Nigerian executive Karl Toriola, the CEO of MTN Nigeria Plc, a subsidiary of Africa’s leading telecom services provider, MTN Group, witnessed a remarkable 61.70 percent surge in his total compensation for the year 2022, driven by the exceptional financial performance of the telecommunications behemoth.
Toriola’s compensation for 2022 reached an impressive R50.20 million ($2.63 million), marking a significant increase from the R31.04 million ($1.63 million) he earned in the preceding year. This underscores the outstanding performance of MTN Group, which reported a profit after tax of R24.26 billion ($1.29 billion) in 2022.
His 2022 compensation package includes a base salary of R10.44 million ($546,743) and a performance-based short-term incentive of R12.50 million ($654,353), both attributed to MTN Group’s remarkable financial performance.
A seasoned Nigerian business executive, Karl Toriola took the helm as the CEO of MTN Nigeria in October 2020, having previously served as the Chief Operations Officer at Airtel Nigeria and Ericsson in Switzerland and Nigeria. His diverse experience has been a valuable asset in his current role.
His tenure in the MTN Group includes significant positions such as CEO at MTN Congo Brazzaville and MTN Cameroon and Chief Technical Officer (CTO) at MTN Nigeria. Notably, he spent five years as Vice President for MTN Group’s West and Central Africa (WECA) region before assuming the CEO position at MTN Nigeria.
Under Toriola’s leadership, MTN Nigeria has cemented its position as the group’s largest and most profitable subsidiary, making substantial contributions to MTN Group’s profits and revenues. In 2022, MTN Nigeria reported revenue and profit figures of N2.012 trillion ($2.61 billion) and N358.2 billion ($464.58 million), respectively, a notable increase from N1.346 trillion ($1.75 billion) and N205.2 billion ($266.14 million) in 2020.
In addition to his executive and governance roles, Toriola also holds a minority stake of 0.0201 percent in MTN Nigeria, totaling 4,086,858 ordinary shares, placing him among the top shareholders with a current value of nearly $1.34 million.
