Fact Check – The CEO of MTN Nigeria, Karl Toriola, is a Billionaire Earns over 134 million Naira every month,Owns MTN hares Worth Millions Of Dollars

1. The CEO of MTN Nigeria, Karl Toriola, whose picture is attached below, is a billionaire as he earns over 134 million naira every month as his own salary. 1.6 billion annual salary in a yearWorking for MTN has transformed the life of this Osun state-born prince from Modekeke, and working for MTN has made him a billionaire as well.In addition to his executive and governance roles, Toriola also holds a minority stake in MTN Nigeria with shares of 0.0201 percent in MTN Nigeria, totaling 4,086,858 ordinary shares, placing him among the top shareholders with a current value of nearly $1.34 million.Karl’s only child, and his daughter, Damilola Toriola, is also a shareholder of MTN Nigeria by virtue of his dad’s position, and her shares in the company are currently worth N15.8 million.It is important we share these stories so next time a motivational speaker tries to discredit hardworking 9-5s by undermining the hard work that they do, with this false narrative that you can’t be rich working on another person’s dream, inform the ignorant motivational speaker that 9-5 is one of the fastest vehicles to build wealth in Nigeria..Many examples abound

Karl Toriola, CEO of MTN Nigeria, is a highly paid executive whose compensation has been rising in recent years. According to publicly available reports:

• In 2022, Toriola’s total compensation was about ₦850 million. Businessday NG+1

• By 2023, it was reported to have increased to ₦1.625 billion. theradar.ng

• Based on that 2023 salary, his average daily pay (if divided over 365 days) would be approximately ₦4.45 million/day. theradar.ng

Concerning MTN Nigeria and its shares:

• MTN Nigeria’s share price in mid-2025 is about ₦472. Nairametrics+2microsecondnews.com+2

• The company is valued at close to ₦10 trillion on the Nigerian Exchange, making it the most capitalized company in Nigeria. Nairametrics+2microsecondnews.com+2

As for the claims about Toriola being a shareholder and his daughter:

• He holds a minority shareholding in MTN Nigeria (exact percentage ~0.02%) according to some reports, but the latest sources I reviewed do not confirm precisely 4,086,858 ordinary shares or a specific dollar value like US$1.34 million for that stake. Those numbers may be approximate or outdated.

• His daughter, Damilola, also reportedly owns MTN Nigeria shares (some earlier reports said her shares cost ~N15.8 million). That seems to be supported by earlier media, but I did not find an updated audited filing confirming her current stakes or exact valuation.

Finally, regarding the description of him as a “billionaire”:

• There is no credible source I found that confirms Toriola’s net worth (private + salary + shares) reaches billionaire status in USD.

• Locally, sometimes “billionaire” is used loosely (in naira), but in several sources it appears the use is exaggerated or mis-stated.

📋 Summary Table

What the 2024 Disclosures Confirm

1. Shareholdings in 2024

   • The 2024 Annual Report lists 4,086,858 ordinary shares held directly by Karl Olutokun Toriola. Scribd

   • That number is unchanged from the 2023 report (i.e. he did not acquire or dispose publicly disclosed amounts beyond that in 2024, in that category). Scribd

2. Directors’ Fees for 2024

   • The Chairman’s fee for 2024 was fixed at ₦54,120,000. My Engineers+1

   • Each Non-Executive Director’s fee was fixed at ₦36,285,000. My Engineers+1

3. Media-Reported CEO Compensation in 2024

   • According to Legit.ng, in 2024 Karl Toriola was reported to receive ₦3.1 billion for the year. The same source breaks that down as ~₦8.47 million/day and ~₦258.33 million/month. Legit.ng – Nigeria news.

   • This is a media‐report, and I could not verify it via a publicly audited source.

⚠️ What Remains Unverified or Conflicting

• I did not find a clear audited line item in a publicly released MTN Nigeria 2024 financial report that confirms the ₦3.1 billion compensation. The media claims do not always provide their data source or detailed breakdown (base salary vs bonus vs incentives).

• The term “salary” is often used loosely in media—sometimes meaning base pay, sometimes including bonuses or stock/other perks. Media reports often differ.

• I also did not find an audited USD conversion of his 2024 earnings, or proof that his net worth reached “billionaire” status in USD based solely on his MTN earnings and shareholding.

🔢 What a Reasoned Estimate Looks Like

Based on what is known:

• If media reports of ₦3.1 billion annual compensation for 2024 are accurate (or close enough), that would correspond to about ₦258 million per month, or ₦8.47 million per day (assuming 365 days). Legit.ng – Nigeria news.

• His shareholding of ~4,086,858 ordinary shares: the value of that depends entirely on the market share price. (If share price is ₦472, that stake is worth ~₦1.93 billion, for example. But the actual share price fluctuates, so this is only an approximate value.)