Karl Toriola, chief executive officer of MTN Nigeria, received a total of R226.46 million in remuneration over a five-year period from 2021 to 2025, according to MTN Group’s integrated reports and executive remuneration disclosures analyzed by BusinessTech.
The Bottom Line
- Toriola amassed R226.46 million in total single-figure remuneration across 60 months, averaging R3.77 million per month.
- Compensation fluctuated due to currency devaluations, changing incentive weightings, and multi-currency contract adjustments.
- The executive’s portfolio expanded in November 2025 to include the role of vice-president for Francophone Africa alongside his existing CEO duties.
Remuneration Trajectory from 2021 to 2025
Toriola assumed leadership of MTN Nigeria in 2021 after serving as the telecommunications group’s vice-president for West and Central Africa. His initial year at the helm yielded R50.05 million in total remuneration, comprised of a base salary and benefits of R16.09 million, short-term incentives of R11.35 million, and long-term incentive vestings of R22.59 million.
MTNN CEO, Karl Toriola gives the opening statement ahead of the trial. #DataOnTrial pic.twitter.com/1qvn4aJfbc
In April 2022, the board approved a 14% increase to his gross salary. A further 9.38% adjustment followed in October after an independent salary survey benchmarked his compensation against the top 10 companies listed on the Nigerian Stock Exchange. MTN stated that the board benchmarked his salary against the 75th percentile of the Nigerian comparator group, factoring in market capitalization, revenue generation, and executive responsibilities.
Despite these adjustments, total reported remuneration declined to R43.34 million in 2022. Performance-related payments and variable remuneration components drove the contraction, even as base salary and benefits adjusted to R11.87 million, short-term incentives rose to R15.73 million, and long-term incentives contributed R15.72 million.
Currency Pressures and Contract Restructuring
Operating in the West African market exposed executive compensation to severe foreign exchange headwinds. Following 2022, Toriola’s employment contract was restructured to split payments between Nigerian naira and US dollars.
During 2023, he received a 16% inflation-linked increase on the naira portion and a 3.5% increase on the dollar portion. However, material devaluation of the Nigerian currency reduced the rand value of his overall remuneration for the year. Total single-figure compensation fell to R40.71 million, which included a base salary of R14.88 million, short-term incentives of R9.96 million, and long-term incentives of R15.85 million.
Downward pressure continued into 2024. Total remuneration dropped another notch to R35.36 million. The decrease stemmed primarily from a sharp drop in the value of long-term incentive awards vesting during that twelve-month cycle, which contributed just R4.37 million despite a base salary increase to R21.48 million.
The 2025 Upward Correction and Portfolio Expansion
The largest single-year remuneration increase occurred in 2025, jumping to nearly R57 million. MTN attributed the surge to the vesting of long-term incentives and a higher company share price.
The share price applied to calculate vested awards climbed from R124.60 in 2024 to R202.20 in 2025. Furthermore, an increase in the company performance weighting to 70% for all executives, coupled with robust group performance, generated higher short-term incentive payouts totaling R15.18 million.
In November 2025, Toriola’s operational footprint widened when he took on the additional position of vice-president for Francophone Africa. His compensation structure was subsequently benchmarked against a new survey and revised into a full US dollar-based salary arrangement shared between MTN Nigeria and the parent group.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
