MTN Nigeria CEO Gets N463m in Performance Shares as Telco Allocates Equity to Top Executives
- MTN Group has awarded its Nigeria CEO, Karl Toriola, performance shares worth about N463.7 million under its long-term incentive plan to retain key leadership
- Other top executives were also rewarded, reflecting confidence in management despite economic challenges in major markets like Nigeria and Ghana
- These shares will vest over three years and are tied to performance targets, with additional local equity incentives provided to Nigerian executives
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
MTN Group has granted performance shares worth about N463.7 million ($335,000) to its Nigeria CEO, Karl Toriola, as part of efforts to retain key leadership in one of its most important markets.
The award, revealed in a regulatory filing on Tuesday, March 7, 2026, falls under the company’s 2010 Performance Share Plan (PSP), which distributes equity incentives to senior executives across the organisation.
Source: UGC
Toriola, who is one of the highest paid CEO in Nigeria, was allocated 28,704 shares valued at R5.5 million (approximately $335,000). When combined with additional long-term incentives tied to MTN Nigeria’s internal compensation framework, the total value rises significantly in naira terms.
This approach is designed to align executive rewards with sustained business performance while reducing the risk of leadership turnover.
Recall that Legit.ng earlier reported how MTN Nigeria returned to profitability in 2025 after two consecutive years of reporting losses.
More top executives benefit from MTN shares
The wider share distribution, exceeding R150 million ($9.1 million), came shortly after the end of Q1 2026 and reflects MTN’s confidence in its leadership team despite economic headwinds such as currency instability and regulatory pressures in key African markets.
Nigeria and Ghana alone accounted for 46.8% of the group’s service revenue, underscoring their strategic importance, according to The Guardian.
At the group level, CEO Ralph Mupita received the largest allocation, with 207,633 shares worth close to R40 million ($2.4 million). Other senior leaders, including Ebenezer Asante and Tsholofelo Molefe, were also awarded substantial equity.
Meanwhile, Yolanda Cuba received shares valued at R12.1 million ($748,000), and Paul Norman was granted nearly R11 million ($668,800) in shares.
These shares are subject to a three-year vesting period ending in December 2028 and depend on meeting specific performance targets.
These conditions are expected to focus on areas such as fintech expansion, 5G rollout, and overall competitiveness. Failure to achieve these benchmarks could result in a portion of the shares not vesting.
The filing also reveals a dual-incentive structure for Nigerian executives.
In addition to group-level share awards, leaders like Toriola and MTN Nigeria CFO Modupe Kadri receive equity linked directly to the local subsidiary, further strengthening alignment with in-country performance goals.
A previous Legit.ng report had shown that the 16th Emir of Kano, Muhammadu Sanusi II, received N442 million (about $324,000) in total remuneration from MTN Group for the 2025 financial year.
Source: UGC
MTN promises better services
Meanwhile, Legit.ng earlier reported that Toriola said that the tariff hike would address rising operational costs and ensure critical investments in infrastructure in the telecom industry.
He noted that this tariff adjustment is an important step towards addressing economic pressures on the industry.
The telecommunications giant's CEO assured subscribers that the tariff adjustment would improve services.
Source: Legit.ng
