Nigeria's highest-paid CEO Karl Toriola says MTN Nigeria belongs to Nigerians

• MTN Nigeria CEO Karl Toriola says the company is Nigerian, with over 201,000 direct shareholders and about 11 million Nigerians owning shares indirectly through pension funds.

• He said the telecom tariff increase was necessary to prevent operators from collapsing financially and has enabled more investment in network infrastructure.

• Toriola blamed poor network service on fibre cuts, vandalism, insecurity, rising demand and unreliable electricity across Nigeria.

• He also denied claims that MTN deliberately consumes customers' data, saying background apps like iCloud and WhatsApp are responsible for much of the unexpected data usage.

If you've ever called MTN a "South African company" after your data vanished or your network disappointed you, the company's CEO, Karl Toriola, has something to say.

Speaking during an interview on Arise News, Toriola said MTN Nigeria is "a Nigerian company through and through," despite the widespread belief that it is owned entirely by South Africans.

According to him, while MTN Group was founded in South Africa, its ownership today is spread across investors from different parts of the world.

"We are labelled as a South African company because MTN Group was founded in South Africa. But the reality is that MTN Group has a very diverse global shareholding. Only about 50 per cent of the shareholding is African, while the rest is held by investors from North America, Europe, the United Kingdom, the Middle East and Asia-Pacific," he said.

Toriola explained that MTN Nigeria is incorporated in Nigeria, listed on the Nigerian Exchange and pays all taxes, duties and regulatory fees in the country.

He also pointed out that Nigerians are deeply involved in running and owning the business.

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"MTN Nigeria is a Nigerian company through and through. We are domiciled in Nigeria. We are listed on the Nigerian Exchange. We pay all the taxes, duties and levies expected of us, and we are run by Nigerians."

He added: "I am Nigerian. Apart from one executive, every member of our executive committee is Nigerian, while our entire expatriate workforce in Nigeria is just four people."

According to him, more than 201,000 retail investors directly own MTN Nigeria shares, while around 11 million Nigerians have indirect ownership through pension funds.

"We have over 201,000 retail investors, while about 11 million Nigerians own MTN shares indirectly through pension funds. We are very proud of our Nigerian identity," he said.

The MTN boss also defended the recent telecom tariff increase approved by the Federal Government, saying it wasn't about making more profit but about keeping the industry alive.

According to him, telecom operators were struggling financially before the adjustment.

"People perceived the tariff increase as an aspiration for profitability, but the reality was that we were on our knees financially. We couldn’t even pay our month-to-month bills with the revenues we were generating. The tariff adjustment was an absolute necessity. It enabled us to stay alive," he said.

He revealed that MTN has now increased investment in its network after the tariff review.

The company reportedly moved its capital expenditure from about ₦250 billion in 2024 to roughly ₦1 trillion in 2025.

"In the first quarter of this year alone, we spent N390 billion on capital expenditure, compared with a profit after tax of N359 billion. That demonstrates our commitment to improving quality of service," he stated.

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On complaints about poor network service, Toriola admitted customers still face challenges but said the issues go beyond the telecom operators themselves.

He blamed increasing data demand, fibre cuts during road construction, vandalism, insecurity and Nigeria's unstable electricity supply.

"There are people who deliberately pour petrol into our manholes and set them on fire. A single incident can knock out services for millions of subscribers. We also face security challenges that prevent our engineers from accessing some sites quickly," he said.

He explained that MTN operates around 18,000 network sites nationwide, many of which rely heavily on generators because of unreliable power supply.

Despite the challenges, he assured customers that the company would continue investing to improve service.

"We are not perfect, but we are investing aggressively and continuously striving to do better," he added.

One issue that continues to frustrate many subscribers is how quickly mobile data seems to finish.

Toriola dismissed claims that MTN deliberately depletes customers' data balances.

According to him, internal investigations repeatedly show that many smartphones consume data in the background without users realising it.

He said apps such as Apple iCloud, WhatsApp and other cloud-based services often carry out automatic backups using mobile data when Wi-Fi isn't available.

"There is a perception that MTN goes and takes customers’ data, but our studies have shown repeatedly that background applications are consuming much of that data," he said.

He advised subscribers to check their phone settings and configure automatic backups to happen over Wi-Fi where possible to avoid unnecessary mobile data usage.