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MTN Nigeria chief executive and Vice President, Francophone Africa, Karl Toriola, earned R56.997 million (approximately ₦4.69 billion, $3.4 million) in total compensation in 2025, a 61.2% jump from the previous year. Toriola’s compensation included R17.9 million ($1.07 million) in earnings, including benefits, R15.18 million ($908,571) in short-term incentive (STI) compensation, and R23.9 million ($1.43 million) in long-term incentives (LTI) vesting, according to MTN Group’s 2025 full-year financial report released on Wednesday. MTN Group’s record performance year and a higher share price drove up his bonuses and equity awards. It is Toriola’s highest single-year compensation, including bonuses, since 2021, when he became CEO of MTN Nigeria. Short-term bonuses were determined 70% by company performance and 30% by team performance, while long-term incentives vested after three years and are tied to strategic and sustainability metrics, according to the 2025 report. Performance bonuses tied to annual targets and long-term incentives vested in shares at a price 62% higher than the previous year, according to the report. Karl Toriola’s Total Compensation (2021–2025) Figures represent total single-figure remuneration in millions of Rand (R). Hover over bars for details. R50.05M 2021 R43.34M(Restated: R50.20M*) 2022* R39.07M 2023 R35.36M 2024 R57.00M 2025 *Nuance Note: The 2023 Annual Financial Statements restated his total 2022 remuneration as R50.20 million (from R43.34 million) depending on the accounting methodology for currency splits and share gains. Source: MTN Group’s Integrated Financial Reports, 2021–2025 TECHCABAL TOOLS “The increase in total remuneration between FY 2024 and FY 2025 is primarily attributable to the vesting of long-term incentives and the increase in share price, which was R124.6 in the FY 2024 vesting and R202.2 in the FY 2025 vesting,” MTN Group said in its report. “Furthermore, the increase in company performance weighting to 70% for all executives, combined with strong Group performance, resulted in higher STI payouts.” Toriola’s shares held at MTN—including shares in MTN Nigeria and Scancom (MTN Ghana)—were valued at R43.65 million ($2.6 million), which is 2.94 times his required minimum shareholding, according to the report. Group CEO Ralph Mupita held shares valued at R269.6 million ($16 million)—6.78 times his required minimum shareholding. Executives sold shares in March A March 31 regulatory announcement filing on the Johannesburg Stock Exchange (JSE) shows that Toriola, along with other MTN executives, sold shares in March following their vesting under the Performance Share Plan (PSP). Toriola sold 72,053 MTN shares on March 26 at a volume-weighted average price of R202.2 ($12.06), realising R14.57 million ($869,000) in proceeds. The shares were described as an off-market sale, according to the filing. The Karl Toriola Era: 2021–2025 Hover over or tap the bars to view Revenue, Profit, or Loss figures. Rev: ₦1.65TProfit: ₦307.2B 2021 Rev: ₦2.01TProfit: ₦348.7B 2022 Rev: ₦2.47TLoss: ₦137.0B 2023 Rev: ₦3.36TLoss: ₦400.4B 2024 Rev: ₦5.20TProfit: ₦1.11T 2025 REVENUE PROFIT LOSS Source: MTN Financial reports, 2021–2025 TECHCABAL TOOLS Mupita also sold his entire vested allocation of 239,229 shares for R48.4 million ($2.9 million), while CFO Tsholofelo Molefe sold 50,991 shares and retained 58,666. MTN South Africa CEO Ferdi Moolman sold 69,836 shares for R14.1 million ($841,500), and Senior Vice President, Markets, Ebenezer Asante sold 86,634 shares for R17.5 million ($1 million). According to the filing, MTN said it obtained prior clearance for all transactions in accordance with its policy and JSE’s listing requirements. On April 7, Toriola and other senior executives at MTN were awarded shares tied to the company’s 2010 Performance Share Plan (PSP). The MTN Nigeria CEO received 28,704 shares worth approximately ₦463.7 million ($335,000). The shares carry a three-year vesting period ending in December 2028 and are tied to performance conditions, including fintech growth, 5G expansion, net zero emission in environmental, sustainability, and governance (ESG) targets, and broader group competitive metrics.
Read MoreGrey, a Y Combinator-backed cross-border payments platform, has been registered as a payment service provider (PSP) in Canada under the country’s regulatory framework for payments companies, the Retail Payment Activities Act (RPAA). The move builds on Grey’s earlier integration with Interac, a Canadian interbank network, which allows Grey users to send Canadian Dollars directly to any Canadian bank account. Between 2019 and 2024, merchandise exports from Canada to Africa grew by 13%, while imports from Africa increased by 109%. Still, payments across the trade corridor rely on multiple intermediary banks, which could lead to slow settlement times and high foreign exchange costs. Founded in 2020 by Joseph Femi Aghedo and Idorenyin Obong, Grey plans to sit at the centre of these global money flows by offering multi-currency accounts in dollars, pounds, and euros, enabling transfers to more than 170 destinations. “Registering under the RPAA framework is an important step in aligning our operations with Canada’s regulatory expectations,” said Obong. “Our goal is to provide a reliable and transparent way for users to send money to Canada, with delivery times that can be near real-time depending on the payment method used.” The RPAA, which came into effect in 2024 and is overseen by the Bank of Canada, sets standards for local and foreign payment service providers, including their registration requirements and how they manage operational risk, safeguard customer funds, and report incidents. By registering under the framework, Grey can now offer payment services directly to users in Canada while complying with local regulatory standards. Under the RPAA, PSPs are required to implement stronger safeguards around customer funds and system failures. Grey will now be expected to provide annual compliance reports to the Bank of Canada and undergo an internal review every three years to assess compliance. Grey said it is also registered as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in Canada and with the Financial Crimes Enforcement Network in the United States.
Read MoreOn March 20, 2017, Clement Okoh walked into a Lagos hospital with what previous doctors he consulted believed was a muscle strain and routine pain. Hours later, he said he could no longer walk. He later learnt the muscle strain diagnosis was incorrect. What had been dismissed as routine pain was later diagnosed as aggressive multiple myeloma—blood cancer that develops in plasma cells—eating away at his spine. By the time the error became clear, the damage was severe. The tumour had weakened his vertebrae —the bones that form the human spinal column—so much that a minor fall was enough to fracture his spine and leave him paralysed. Within hours, Okoh said he was flown to the United States. The doctors at John Hopkins Hospital, in Baltimore, Maryland, USA, he said, gave him four to five years to live, with a range of immediate risks: stroke, pulmonary embolism, deep vein thrombosis, blood poisoning, and internal bleeding. Surgeons removed the tumour and fused his spine. Okoh recalled his neurosurgeon once telling him that he would never walk again. But he did. That recovery did more than save his life; it shaped his direction afterwards. During his time in intensive care and rehabilitation, he resolved that if he survived, he would return to Nigeria and work on building systems that could reduce the chances of similar outcomes in the future. That promise became Monte Sereno Health, an artificial intelligence-powered platform designed to deliver proactive primary care and continuous health management, founded in 2021. The company is attempting to address a deeper structural problem in Africa’s healthcare systems: fragmentation. Patients often move between informal providers, under-resourced clinics, pharmacies, and labs that rarely share data, while overstretched doctors make decisions with limited information. A 2021 World Health Organisation (WHO) report on health information systems found that 30 of 47 African countries lacked the capacity to accurately register births and deaths, with cause-of-death data largely unavailable. The absence of common data standards further limits the ability to integrate and compare health information across systems. Okoh’s misdiagnosis, he said, was not simply incompetence. It was the predictable outcome of a fragmented system, where doctors operate with limited data, patients carry paper records, and there is little real-time verification or support during clinical decisions. In many cases, diagnosis depends on a single doctor’s judgment, often without access to full patient history or decision support tools. A study by Mayo Clinic, a non-profit academic medical centre, shows that up to 20% of serious conditions are misdiagnosed during initial visits globally. Telehealth, which has expanded access in recent years, does not fully solve the problem. It connects patients to doctors, but offers little oversight or quality control during consultations. “You have no idea who you’re talking to, and there’s no real-time quality check,” Okoh said. Monte Sereno’s answer, Okoh stressed, is not another telemedicine app. It is what he describes as a healthcare operating system: a full-stack digital infrastructure designed to sit above and connect every part of the care journey. A healthcare operating system Instead of isolated consultations, the platform works by embedding artificial intelligence (AI) into every interaction. During a medical session, Monte’s AI agent, called StarPilot, sits alongside the doctor and patient, analysing symptoms in real time, pulling medical records, and querying global research databases. If a patient reports a fever and headache, the system does not stop at common assumptions. It asks where the patient has travelled, cross-references disease prevalence, and suggests follow-up questions or tests. A visit to Lagos, for instance, would trigger prompts to rule out malaria or typhoid and not just flu. The goal for Monte is not to replace doctors but to reduce the margin of error, according to Okoh. A 2025 cross-sectional study of Nigerian medical practitioners found that prevalence rates for medical errors range from 42.8% to as high as 89.8%. “The AI can challenge both the doctor and the patient in real time,” Okoh said. “But the doctor still makes the final call.” One of the platform’s central features is a portable electronic health record that follows the patient across providers and geographies. Monte Sereno’s system digitises records, even from paper, using uploads. Once integrated, the data becomes part of a continuously updated profile that informs every interaction on the platform. The system not only stores information; it interprets it. If a medication becomes unsafe due to new research, the platform flags it automatically. If a doctor prescribes a conflicting drug, it alerts both parties. Designing for scarcity Monte Sereno is being built with Africa’s constraints in mind, according to Okoh. The continent faces a deepening health workforce crisis, with a projected shortfall of 6.1 million workers by 2030. At the same time, data from the Africa Centres for Disease Control and Prevention and UNECA shows a $66 billion annual gap in health financing. In Nigeria, doctor-to-patient ratios can reach one to 10,000, according to the Nigeria Medical Association. In some rural areas, patients travel more than 30 kilometres from their homes to get medical attention where available. Through built-in translation tools, Monte allows doctors in other countries like India, Egypt, and Latin America to consult with patients in Nigeria without language barriers. In pilot tests, multilingual consultations were conducted seamlessly, with each participant seeing responses in their preferred language. It also supports shared consultations, where multiple patients can be assessed using a single device. Inspired by trials in India, this model helps extend care to communities with limited access to smartphones and reliable internet, where a single phone can serve thousands of patients. But this approach raises privacy concerns. When multiple patients use the same device, sensitive data, such as medical histories, diagnoses, and personal details, can be exposed if safeguards are weak. In low-connectivity settings, where devices are reused, and security is harder to enforce, the risks of data leaks or unauthorised access increase. Without strong encryption, user authentication, and clear data separation, patient confidentiality could be compromised, especially in communities where health-related stigma is high. Okoh
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