MTN Nigeria chief executive and Vice President, Francophone Africa, Karl Toriola, earned R56.997 million (approximately ₦4.69 billion, $3.4 million) in total compensation in 2025, a 61.2% jump from the previous year.
Toriola’s compensation included R17.9 million ($1.07 million) in earnings, including benefits, R15.18 million ($908,571) in short-term incentive (STI) compensation, and R23.9 million ($1.43 million) in long-term incentives (LTI) vesting, according to MTN Group’s 2025 full-year financial report released on Wednesday.
MTN Group’s record performance year and a higher share price drove up his bonuses and equity awards. It is Toriola’s highest single-year compensation, including bonuses, since 2021, when he became CEO of MTN Nigeria.
Short-term bonuses were determined 70% by company performance and 30% by team performance, while long-term incentives vested after three years and are tied to strategic and sustainability metrics, according to the 2025 report.
Performance bonuses tied to annual targets and long-term incentives vested in shares at a price 62% higher than the previous year, according to the report.