MTN Nigeria's Chief Executive Officer, Karl Toriola, received total remuneration of approximately R57 million (about N4.7 billion) in the 2025 financial year, a sharp 61.2% increase from the R35.358 million he earned in 2024, according to MTN Group's remuneration disclosure.
The package, which totaled R56.997 million, includes earnings and benefits, short-term incentives, and vested long-term incentives. The increase of about R21.64 million reflects MTN Nigeria's stronger operating performance after navigating severe economic and foreign exchange pressures in previous periods.
Breakdown of Toriola's Remuneration Package
A detailed breakdown shows Toriola received approximately R17.93 million in earnings and benefits during the year. Another R15.18 million came from short-term incentives, while roughly R23.89 million was attributed to vested long-term incentives.
The incentive-heavy structure means a significant portion of the MTN Nigeria boss's remuneration is linked to performance and longer-term executive reward arrangements rather than fixed pay. MTN Group's disclosures indicate that the Nigerian operation exceeded certain performance targets, providing context for the increase in executive compensation.
Toriola receives his remuneration under a split contract involving Nigeria and Dubai, as noted in MTN's remuneration report.
Career Journey from Engineer to CEO
Toriola has led MTN Nigeria since 2021, but his association with the telecommunications giant spans nearly two decades. Born in Ile-Ife, Osun State, he earned a bachelor's degree in Electronic and Electrical Engineering from Obafemi Awolowo University in 1994 before obtaining a master's degree in Communication Systems from the University of Wales.
His telecommunications career included roles at Ericsson and Airtel Nigeria before joining MTN. He became MTN Nigeria's chief technical officer in 2006 and subsequently held several senior positions across the group, including vice-president for West and Central Africa before his appointment as CEO of the Nigerian operation.
Royal Heritage and Executive Standing
Beyond his corporate career, Toriola has a connection to one of Osun State's traditional institutions. His father, Oba Joseph Toriola Olubiyi, was installed as the Ogunsua of Modakeke in 2022, making the MTN Nigeria CEO a prince of the ancient community.
Despite receiving nearly R57 million in 2025, Toriola remained among the lower-paid members of MTN Group's top executive leadership based on the company's remuneration disclosures. His substantial year-on-year increase, however, highlights how MTN's performance-linked reward system can translate improvements in the Nigerian business into significantly higher executive compensation.
Legit.ng earlier reported that executive pay in Nigeria is becoming a bigger conversation as companies grapple with inflation, exchange-rate volatility, rising operating costs, and pressure to deliver stronger returns to shareholders. For chief executives running some of the country's biggest companies, the rewards can be enormous.
