Mupita's MTN pay surges 53% to R99.3m

Published: 29 April 2026

Chief executive of MTN Group, Ralph Mupita, saw his total remuneration jump 53% to R99.3 million for the 2025 financial year, marking his highest single-year earnings since taking the helm in 2020.

The figure represents a sharp increase from the R64.8 million he earned in 2024 and surpasses his previous peak of just over R92 million recorded in 2023.

The rise comes despite lingering shareholder unease over executive pay. At the company's 30th annual general meeting in May 2025, MTN's non-binding remuneration implementation report failed to secure the required 75% approval, with 40.82% of shareholders voting against it. The report is set to return for another vote at the next AGM scheduled for May 29, 2026.

According to MTN, the bulk of Mupita's increased earnings was driven by long-term incentives vesting at a significantly higher share price. The valuation of vested shares rose from R124.60 in 2024 to R202.20 in 2025. In addition, the company increased the weighting of performance-based short-term incentives to 70%, amplifying payouts amid strong operational results.

Khotso Mokhele, chair of the remuneration committee, said the company's pay framework remains aligned with its strategy and growth ambitions.

"Our remuneration philosophy continues to play a pivotal role in supporting the achievement of strategic objectives and sustainable growth," Mokhele said.

Other top executives also recorded substantial increases. Chief financial officer Tsholofelo Molefe earned R52 million, up 55%, while Karl Toriola took home R57 million, a 61% rise. Senior vice-president for markets Ebenezer Asante earned nearly R52 million, while newly appointed MTN South Africa CEO Ferdi Moolman received R18 million for just two months in the role.

The remuneration increases come on the back of MTN's strongest financial performance in more than a decade. Service revenue grew 22.7% in constant currency to R218.5 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 36.8%. Adjusted headline earnings per share climbed 67%.

The group also declared a dividend of R5 per share, up from R3.45, and announced a R6 billion share buyback programme to be implemented over three years.

Growth was largely driven by MTN's West and East African operations, particularly Nigeria and Ghana, which recorded strong service revenue increases of 54.9% and 35.9% respectively. By contrast, MTN South Africa delivered modest growth of 2%, with EBITDA declining 10.2% and margins narrowing.

MTN said Mupita's performance metrics were tied to both group and team outcomes, with progress in addressing Nigeria's negative equity position playing a key role in determining his overall remuneration.

The company maintained that its compensation structure remains competitive and necessary to attract and retain top talent, even as it faces ongoing scrutiny from shareholders over executive pay levels.
- online