Ralph Mupita earns a record R99 million as MTN credits Nigeria for driving its strongest year in decades

Ralph Mupita had his best-paid year since taking the top job at MTN Group. The Zimbabwean executive earned R99.3 million in 2025, a 53% jump from the R64.8 million he received in 2024 and the highest single-year pay package of his tenure as group president and chief executive.

The figure, released on April 29 in MTN's 2025 integrated report, eclipses his previous personal best of just over R92 million for the 2023 financial year. The bulk of the increase came from long-term incentives tied to company performance and a rising share price, not from a base salary hike.

Khotso Mokhele, chair of MTN's remuneration committee, said the framework is working as designed. "Building on the group's performance in 2025, our remuneration philosophy continues to play a pivotal role in supporting the achievement of strategic objectives and sustainable growth," Mokhele said.

The pay increase is inseparable from what Nigeria delivered in 2025. MTN Nigeria was the standout performer across the group's 16 markets. The Nigerian operation posted service revenue growth of 54.9% in constant currency, with EBITDA more than doubling and the margin expanding 13.6 percentage points to 52.7%. MTN Nigeria returned to profitability, reporting profit after tax of R13.1 billion after a R6.8 billion loss in 2024. That reversal was the single biggest driver of the group result.

At the group level, MTN delivered its strongest service revenue growth in nearly two decades, with a 22.7% increase in constant currency. Free cash flow surged 345.5% to R26.9 billion. The subscriber base crossed 300 million for the first time, reaching 307.2 million across 16 markets. Group profit surged to R20.3 billion, and the dividend jumped 45%.

Mupita was not the only senior executive to benefit. MTN Nigeria CEO Karl Toriola, who led the Nigerian turnaround directly, took home R57 million, up 61%. Group Chief Financial Officer Tsholofelo Molefe earned R52 million, up 55%. Senior Vice President Ebenezer Asante received nearly R52 million, up 38%.

The pay disclosures arrive at a delicate moment for MTN's remuneration framework. The group's non-binding remuneration implementation report failed to secure the required 75% shareholder support at the 2025 annual general meeting, with over 40% of votes cast against it. The implementation report will return to shareholders at the next AGM, scheduled for May 29, 2026.