MTN, Africa’s largest mobile network operator (MNO), has awarded R160 million in more than 800 000 shares to 14 executives, including directors, as part of its performance share plan.
This follows MTN reversing its previous loss-making position in the year to December with R27 billion in profit, compared with a R10.9 billion loss in 2024.
The shares, which will vest in three years, were allocated at a price of R192.50. The stock is currently at R195, up 0.48% on the day, and has gained 121.72% over five years, lifting the company’s market value to R357.66 billion.
Although disclosed yesterday, the share allocations took place at the end of last month. The MNO awards stock based on four equally weighted performance metrics: total shareholder return, return on equity, cumulative operating free cash flow, as well as environment, social and governance targets.
In three years, the executives can trade them at the market price. MTN typically settles these awards using treasury shares or issuing new stock, although the group did not specify the source in yesterday’s announcement.
800 000 shares
The largest individual allocation − at just more than 200 000 shares valued at almost R40 million − goes to group CEO and president Ralph Mupita, who joined the company as CFO in 2017 before taking up his current role in 2020.
CFO Tsholofelo Molefe’s allocation is worth R21.5 million, while MTN South Africa CEO Ferdinand Moolman received shares worth R20.1 million.
MTN Nigeria CEO Karl Toriola received shares worth R5.5 million. Nigeria, MTN’s largest operating market by revenue and profit, was a key driver of its improved bottom line after recovering from currency-driven losses in 2024.
Yolanda Cuba, group VP of Southern and East Africa region and former CEO of Vodafone Ghana, received shares worth R12.1 million, and Paul Norman – chief human resource officer and a 28-year MTN veteran – was allocated shares worth almost R11 million.
Pay day
In 2025, Mupita – who receives his remuneration under a split contract between South Africa and Dubai – earned almost R20 million, with the increase in his basic earnings attributable to inflation. In the previous year, the CEO earned a total of R64.751 million in 2024, which included a base salary of R9.6 million, as well as short- and long-term incentives.
Molefe’s salary was R12 million in 2025. She took home R33.6 million in 2024, comprising R12 million in a base salary, as well as short- and long-term incentives.
MTN Nigeria’s CEO Toriola earned R35.4 million in 2024, which included a base salary. His earnings are split between being paid in Nigerian Naira and dollars, with his Naria-based income gaining 54.14% last year due to a “special increase awarded based on a bespoke benchmark survey”.
Molapisi’s 2024 total package was R26 million, including short- and long-term incentives and a R11 million basic income. For last year, he earned R11.48 million, with the increase attributed to inflation.
The salaries of the remaining executives highlighted by ITWeb were not disclosed in MTN’s 2024 annual report.
Flip to profit
By the end of the 2025 year, across 16 markets, MTN served more than 307 million voice, 172 million data and 70 million Mobile Money customers. These gains were supported by focused commercial execution and continued investment of R38 billion to improve the capacity, coverage and quality of MTN’s networks and platforms.
Its return to profit was led by its operations in Nigeria and Ghana, with Nigeria making a major turnaround from 2024, while Ghana reported net profit up 55.9%.
The group reported a 45% increase in its dividend to 500 cents per share – ahead of the board’s minimum guidance of 370 cents and up from 345 cents in 2024.
MTN closed off its Ambition 2025 chapter at the end of last year and has now started implementing Ambition 2030, which streamlines the group’s execution approach around three core platforms: connectivity, fintech and digital infrastructure, serving consumers, homes and businesses.
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