Meet Karl Toriola: MTN Nigeria CEO Among Highest-Paid CEOs In Nigeria

Introduction

Karl Toriola, the Chief Executive Officer (CEO) of MTN Nigeria, is a prominent figure in Nigeria’s corporate world. As the leader of the nation’s largest telecommunications company, he is among the top 10 highest-paid CEOs in Nigeria, alongside business heavyweights like 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. His academic journey began at Obafemi Awolowo University (OAU), Ile-Ife, where he earned a Bachelor’s degree in Electronic and Electrical Engineering in 1994.

He furthered his studies in the United Kingdom at the University of Wales, Swansea, obtaining a Master’s degree in Communication Systems in 1996. Toriola continued to refine his leadership skills through executive programs at top institutions, including:

Harvard Business School (2005–2008)
Institute of Management Development (IMD), Switzerland (2006)
London Business School (2009)
Wharton Business School (2011)
INSEAD, Singapore (2013)

A Flourishing Career in Telecommunications

Karl Toriola’s career began in 1995 at Ericsson Switzerland, where he spent five years before transitioning to Ericsson Nigeria in 2000 as the Support and Integration Manager for GSM. At the time, his expertise was pivotal to Nigeria’s emerging telecom industry.

In 2004, Toriola joined Vmobile Nigeria (now Airtel Nigeria) as Chief Operations/Regional Officer. He was instrumental in building a strong regional technical framework, boosting network quality, and driving market growth. His success at Vmobile set the stage for his next venture.

That same year, he moved to MTN Irancell in Tehran as an Operations Consultant, contributing significantly to their network rollout. By October 2006, he had returned to Nigeria as MTN’s Chief Technical Officer (CTO), leading projects that earned the company accolades such as the 2009 Best CTO and Best Network awards.

International Success and Leadership at MTN

In 2011, Toriola served as interim CEO of MTN Congo Brazzaville before his appointment as CEO of MTN Cameroon. His tenure led to a remarkable increase in market share from 51% to 62%, solidifying MTN Cameroon as the top telecom provider. His achievements included:

Securing 3G and 4G licenses.
Negotiating a fiber license.
Facilitating the partial ownership transfer of the WACS submarine cable system to the Cameroon government.
Leading MTN Cameroon to become the first MTN subsidiary to earn the Investors in People (IIP) Gold certification.

In 2015, Toriola was appointed Group Operating Executive at MTN Group, overseeing operations in 12 countries. His influence expanded further when he became Vice President for West and Central Africa in 2016. In October 2020, MTN Nigeria announced him as Ferdinand Moolman’s successor, and he officially took on the CEO role on March 1, 2021.

Board Memberships and Other Contributions

Beyond his executive roles, Toriola has served in both executive and non-executive positions on various boards, including:

Chairman of MTN/Areeba Guinea.
Non-Executive Director roles at Jumia Africa, American Towers Uganda, and other MTN subsidiaries in Francophone West Africa.

His leadership style, characterized by excellence, innovation, and resilience, has made him a respected leader in Nigeria’s business landscape.

For more insights into Nigeria’s telecommunications industry, visit NCC (Nigerian Communications Commission).