The former CEO of MTN Nigeria, Ferdi Moolman, received a total of N619.6 Million (R22.86 million) in remuneration in 2020 before taking up a new appointment as the group chief risk officer this year.
MTN revealed in its full year audited annual results, published on Wednesday, that Moolman took home N223.06 million (R8.23 million) as basic salary for the 12-month period of 2020, down from N260.74 million (R9.62 million) paid in the same period in 2019.
He received cash bonus of N195.15 million (R7.20 million) in 2020, down from N219.54 million (R8.1 million) in 2019.
However, the biggest change was in post-employment benefits paid to Moolman, which more than tripled, jumping from R496,000 in 2019 to N44.18 million (R1.63 million) in 2020.
The former CEO got other benefits valued at N156.93 million (R5.79 million) at the end of 2020, doubling the 2019 figures of N78.05 million (R2.88 million).
MTN explained that the other benefits included “medical aid and unemployment insurance fund”.
The newly appoint CEO of MTN Nigeria, Karl Toriola, earned a total of R21.47 million in 2020 as against R19.11 million in 2019.
Moolman exited exit this role as MTN Nigeria’s CEO on March 1, 2021 after handing over to Toriola.
He joined the company in 2002 and had held several senior positions within the group in Nigeria and Iran.
According to the telecom company, Moolman joined the board of MTN Nigeria in 2014 as chief financial officer and became CEO in 2015.
Since joining the group in 2006, Toriola had held a number of senior operational roles including Chief Technical Officer of MTN Nigeria, CEO of MTN Cameroon and MTN Group Operations Executive.
Prior to joining MTN Nigeria, Toriola was the chief operations/regional officer for Vmobile Nigeria (now Airtel Nigeria) where he was responsible for operations.