MTN Nigeria CEO Karl Toriola Earned ₦18.3bn in Five Years, Weekly Average Hits ₦70.37m

MTN Nigeria chief executive Karl Toriola received a combined R226.46 million in remuneration between 2021 and 2025, equivalent to about ₦18.3 billion at the November 3, 2026 exchange rate of approximately ₦80.79 to one South African rand. That works out to an average of R871,000 weekly over the five years.

The figure covers total remuneration, including salary, performance bonuses and long-term incentives. It is not a fixed weekly salary. Converted at the same exchange rate, his average pay comes to about ₦70.37 million weekly, ₦304.6 million monthly and ₦3.66 billion annually.

Pay Rose and Fell Before 2025 Rebound

MTN's remuneration disclosures show Toriola received about ₦4.04 billion in 2021, ₦3.50 billion in 2022 and ₦3.29 billion in 2023. His compensation fell to about ₦2.86 billion in 2024 before rebounding sharply to about ₦4.61 billion in 2025.

He became MTN Nigeria CEO in 2021 after serving as the group's vice-president for West and Central Africa. In April 2022, his gross salary rose by 14%, followed by another 9.38% adjustment in October. MTN said the increases followed an independent remuneration review that compared his pay with executives at Nigeria's largest listed companies.

In 2023, he received a 16% inflation-linked increase on the naira component of his salary and a 3.5% adjustment on the dollar component. The naira's depreciation still affected the value of his remuneration when converted into South African rand.

Bonuses, Wider Role Lift 2025 Pay

Toriola recorded his highest remuneration in 2025, at about ₦4.61 billion at today's exchange rate. The increase was driven largely by performance-related bonuses and long-term incentive awards, supported by MTN Group's improved share price.

His responsibilities expanded in November 2025 when he became vice-president for Francophone Africa while retaining his position as MTN Nigeria CEO. The additional role prompted another remuneration review and a revised dollar-based compensation arrangement.

Toriola was born in Ile-Ife, Osun State, and grew up in Modakeke, where his father, Toriola Olubiyi, became the 20th Ogunsua of Modakeke in 2022. He graduated from Obafemi Awolowo University in 1994 with a degree in Electronic and Electrical Engineering and later obtained a master's degree from the University of Wales. He joined MTN Nigeria in 2006 as chief technical officer.

MoMo Migration and Fintech Pressure

The pay disclosure comes as MTN Nigeria moves MoMo customers to a new platform to strengthen its mobile payments business. The company reported a 25.91% drop in fintech revenue to ₦97.5 billion in the nine months ended September 2026, after the temporary suspension of its airtime and data credit service, Xtratime.

For Nigerian customers, the MoMo migration is another stage in MTN's push beyond voice and data into mobile payments. For the naira, the disclosed pay figures show how exchange rate movements can change the local currency value of rand and dollar-linked executive compensation.

All naira equivalents are approximate, calculated at ₦80.79/R1 on November 3, 2026. They are not the actual naira amounts paid in the respective years.