Since the beginning of March 2025, a claim has surfaced online suggesting that Karl Toriola, the CEO of MTN Nigeria, earns a staggering N8.5 million per day, making him the highest-paid employee in the country. While unverified by official sources, this figure has ignited conversations across social media platforms and among industry watchers, raising questions about executive compensation, corporate performance, and the broader economic context in Nigeria as of March 2025.
MTN CEO Karl Toriola: Who is he?
Karl Toriola has been at the helm of MTN Nigeria since March 2021, bringing over 26 years of telecommunications experience. His leadership has guided the company through economic turbulence, regulatory pressures, and a booming demand for digital services. The rumoured N8.5 million daily salary has thrust the MTN CEO into the spotlight, with many questioning whether his pay reflects his contributions to Nigeria’s telecom giant.
MTN Nigeria’s financial performance and CEO compensation
MTN Nigeria, a powerhouse in the telecommunications sector, has posted impressive financial results under Toriola’s tenure. In 2021, the company reported a profit after tax of N298.65 billion, driven by data and mobile money services growth. Records show that Toriola’s annual compensation surged from N850 million in 2022 to N1.625 billion in 2023. If the alleged N8.5 million daily salary—totalling N3.102 billion annually—is accurate, it would significantly drop from prior years, casting doubt on the claim’s credibility.
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Is the MTN CEO’s daily salary of N8.5 million realistic?
The rumoured N8.5 million daily paycheck starkly contrasts Toriola’s reported N4.4 million daily earnings based on his 2023 compensation. The MTN CEO’s alleged salary seems modest compared to other Nigerian CEOs—like Zenith Bank’s Ebenezer Onyeagwu, who earned a N2.17 billion basic salary in 2023. This discrepancy fuels speculation that the N8.5 million figure may be outdated or misinterpreted.
Public reaction to MTN Nigeria CEO salary rumours
On platforms like X, Nigerians have voiced mixed opinions about the MTN CEO’s rumoured earnings. Some criticise the high salary amid rising data and airtime costs, pointing to persistent network issues as a disconnect between executive pay and customer value. Others argue that MTN Nigeria’s profitability justifies a premium salary for its leader, especially in a competitive and challenging market.
Executive salaries in Nigeria: How does MTN CEO compare?
High executive pay is not unique to MTN Nigeria. CEOs like Lars Richter of Julius Berger and Roger Brown of Seplat Energy have historically earned nine-figure annual packages. While the N8.5 million daily salary would make Toriola a top earner, it falls short of some banking and energy sector counterparts, highlighting the variance in compensation across industries. The MTN CEO’s salary debate reflects broader concerns about wealth disparity in Nigeria’s struggling economy.
The bigger picture: MTN Nigeria, salaries, and economic context
As of March 2025, Nigeria faces inflation of 24 percent and currency depreciation, amplifying scrutiny of corporate earnings. MTN Nigeria’s role in driving digital connectivity contrasts with public frustration over affordability, making Toriola’s rumoured salary a lightning rod for discussions on corporate responsibility.
Whether he earns N8.5 million daily or a higher figure closer to past reports, the MTN CEO’s paycheck underscores the high stakes of leading a telecom titan.
Without official confirmation from MTN Nigeria or Toriola, the N8.5 million daily salary remains an unverified rumour. Yet, it has sparked a timely conversation about executive compensation, corporate success, and economic equity. As MTN Nigeria continues to shape the nation’s digital landscape, the focus on its CEO’s earnings—actual or rumored—will likely persist, reflecting the complex interplay of profit, power, and public perception.
