Table of Contents
Key Points
- MTN Nigeria posted 37.5% revenue growth, fueled by surging data and fintech services, cementing its role as group’s top performer.
- MTN’s Francophone Africa cluster, spanning Cameroon, Côte d’Ivoire, Benin, and Congo, will be overseen by Karl Toriola.
- Easing inflation, stable naira, and tighter cost control boosted MTN’s results, as Nigeria and Ghana powered overall growth.
MTN Group, Africa’s largest telecom operator, has broadened the role of Nigerian executive Karl Toriola, chief executive of MTN Nigeria, naming him Vice President for Francophone Africa in a leadership reshuffle aimed at tightening execution across its priority markets.
The appointment, which covers Cameroon, Côte d’Ivoire, Benin, and Congo, strengthens MTN’s regional oversight as the Johannesburg-based company leans on its West African markets to offset slower growth in its South African unit.
Leadership reshuffle across MTN Group
The shift in Toriola’s role comes alongside broader changes at the group. Ferdinand Moolman, currently a non-executive director of MTN Nigeria, will exit its board effective Oct. 31, 2025, ahead of his appointment as CEO of MTN South Africa on Nov. 1. He replaces Charles Molapisi as the company seeks to revive growth in its home market.
Yolanda Cuba has been named deputy CEO of South Africa, while Group CFO Tsholofelo Molefe will take on additional responsibilities covering mergers and acquisitions. The moves reflect MTN’s efforts to strengthen its leadership bench at a time when South Africa, once its mainstay, lags behind Nigeria in contribution.
Toriola is no stranger to the Francophone brief, having previously served as MTN Group’s VP for West and Central Africa. His appointment reinforces the group’s focus on market synergies and maintaining growth momentum across its regional clusters.
Nigeria leads growth as South Africa stalls
MTN’s half-year results showed a strong rebound, with service revenue rising 23.2 percent to R105.1 billion ($5.97 billion). Growth in its key markets drove the improvement: Nigeria, the company’s largest market, recorded a 37.5 percent increase, while Ghana’s revenue doubled with a 100.2 percent jump. South Africa, however, saw modest growth of 2.3 percent, held back by pressures in the prepaid segment.
In Nigeria alone, MTN generated N2.36 trillion ($1.54 billion) in service revenue, fueled by gains in data and fintech. Data services grew 85.6 percent, while fintech climbed 84.2 percent. Profit after tax recovered to N414.9 billion ($271 million), reversing a loss of N519.1 billion ($339.1 million) in 2024.
Easing inflation, which slowed to 22.2 percent in June, and a more stable naira at N1,530/$ supported earnings. Meanwhile, the Central Bank of Nigeria’s decision to hold the benchmark interest rate at 27.5 percent helped create a steadier operating environment, contributing to MTN’s turnaround.
Toriola’s playbook extends beyond Nigeria
Under Toriola, MTN Nigeria has pushed aggressively into digital innovation, 4G coverage, and financial technology, securing its place as the group’s strongest performer. His expanded role in Francophone Africa signals MTN’s intention to replicate Nigeria’s growth model in new territories.
Toriola has guided MTN Nigeria’s push into digital innovation, fintech expansion, and network rollout, positioning the business as the group’s largest earnings driver. His expanded mandate to oversee Francophone Africa signals MTN’s commitment to replicating that playbook in new markets while ensuring leadership continuity at a critical juncture.
