Karl Toriola, the CEO of MTN Nigeria Plc, a subsidiary of Africa’s leading telecom services provider, MTN Group, saw his total compensation increase by 61.70 percent for the year 2022, thanks to the telecommunications behemoth’s exceptional financial performance.
Toriola’s 2022 salary totaled R50.20 million ($2.63 million), a considerable increase from the R31.04 million ($1.63 million) he earned the previous year. This highlights MTN Group’s remarkable performance, which reported a profit after tax of R24.26 billion ($1.29 billion) in 2022.
His 2022 remuneration plan includes a base salary of R10.44 million ($546,743) and a performance-based short-term incentive of R12.50 million ($654,353), both of which are attributable to MTN Group’s outstanding financial performance.
Karl Toriola, a seasoned Nigerian business executive, was appointed CEO of MTN Nigeria in October 2020, having previously worked as Chief Operations Officer at Airtel Nigeria and Ericsson in Switzerland and Nigeria. His diversified background has proven to be an asset in his current position.
During his time with the MTN Group, he held important positions such as CEO of MTN Congo Brazzaville and MTN Cameroon, as well as Chief Technical Officer (CTO) of MTN Nigeria. Notably, he served as Vice President for MTN Group’s West and Central Africa (WECA) area for five years before becoming CEO of MTN Nigeria.
MTN Nigeria has established its position as the group’s largest and most lucrative business, contributing significantly to MTN Group profits and revenues under Toriola’s leadership. MTN Nigeria reported revenue and profit numbers of N2.012 trillion ($2.61 billion) and N358.2 billion ($464.58 million) in 2022, up from N1.346 trillion ($1.75 billion) and N205.2 billion ($266.14 million) in 2020, respectively.
Toriola, in addition to his executive and governance duties, owns a 0.0201 percent ownership in MTN Nigeria, totaling 4,086,858 ordinary shares, putting him among the top shareholders with a current worth of about $1.34 million.
