Business
MTN Nigeria CEO Karl Toriola Becomes the Highest-paid CEO in Nigeria
Karl Toriola, the Chief Executive Officer (CEO) of MTN Nigeria Communications Plc, stands as the highest-paid CEO in Nigeria, with an annual compensation of ₦850 million in 2022. This figure translates to approximately ₦2.33 million per day, not ₦8.5 million as previously reported.
Toriola’s tenure at MTN Nigeria began in 2006 when he joined as Chief Technical Officer. Over the years, he has held various senior positions within the MTN Group, including CEO roles at MTN Cameroon and MTN Congo Brazzaville. Before his appointment as CEO of MTN Nigeria in October 2020, he served as Vice President for the West and Central Africa (WECA) region.
Under Toriola’s leadership, MTN Nigeria has experienced significant growth. In the first half of 2024, the company reported a 32.8% increase in revenue, reaching $927.07 million. This growth was driven by increased data consumption, voice traffic expansion, and fintech services.
Toriola’s compensation surpasses that of other top Nigerian CEOs. For instance, Michel Puchercos of Dangote Cement earned ₦736 million, and Baker Magunda of Guinness Nigeria received ₦505 million in 2022.
Business
BATNF, NYSC Collaborate to Promote Agribusiness Among Corps Members
It has been noted that the National Youth Service Corps (NYSC) and British American Tobacco Nigeria Foundation (BATNF) plan to renew their partnership in agribusiness.
The new project is to involve youth in the agriculture business, widen their horizons, and educate them about the agritech sector.
The general manager shared that “The foundation is not only providing grants but also building a system of mentorship, structure, and support that enables corps members to see agribusiness as a serious enterprise pathway.” The plan is to use the NYSC platform to engage youths.
Business
Government Pledges Support for Women in Livestock Development Says Minister Maiha
Idi Mukhtar Maiha, Minister of Livestock Development, has revealed the government’s intention of placing women in the livestock transformation agenda that they have in store for Nigeria.
During a recent event, he praised women, describing them as the backbone of the country, and shared that the country will keep on needing their support, hence the inclusion of the agenda team.
He also praised the First Lady for the impact she has made in the country so far and her advocacy for women’s empowerment.
Business
“Minimum Wage Can Buy a Bag Now” — User Claims Rice Price Falling in Nigeria
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
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