Ralph Mupita Scores Massive R99.3 Million Payday At MTN
Zimbabwe’s Ralph Mupita earned a total of R99.3 million (approximately US$5.9 million) in 2025 as CEO of MTN Group, marking a sharp 53% increase from his 2024 package. The figure represents his highest annual remuneration since taking over the top job in September 2020, driven largely by performance-linked incentives and a rising share price.
Record Pay Driven By Incentives And Share Price
Details released on 29 April 2026 show that Mupita’s earnings rose from R64.8 million (approximately US$3.87 million) in 2024 to R99.3 million (approximately US$5.9 million) in 2025.
MTN explained that the bulk of the increase came from long-term incentives tied to company performance and share value.
Khotso Mokhele, chair of MTN’s remuneration committee, said:
“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.”
He added:
“We continue to ensure that our remuneration framework attracts, retains and motivates exceptional talent, recognising that our people are central to driving progress, innovation and transformation across our markets.”
The company confirmed that the share price used to calculate vested incentives increased significantly, rising from R124.60 in 2024 to R202.20 in 2025. This directly boosted payouts.
Without incentives, Mupita’s base salary stood at R21.405 million (approximately US$1.28 million), translating to about R1.784 million (approximately US$106,600) per month.
Strong MTN Performance Boosts Executive Pay
MTN linked the higher executive payouts to one of its strongest financial performances in over a decade.
The company reported major growth across key metrics for the financial year ending 31 December 2025. Service revenue rose to R218.5 billion, while earnings and profitability also surged.
The remuneration committee noted:
“The committee remains satisfied that MTN Group’s remuneration framework is robust, well governed and appropriately aligned to strategy, performance and values.”
The company also increased the weighting of company performance in calculating short-term incentives to 70%, which contributed to higher bonuses across its executive team.
Other Executives Also Cash In
Mupita was not alone in receiving a significant pay increase.
Other senior MTN executives also saw notable jumps in remuneration during 2025:
- Chief Financial Officer Tsholofelo Molefe earned R52 million (approximately US$3.1 million), up 55%.
- MTN Nigeria CEO Karl Toriola received R57 million (approximately US$3.4 million), a 61% increase.
- Senior executive Ebenezer Asante earned nearly R52 million (approximately US$3.1 million), up 38%.
- MTN South Africa CEO Ferdi Moolman earned R18 million (approximately US$1.07 million) for just two months in the role.
The increases come despite shareholder concerns raised in May 2025, when MTN’s remuneration implementation report failed to secure the required 75% approval at its annual general meeting. Over 40% of votes were cast against it.
The matter is set to return for consideration at the next AGM scheduled for 29 May 2026.
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