Nigeria CEO Tops List of Highest Paid Employee, Earns N8.5million Daily

Karl Toriola, Chief Executive of MTN, is the highest-paid worker in Nigeria, earning an average of N8.5 million daily, which is twice his daily rate from two years ago.

Who would have thought the highest earner would emerge from telecommunications, rather than sectors like oil and gas or even banking? While those sectors are also lucrative, none appear as rewarding as MTN, where the chief executive earns a whopping N8.5 million each day.

There have been reports of tariff hikes by telecommunications companies, with an initial increase of approximately 50%, which was later reduced to 35% following public outcry and complaints to the Nigerian Communications Commission about the potential hardship on consumers.

Notably, MTN abruptly increased its 15GB weekly data plan, previously costing N2,000, to approximately N7,000. However, the price was quickly reduced to around N3,500 after consumers threatened to boycott the company’s services.