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Key Points
- Mupita’s 0.063% MTN stake rose to $5.59 million in 2025, mirroring an 85.55% share price jump on the JSE.
- MTN’s Q1 service revenue climbed 10.4% to $2.58 billion, driven by strong gains in Nigeria and Ghana despite muted South Africa growth.
- Under Mupita’s leadership, MTN added 13.3 million subscribers, with data and fintech revenues growing 28.7% and 25.2% respectively.
Zimbabwean executive Ralph Mupita, president and CEO of MTN Group, has earned millions through his salary and seen substantial gains from his shareholding. The market value of his stake in Africa’s largest telecom services provider has risen above $11 million, highlighting both his investment insight and MTN’s strong performance.
Ralph Mupita’s $10.9 million MTN stake
Data tracked by Billionaires.Africa shows that Mupita’s 0.063 percent stake, totaling 1.15 million shares, has grown by R91.21 million ($5.59 million) since the start of 2025. His holding rose from R106.61 million ($5.65 million) on January 1 to R197.82 million ($11.24 million) at the time of reporting.
The gains reflect an 85.55 percent increase in MTN’s share price on the Johannesburg Stock Exchange (JSE) this year, climbing from R92.61 ($5.26) to R171.84 ($9.76). The rise pushed MTN’s market value to R317 billion ($18 billion), making it Africa’s most valuable telecom, now about $1 billion ahead of Vodacom.
MTN’s revenue growth and AI expansion
MTN Group began 2025 with strong momentum, as rising service revenue in Nigeria and Ghana offset slower growth in South Africa. Group service revenue climbed 10.4 percent to R47.36 billion ($2.58 billion), with Nigeria up 40.4 percent and Ghana rising 39.5 percent.
The company is also accelerating its use of artificial intelligence, introducing a Responsible AI framework, an in-house AI Centre of Excellence, and practical AI applications aimed at improving productivity, reducing costs, and enhancing customer experience
After posting an EPS loss in H1 2024, MTN expects headline earnings per share to rise more than 300 percent in H1 2025, with results due on August 18.
Mupita’s role in MTN’s growth
The rising value of Mupita’s stake underscores his place among Southern Africa’s wealthiest corporate executives. Since becoming group president and CEO on Sept. 1, 2020, after serving as CEO, he has strengthened MTN’s financial performance, and guided its strategic direction.
MTN added 13.3 million users in the first quarter of 2025, bringing its subscriber base to 296.8 million across 16 markets. Active data users grew 9.1 percent to 161.7 million, while mobile money users increased to 62.2 million. Data revenue rose 28.7 percent, and Fintech revenue climbed 25.2 percent, with transaction value up 48.9 percent to $95.3 billion.
A steady hand at the helm
Under Mupita, MTN has reached significant milestones, now serving nearly 300 million subscribers across 16 markets. His leadership has helped the company expand sustainably, strengthen its role in Africa’s digital economy, and position MTN as a key player in the continent’s evolving telecom landscape.
Mupita’s guidance has been central to MTN’s progress, showing how thoughtful management and clear strategic focus can translate into tangible results for both the company and its shareholders.
