MTN CEO Ralph Mupita Earns $5m Record Pay as Share Gains Drive Incentives
by Staff Reporter · The Zimbabwe Mail
JOHANNESBURG – MTN Group chief executive Ralph Mupita received a record remuneration package of R99.3 million (approximately US$5.3 million) for the 2025 financial year, underpinned by a surge in share-based incentives following a strong recovery in the company’s stock price.
The payout marks a 53% increase from R64.8 million (about US$3.5 million) earned in 2024 and exceeds his previous peak of just over R92 million (roughly US$4.9 million) recorded in 2023.
The increase comes despite shareholder resistance to executive pay. At the company’s 2025 annual general meeting, more than 40% of shareholders voted against the remuneration implementation report, falling short of the required approval threshold. The matter is expected to return for review at the next AGM in May 2026.
According to MTN’s remuneration disclosures, the bulk of the increase in Mupita’s earnings stems from long-term incentives vesting at significantly higher share prices. The valuation of vested shares rose from R124.60 in 2024 to R202.20 in 2025, substantially boosting total compensation.
Short-term incentives also rose after the company increased the weighting of performance metrics tied to group results to 70%, reflecting improved operational outcomes across key markets.
Other senior executives also benefited from the strong performance. Chief financial officer Tsholofelo Molefe earned R52 million (approximately US$2.8 million), up 55%, while Karl Toriola received R57 million (about US$3.1 million), a 61% increase. Senior vice-president Ebenezer Asante took home nearly R52 million (US$2.8 million), up 38%.
Newly appointed MTN South Africa CEO Ferdi Moolman earned R18 million (around US$1.0 million), despite serving only two months during the reporting period.
The remuneration increases follow MTN’s strongest financial performance in over a decade. Service revenue rose 22.7% in constant currency to R218.5 billion (approximately US$11.7 billion), while EBITDA before one-off items grew 36.8%. Adjusted headline earnings per share jumped 67%.
The board declared a dividend of R5 per share (about US$0.27), up from R3.45, and announced a R6 billion (approximately US$320 million) share buyback programme to be executed over three years.
Growth was largely driven by MTN’s operations in Nigeria and Ghana, while performance in South Africa remained relatively subdued, with slower revenue growth and declining margins.
Mupita’s performance targets included both financial and strategic goals, with progress in addressing Nigeria’s negative equity position cited as a key factor in determining his overall incentive payout.
MTN’s remuneration committee, chaired by Khotso Mokhele, said the company’s pay framework remains aligned with long-term value creation and competitive market benchmarks.
The latest compensation figures highlight the growing influence of equity-based incentives in executive pay, particularly in periods of strong share price performance, while also underscoring ongoing shareholder scrutiny over remuneration governance.