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
IPMAN to Reduce Fuel Prices After Dangote Refinery’s Petrol Price Drop

The Independent Petroleum Marketers Association of Nigeria (IPMAN) says it will announce a new, lower petrol price on Monday, following the recent price slash by Dangote Refinery. Dangote Refinery had dropped its ex-depot price for petrol from N840 to N820 per litre on Thursday, prompting IPMAN to consider adjusting its rates in response.
Speaking on the development, IPMAN President, Abubakar Maigandi, said the association is aligning with the move and will meet to finalize a fresh price cut for petrol. “Our members will also reduce their prices,” Maigandi said. “We’ll make an official announcement on the new fuel price after our meeting on Monday.”
As of Friday, filling stations across Abuja were selling petrol at varying prices, between N905 and N945 per litre. While NNPC, NIPCO, AA Rano, and Shema outlets were dispensing around N910, Dangote-linked stations like AP and Ardova offered it slightly lower at N905. Others, including Ranoil, Empire Energy, and Total Emadeb, were selling at the higher end, up to N945.
Business
Cooking Gas Price Increases by 2.18% as Nigerians Pay More to Refill

The cost of refilling a 12.5kg cylinder of cooking gas in Nigeria went up slightly in May 2025, rising by 2.18% compared to the previous month. The average price now stands at N20,709.11, up from N20,268.06 recorded in April. This update was captured in the latest Liquefied Petroleum Gas (LPG) Price Watch report for May, released by the National Bureau of Statistics (NBS).
According to the report, Delta State topped the list with the highest refill price at N23,356.56, followed by Abia at N22,953.01, and Ebonyi at N22,943.30. On the other hand, residents in Yobe, Lagos, and Kebbi states paid the least, with refill prices of N18,500, N18,536, and N18,606.60, respectively.
When compared to the same period last year, gas prices have jumped significantly, rising by 32% from N15,627.40 recorded in May 2024 to the current average. The NBS is yet to release figures for June 2025.
Business
GTCO Announces Nationwide Early Closure on June 30 for Half-Year Audit

Customers of Guaranty Trust Holding Company (GTCO) across Nigeria should brace for early branch closures on Monday, June 30, 2025, as the banking group kicks off its routine half-year audit.
In an official announcement shared on their verified X (formerly Twitter) page, GTCO informed customers that all their branches nationwide will stop attending to walk-in customers earlier than usual to allow for internal review processes.
The bank assured the public that this temporary adjustment is strictly for operational reasons tied to their mandatory half-year audit, a common practice among financial institutions to check financial records, processes, and compliance levels.
While in-person services will pause earlier that day, GTCO encouraged customers to make use of their digital banking platforms. Options such as internet banking, mobile apps, ATMs, and USSD codes, which will remain available 24/7 for essential banking transactions.
-
Entertainment12 hours ago
Ayra Starr Says Rihanna Is Her Idol and Was Happy to Know Rihanna Likes Her Music
-
Sport12 hours ago
Victor Osimhen Finally Signs Permanent Deal With Galatasaray
-
Entertainment12 hours ago
“I Can’t Follow You On Instagram, My Wife Will Kill Me” – Davido Says To a Fan
-
Sport12 hours ago
Ajibade Says Zambia’s Big Talk Pre-Match Gave Super Falcons the Push to Win 5-0
-
Entertainment9 hours ago
Weekend Vibes Only: Songs That Bring the Summer Vibes Home
-
Entertainment2 hours ago
Timini Egbuson Says He’s Not a Womaniser and is Too Busy for Relationships
-
Entertainment9 hours ago
Ayra Starr Makes History as First African Artist with Latin Diamond Certification
-
Entertainment9 hours ago
“I’m Never Ashamed of My Man – Carter Efe’s Wife Defends His Comedy Career”