Prime Business Africa
The group managing director (GMD) and chief executive officer (CEO) of MTN Nigeria, Karl Toriola, has increased his shareholding in the telecommunications company.
Toriola increased his shareholding by 761,788 shares in 2025, according to the company’s audited consolidated and separate financial statements for the year ended December 31, 2025.
Join our WhatsApp ChannelThe GMD’s shareholding increased from 4.08 million shares held as at December 31, 2024, to 4.84 million at the end of last year, representing a 761,788 increase.
Following the increase, the value of investment held by the CEO is now N3.68 billion as of April 2, up from N817.37 million the shares were worth at the end of December 2024, indicating a N2.86 million increase.
According to Prime Business Africa’s (PBA) analysis, Toriola’s stake also increased slightly, from 0.01 percent to 0.02 percent.
During the same period, the shareholding of the company’s executive director and chief financial officer, Modupe Kadri, increased by 187,496, from 1.34 million at the end of 2024 to 1.15 million at the end of last year.
With the increase in Kadri’s shareholding, the value of investment the executive director hold in the network provider increased by N788.72 million, from N230.79 million on December 31, 2024, to N1.01 billion on April 2, 2026.
Prime Business Africa analysis showed that aside from the increase in shareholding, a threefold jump in MTN Nigeria’s share price led to the investment growth recorded by Toriola and Kadri.
Between December 31, 2024, and April 2, 2026, a share of MTN Nigeria appreciated by 280 percent, as the price increased by N560, from N200 per share to N760.
The increase also led to a N11.75 trillion increase in MTN Nigeria’s market valuation, which surged from N4.19 trillion to N15.95 trillion.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
