Karl Toriola, the chief executive officer of MTN Nigeria, amassed a total remuneration of R226.46 million over a five-year period from 2021 to 2025, according to MTN Group’s integrated reports and executive remuneration disclosures. That earnings figure calculates to an average of approximately R871,000 per week, driven by performance-related incentives, base salary adjustments, and currency shifts.
Boardroom Benchmarking and the 2022 Salary Adjustments
Toriola took the helm at MTN Nigeria in 2021 after serving as the group’s vice-president for West and Central Africa. In April 2022, the MTN board approved a 14% increase in his gross salary. An independent salary survey followed in October 2022, comparing his pay against the top 10 companies listed on the Nigerian Stock Exchange. MTN explained that the board approved benchmarking his salary against the 75th percentile of the Nigerian comparator group, factoring in the scale of the operation, its market capitalization, revenue generation, and Toriola’s responsibilities.
Despite those successive pay increases, his total reported remuneration dropped from R50.05 million in 2021 to R43.34 million in 2022. Performance-related payments and variable remuneration components influenced that decrease. MTN subsequently restructured his contract to split payments between Nigerian naira and US dollars to manage volatility. In 2023, Toriola received a 16% inflation-linked bump on the naira portion alongside a 3.5% increase on the dollar portion. Material devaluation of the Nigerian currency subsequently dragged down the rand-denominated value of his overall compensation for that year.
Shrinking Long-Term Incentives and the 2024 Pay Dip
Total remuneration fell further in 2024 to R35.36 million. MTN attributed that contraction primarily to a substantial drop in the value of long-term incentive awards that vested during that calendar year. Base salary and benefits for 2024 sat at R21.48 million, while short-term incentives contributed R9.50 million and long-term incentive vesting added R4.37 million to the single-figure total.
Karl Toriola, the CEO of MTN Nigeria, received a total remunaration package of R57 million in 2025. He is the son of a traditional leader who became the Ogunsua of Modakeke in 2022.https://t.co/jzYW2YDWey
The executive’s compensation trajectory shifted upward significantly in 2025, reaching nearly R57 million. MTN pointed to higher short-term incentive payouts—spurred by an executive performance weighting increase to 70% combined with strong group results—and the vesting of long-term incentives as the core drivers. The share price utilized to calculate those vested awards climbed from R124.60 in 2024 to R202.20 in 2025. Responsibilities also grew during this period; from November 2025, Toriola assumed the additional position of vice-president for Francophone Africa.
| Year | Base Salary & Benefits (ZAR) | Short-Term Incentive (ZAR) | Long-Term Incentive Vesting (ZAR) | Total Remuneration (ZAR) |
|---|---|---|---|---|
| 2025 | 17,929,000 | 15,183,000 | 23,885,000 | 56,997,000 |
| Total | 82,280,000 | 61,740,000 | 82,441,000 | 226,461,000 |
Family Lineage and Early Telecom Career Roots
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 the age of 81, following 43 years in the line of succession. Toriola pursued technical studies at Obafemi Awolowo University, where he graduated with a degree in Electronic and Electrical Engineering in 1994. He subsequently earned a master’s degree in Communication Systems from the University of Wales in 1996.
His professional career in telecommunications began at Ericsson in Switzerland before transitioning to senior management roles in Nigeria. He joined MTN in 2006 as chief technical officer for the Nigerian operation and subsequently held several senior positions across the group.
Executive Compensation Questions and Market Realities
How will future currency devaluations in Nigeria impact dollar-shared remuneration structures for incoming regional executives?
MTN Group integrated reports show that currency fluctuations materially affect the single-figure calculation of Toriola’s pay, even after his contract was modified to incorporate both Nigerian naira and US dollars. With his role expanding in November 2025 to include Francophone Africa alongside his role as CEO of MTN Nigeria, his compensation package is now benchmarked against a new survey reflecting a full US dollar-based arrangement shared between MTN Nigeria and the group.
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