Son of a king received R871,000 a week from MTN for five years
The son of a Nigerian king received a total of R226.46 million in remuneration from telecommunications giant MTN over five years, earning an average of R871,000 per week.
Karl Toriola, the chief executive officer of MTN Nigeria, received R50.05 million in 2021, R43.34 million in 2022, R40.71 million in 2023, R35.36 million in 2024 and R57 million in 2025.
This works out to R226,461,000 over 60 months, according to MTN Group’s integrated reports and executive remuneration disclosures.
His average remuneration over the period was approximately R3.77 million per month, or R871,000 per week.
Toriola has been at the helm of MTN Nigeria since 2021, having previously served as the telecommunications group’s vice-president for West and Central Africa.
In April 2022, he received a 14% increase in his gross salary, following a board-approved adjustment.
This was followed by a further 9.38% increase in October, after an independent salary survey compared his remuneration with that of the top 10 companies listed on the Nigerian Stock Exchange.
MTN explained that the additional adjustment was approved after considering the size of its Nigerian operation, its market capitalisation and revenue generation, as well as Toriola’s responsibilities.
“Considering MTN Nigeria’s market cap size and revenue generation as well as his responsibilities, the board approved that he be benchmarked against the 75th percentile of the Gross Salary of the Nigerian comparator group,” MTN said.
Despite these salary increases, his total reported remuneration declined from R50.05 million in 2021 to R43.34 million in 2022, which was impacted by performance-related payments and other remuneration components.
His contract was subsequently changed to include payments in both Nigerian naira and US dollars. In 2023, he received a 16% inflation-linked increase on the naira portion and a 3.5% increase on the dollar portion.
However, the significant devaluation of the Nigerian currency affected the rand value of his overall remuneration.
“During the year under review, the Nigerian naira experienced material devaluation,” MTN explained, noting that currency fluctuations materially affected the calculation of his single-figure remuneration.
In 2024, his total remuneration declined further to R35.36 million, partly because the value of his long-term incentive awards that vested during the year was substantially lower.
The son of a king
The biggest increase came in 2025, when his remuneration rose to almost R57 million. MTN attributed this largely to the vesting of long-term incentives and an increase in the company’s share price.
The share price used in calculating the value of vested awards increased from R124.60 in 2024 to R202.20 in 2025.
“The increase in company performance weighting to 70% for all executives, combined with strong Group performance, resulted in higher STI payouts,” MTN stated.
Toriola’s responsibilities also expanded. From November 2025, he took on the additional position of vice-president for Francophone Africa alongside his role as CEO of MTN Nigeria.
His remuneration was subsequently benchmarked against a new survey and revised to reflect a full US dollar-based salary arrangement shared between MTN Nigeria and the group.
Toriola was born in Ife, Osun State, and grew up in Modakeke, where his father, businessman Toriola Olubiyi, became the traditional monarch of Modakeke in 2022.
Olubiyi was crowned the 20th Ogunsua of Modakeke at the age of 81, following 43 years in the line of succession.
Toriola studied Electronic and Electrical Engineering at Obafemi Awolowo University and graduated in 1994. He later completed a master’s degree in Communication Systems at the University of Wales in 1996.
His telecommunications career began at Ericsson in Switzerland before he moved into senior management positions in Nigeria.
He joined MTN in 2006 as chief technical officer of its Nigerian operation and subsequently held several senior positions across the group.
Summary Table: Karl Toriola’s Single-Figure Remuneration (2021 – 2025)
| Year | Base Salary & Benefits | Short-Term Incentive (STI) | Long-Term Incentive (LTI) Vesting | Total Single-Figure Remuneration (ZAR) |
|---|---|---|---|---|
| 2021 | R16,099,000 | R11,359,000 | R22,596,000 | R50,054,000 |
| 2022 | R11,878,000 | R15,733,000 | R15,729,000 | R43,340,000 |
| 2023 | R14,888,000 | R9,965,000 | R15,859,000 | R40,712,000 |
| 2024 | R21,486,000 | R9,500,000 | R4,372,000 | R35,358,000 |
| 2025 | R17,929,000 | R15,183,000 | R23,885,000 | R56,997,000 |
| TOTAL (2021–2025) | R82,280,000 | R61,740,000 | R82,441,000 | R226,461,000 |
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