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.
Toriola’s compensation included R17.9 million ($1.07 million) in earnings, including benefits, R15.18 million ($908,571) in short-term incentive (STI) compensation, and R23.9 million ($1.43 million) in long-term incentives (LTI) vesting, according to MTN Group’s 2025 full-year financial report released on Wednesday.
MTN Group’s record performance year and a higher share price drove up his bonuses and equity awards. It is Toriola’s highest single-year compensation, including bonuses, since 2021, when he became CEO of MTN Nigeria.
Short-term bonuses were determined 70% by company performance and 30% by team performance, while long-term incentives vested after three years and are tied to strategic and sustainability metrics, according to the 2025 report.
Performance bonuses tied to annual targets and long-term incentives vested in shares at a price 62% higher than the previous year, according to the report.
Karl Toriola’s Total Compensation (2021–2025)
Figures represent total single-figure remuneration in millions of Rand (R). Hover over bars for details.
2021
2022*
2023
2024
2025
*Nuance Note: The 2023 Annual Financial Statements restated his total 2022 remuneration as R50.20 million (from R43.34 million) depending on the accounting methodology for currency splits and share gains.
Source: MTN Group’s Integrated Financial Reports, 2021–2025
TECHCABAL TOOLS
“The increase in total remuneration between FY 2024 and FY 2025 is primarily attributable to the vesting of long-term incentives and the increase in share price, which was R124.6 in the FY 2024 vesting and R202.2 in the FY 2025 vesting,” MTN Group said in its report.
“Furthermore, the increase in company performance weighting to 70% for all executives, combined with strong Group performance, resulted in higher STI payouts.”
Toriola’s shares held at MTN—including shares in MTN Nigeria and Scancom (MTN Ghana)—were valued at R43.65 million ($2.6 million), which is 2.94 times his required minimum shareholding, according to the report.
Group CEO Ralph Mupita held shares valued at R269.6 million ($16 million)—6.78 times his required minimum shareholding.
Executives sold shares in March
A March 31 regulatory announcement filing on the Johannesburg Stock Exchange (JSE) shows that Toriola, along with other MTN executives, sold shares in March following their vesting under the Performance Share Plan (PSP).
Toriola sold 72,053 MTN shares on March 26 at a volume-weighted average price of R202.2 ($12.06), realising R14.57 million ($869,000) in proceeds. The shares were described as an off-market sale, according to the filing.
The Karl Toriola Era: 2021–2025
Hover over or tap the bars to view Revenue, Profit, or Loss figures.
REVENUE
PROFIT
LOSS
Source: MTN Financial reports, 2021–2025
Mupita also sold his entire vested allocation of 239,229 shares for R48.4 million ($2.9 million), while CFO Tsholofelo Molefe sold 50,991 shares and retained 58,666.
MTN South Africa CEO Ferdi Moolman sold 69,836 shares for R14.1 million ($841,500), and Senior Vice President, Markets, Ebenezer Asante sold 86,634 shares for R17.5 million ($1 million).
According to the filing, MTN said it obtained prior clearance for all transactions in accordance with its policy and JSE’s listing requirements.
On April 7, Toriola and other senior executives at MTN were awarded shares tied to the company’s 2010 Performance Share Plan (PSP). The MTN Nigeria CEO received 28,704 shares worth approximately ₦463.7 million ($335,000).
The shares carry a three-year vesting period ending in December 2028 and are tied to performance conditions, including fintech growth, 5G expansion, net zero emission in environmental, sustainability, and governance (ESG) targets, and broader group competitive metrics.
