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.
The Federal Government trains 500 women and youths in food production and agriculture. The programme was started to support food security.
The Federal Ministry of Agriculture and Food Security partnered with the National Horticultural Research Institute (NIHORT).
The women and youths were taught tomato, okra and Telfairia production techniques. The government believes this will help boost agriculture, improve food production and strengthen the economy in Ogun State.
According to reports, fuel stations are reducing their prices a bit. This has become a general thing around Nigeria after the spike due to the removal of subsidy.
The prices are dropping to ₦1,275 and ₦1,299, going lower than ₦1,300 compared to what it was before.
MTN has moved closer to acquiring IHS Holding, following shareholder approval of the proposed takeover, marking another major milestone in the transaction.
The approval was secured during the Extraordinary General Meeting (EGM) held on 4 August, allowing the deal to progress to the next stage.
If completed, the acquisition is expected to strengthen MTN’s infrastructure capabilities by giving the company greater control over its telecommunications tower assets. Industry analysts believe the move could improve network efficiency, reduce long-term operating costs, and support MTN’s continued expansion across its markets.
The transaction is still subject to regulatory approvals and other closing conditions before it can be officially completed.
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