MTN has awarded its Nigeria Chief Executive Officer, Karl Toriola, performance shares worth approximately N463.7 million ($335,000), reinforcing the telecom giant’s strategy to retain top leadership in its most critical markets.

Announced in a regulatory filing yesterday, MTN said the N463.7 million is part of the N13.5 billion (R160 million) performance share of the MTN group allocated to its top executives.

The development is part of MTN’s 2010 Performance Share Plan (PSP), which allocates equity to senior executives across the group.

According to the statement, Toriola received 28,704 shares valued at R5.5 million (about $335,000), with additional long-term incentives tied to MTN Nigeria’s local compensation structure pushing the total value significantly higher in naira terms.

The structure aligned executive incentives with long-term company performance while discouraging leadership turnover. It is particularly relevant for markets like Nigeria and Ghana, which contributed a combined 46.8 per cent to group service revenue, but also present regulatory and macroeconomic challenges.

At the group level, CEO, Ralph Mupita, received the largest allocation, with 207,633 shares worth nearly R40 million ($2.4 million). Other top executives, including Ebenezer Asante, Senior Vice President, Markets, MTN Group, and Tsholofelo Molefe, MTN Group Chief Financial Officer, also received substantial equity awards.

Molefe’s allocation is worth R21.5 million, while MTN South Africa CEO, Ferdinand Moolman, received shares worth R20.1 million.

Group VP of the Southern and East Africa region and former CEO of Vodafone Ghana, Yolanda Cuba, received shares worth R12.1 million, and Paul Norman, chief human resource officer and a 28-year MTN veteran, was allocated shares worth almost R11 million.

The shares are not immediately accessible. They are tied to a three-year vesting period ending in December 2028 and are subject to performance conditions. These include targets likely linked to fintech growth, 5G expansion, and broader competitiveness metrics. If these benchmarks are not met, a portion of the shares may not vest.

The filing also highlights a dual-incentive approach for Nigerian executives. In addition to group-level shares, leaders such as Toriola and MTN Nigeria’s Chief Financial Officer, Modupe Kadri, receive equity tied to the local subsidiary.

Recall that by the end of 2025, across 16 markets, MTN served more than 307 million voice, 172 million data and 70 million Mobile Money customers. These gains were supported by focused commercial execution and continued investment of R38 billion to improve the capacity, coverage and quality of MTN’s networks and platforms.

Its return to profit was led by its operations in Nigeria and Ghana, with Nigeria making a major turnaround from 2024, while Ghana reported net profit up 55.9 per cent.