MTN Nigeria CEO, Karl Toriola receives performance reward in shares worth $335k

MTN Nigeria CEO, Karl Toriola, has been awarded conditional shares worth approximately $335,000 (R5.5 million) as part of the group’s long-term incentive (LTI) performance share plan. 

According to a notice released by the group on Tuesday via the JSE’s stock exchange platform, Karl Toriola and 13 other executives were allocated shares. The development forms part of the awards granted to top MTN personnel on March 31, 2025.

The MTN Nigeria CEO received 28,704 shares at $11.78 (R192.50) per share, totalling R5,525,459.88. 

The company explained that the shares are rewards for performance conditions originally fixed to be granted on December 10, 2025. However, the company decided to move the date to December 10, 2028. 

“The vesting date has been accelerated to 10 December 2028, aligning with the date on which the award would normally have been granted, being 10 December 2025,” part of the statement reads. 

Aside from the share rewards, Toriola and MTN Nigeria director, Modupe Kadri, also received long-term incentive awards in respect of the MTN Nigeria shares in their capacities as executives in the Nigerian subsidiary.

The group noted that it is separate from the LTI awards disclosed on Tuesday.

Also Read: MTN Group records $6 billion data revenue in 2025, powered by strong performance in Nigeria and Ghana.

Ralph Mupita rakes in big among MTN top executives 

Among all 14 recipients who received the shares award, MTN Group CEO Ralph Mupita received the largest of 207,633 shares at R192.50 each, amounting to approximately $2.4 million (R40 million).

In total, the group allocates shares worth a total of $9.8 million (R160.2 million). 

The group’s senior vice president for markets, Ebenezer Asante, received the second-largest allocation, at 120,880 shares worth $1.4 million (R23.3 million). 

Following the group’s CEO are the group’s cheif financial officer, Tsholofelo Molefe, with 111,931 shares worth $1.3 million (R21.5 million), and MTN South Africa CEO, Ferdi Moolman, who was allotted 104,545 shares worth $1.2 million (R20.1 million).

Others are as follows.

• Executive: Yolanda Cuba – 62,718 shares worth $733,151 (R12.1 million).
• Executive: Paul Norman – 56,333 shares worth $660,000 (R10.8 million).
• Executive: Dineo Molefe – 35,559 shares worth $417,796 (R6.84 million).
• Scancom Ghana Director, Sugentharen Perumal – 35,436 shares worth $416,427 (R6.82 million).
• MTN Ghana CEO, Stephen Blewett – 21,382 shares worth $250,381 (R4.1 million).
• MTN Ghana CFO, Antoinette Kwofie – 13,660 shares worth $158,740 (R2.6 million).
• Group Secretary, Lucy Mokoka – 12,008 shares worth $114,106 (R2.31 million).
• Director (Nigeria), Modupe Kadri – 11,855 shares worth $139,273 (R2.28 million).
• Secretary (South Africa), Mateboho Rantofi – 9,953 shares worth $116,000 (R1.9 million).

MTN noted that all award recipients with minimum shareholding requirements had fulfilled their obligations.