 81 after spending 43 years in the line of succession. Toriola studied Electronic and Electrical Engineering at Obafemi Awolowo University, graduating in 1994, before completing a master’s degree in Communication Systems at the University of Wales in 1996. He began his career at Ericsson in Switzerland and joined MTN in 2006 as chief technical officer of its Nigerian operation.
Questions About MTN Nigeria Executive Compensation
What was Karl Toriola’s highest earning year between 2021 and 2025?
His highest earning year was 2025, when his total single-figure remuneration reached almost R57 million, driven by the vesting of long-term incentives and a higher share price.
Why did Toriola’s remuneration decrease in 2024?
His total remuneration fell to R35.36 million in 2024 partly because the value of the long-term incentive awards that vested during that year was substantially lower than in previous periods.
How is Toriola’s salary structured across currencies?
Following contract changes and subsequent revisions tied to his expanded role as vice-president for Francophone Africa, his compensation is structured as a full US dollar-based salary arrangement shared between MTN Nigeria and the group.
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