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

As the CEO of Nigeria's largest telecommunications provider, Karl Toriola stands as one of the most recognisable business leaders in the country.

Leading MTN Nigeria, he ranks among the top 10 highest-paid CEOs, as per ranking from NairaMetrics, with the likes of Ebenezer Onyeagwu and Seun Agbaje making the list.

Educational Background

Born on March 16, 1972, in Ife, Osun State, Nigeria, Karl Olutokun Toriola spent his early years in Modakeke. Following his secondary education, he pursued a Bachelor's degree in Electronic and Electrical Engineering at Obafemi Awolowo University, Ile-Ife, graduating in 1994.

His academic journey continued at the University of Wales, Swansea, in the United Kingdom, where he obtained a Master's degree in Communication Systems in 1996.

Over the years, Karl Toriola further honed his leadership and business acumen through executive programs at prestigious 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).

Building an Exceptional Career

Toriola's telecommunications career began in 1995 at Ericsson Switzerland, where he spent five years before moving to Ericsson Nigeria in 2000 as Support and Integration Manager for GSM. At a time when telecommunications was making significant inroads into Nigeria, he played a crucial role in the mobile network rollout. With limited expertise available locally, his skillset was in high demand.

In 2004, he transitioned to Vmobile Nigeria (now Airtel Nigeria) as Chief Operations/Regional Officer, overseeing technical functions. His tenure saw the development of a robust regional technical structure, enhancing network quality and market penetration. He left Vmobile in 2006.

That same year, Toriola took on an international role with MTN Irancell in Tehran as an Operations Consultant, driving network rollout efforts. By October 2006, he returned to Nigeria as MTN's Chief Technical Officer (CTO), where he oversaw Technology Strategy, Capital Projects, and Network Rollout. His leadership earned MTN the 2009 Best CTO and Best Network awards.

His impressive track record led to further executive roles. In 2011, he briefly served as interim CEO of MTN Congo Brazzaville before being appointed CEO of MTN Cameroon. His tenure saw MTN Cameroon's market share grow from 51% to 62%, making it the leading telecom provider in the country. He successfully negotiated 3G and 4G licenses, a fiber license, and partial ownership transfer of the WACS submarine cable system to Cameroon's government. Under his leadership, MTN Cameroon became the first MTN Group subsidiary to earn the Investors in People (IIP) Gold certification.

By 2015, Toriola had ascended to Group Operating Executive at MTN Group, overseeing operations in 12 countries. A year later, he was promoted to Vice President for West and Central Africa, solidifying his influence across the continent. In October 2020, he was named as Ferdinand Moolman's successor, officially assuming the role of MTN Nigeria CEO on March 1, 2021.

Board Memberships and Other Roles

Beyond his executive duties, Toriola has contributed to various corporate boards in both executive and

non-executive capacities. He has served as Chairman of MTN/Areeba Guinea and as a Non-Executive Director for Jumia Africa, American Towers Uganda, and MTN subsidiaries in Francophone West Africa.

Karl Toriola's leadership trajectory showcases a pattern of excellence, innovation, and resilience and that has earned him a place among the highest paid CEOs in Nigeria. His ability to drive growth, negotiate critical deals, and optimize operational efficiency continues to position him as a key figure in Nigeria's telecommunications and business sectors.