Meet Karl Toriola, MTN boss among highest-paid CEOs in Nigeria

Karl Toriola, the Chief Executive Officer of Nigeria's largest telecommunications company, MTN Nigeria, is recognized as one of the most prominent business figures in the nation.

According to a ranking by NairaMetrics, he is listed among the top ten highest-paid CEOs, alongside notable individuals such as Ebenezer Onyeagwu and Seun Agbaje.

Educational Background
Born on March 16, 1972, in Ife, Osun State, Nigeria, Karl Olutokun Toriola spent his formative years in Modakeke. After completing his secondary education, he earned a Bachelor’s degree in Electronic and Electrical Engineering from Obafemi Awolowo University, Ile-Ife, graduating in 1994.

He furthered his studies at the University of Wales, Swansea, in the United Kingdom, where he received a Master’s degree in Communication Systems in 1996.

Throughout his career, Karl Toriola has enhanced his leadership and business skills by participating in executive programs at esteemed institutions, including Harvard Business School (2005–2008), the Institute of Management Development (IMD) in Switzerland (2006), London Business School (2009), Wharton Business School (2011), and INSEAD in Singapore (2013).

Toriola's distinguished career in telecommunications commenced in 1995 at Ericsson Switzerland, where he dedicated five years before relocating to Ericsson Nigeria in 2000 as the Support and Integration Manager for GSM. During a pivotal period of telecommunications expansion in Nigeria, he played an instrumental role in the deployment of mobile networks, with his expertise being highly sought after due to the scarcity of local talent.

In 2004, he advanced to Vmobile Nigeria (currently Airtel Nigeria) as the Chief Operations/Regional Officer, where he managed technical operations. His leadership contributed to the establishment of a strong regional technical framework, significantly improving network quality and market reach. He departed from Vmobile in 2006.

In the same year, Toriola embraced an international position with MTN Irancell in Tehran as an Operations Consultant, where he was pivotal in advancing network rollout initiatives. By October 2006, he returned to Nigeria to assume the role of Chief Technical Officer (CTO) at MTN, overseeing Technology Strategy, Capital Projects, and Network Rollout. His exemplary leadership resulted in MTN receiving the Best CTO and Best Network awards in 2009.

His remarkable achievements paved the way for further executive opportunities. In 2011, he briefly held the position of interim CEO of MTN Congo Brazzaville before being appointed CEO of MTN Cameroon. Under his guidance, MTN Cameroon’s market share increased from 51% to 62%, establishing it as the foremost telecom provider in the nation. He successfully negotiated the acquisition of 3G and 4G licenses, a fiber license, and facilitated a partial ownership transfer of the WACS submarine cable system to the Cameroonian government. During his tenure, MTN Cameroon became the first subsidiary of the MTN Group to achieve the Investors in People (IIP) Gold certification.

By 2015, Toriola had risen to the position of Group Operating Executive at MTN Group, where he managed operations across 12 countries. The following year, he was elevated to Vice President for West and Central Africa, further establishing his prominence on the continent. In October 2020, he was appointed as the successor to Ferdinand Moolman, officially taking on the role of CEO of MTN Nigeria on March 1, 2021.

Board Memberships and Additional Roles
In addition to his executive responsibilities, Toriola has played a significant role on various corporate boards, both in executive and non-executive positions. He has held the position of Chairman for MTN/Areeba Guinea and served as a Non-Executive Director for Jumia Africa, American Towers Uganda, and MTN subsidiaries in Francophone West Africa.

Karl Toriola’s leadership journey reflects a consistent record of excellence, innovation, and resilience, which has secured him a place among the highest-paid CEOs in Nigeria. His capacity to foster growth, negotiate pivotal agreements, and enhance operational efficiency continues to establish him as a prominent figure in Nigeria’s telecommunications and business landscape.