For years, young people have been repeatedly told that education is a scam.
In Nigeria especially, many graduates have spent years searching for jobs after leaving school. Some have watched people who never attended university become successful entrepreneurs, entertainers, influencers and business owners. Others have seen degree holders earning salaries that can barely cover transportation, feeding and accommodation.
These experiences have understandably created frustration.
But while education may not guarantee success, the story of MTN Nigeria CEO Karl Toriola is a powerful reminder that education is far from useless.
According to reports about executive compensation, Karl Toriola was among the highest-paid CEOs in Nigeria last year. He reportedly received about N2.907 billion in salary, which translates to approximately N242 million per month when broken down across 12 months.
But that was not the complete picture.
Beyond his salary, he reportedly received additional compensation and incentives, including bonuses and MTN stock options. When everything was added together, the total value of his compensation package was reportedly around $3.4 million, estimated at approximately N4.6 billion.
Think about that for a moment.
A Nigerian who comes from Modakeke in Osun State, working as an employee, earned billions of naira from a corporate job.
It is a story that challenges some of the popular beliefs many young Nigerians have about education, employment and wealth.
The Prince From Modakeke Who Reached the Top
Karl Toriola’s story is particularly inspiring because of his background.
He is the son of the Ooni? No—his father is the king of Modakeke, a prominent town in Osun State. His journey is often cited as an example of what intentional investment in education can do for a child.
Instead of simply depending on his royal background or family status, education became an important part of his development and professional journey.
His rise through the corporate world did not happen overnight.
Like many successful executives, his career was built over years of education, training, experience, responsibility and leadership. He developed himself, worked across different roles and climbed the corporate ladder until he eventually reached one of the biggest positions in Nigeria’s telecommunications industry.
Today, he leads MTN Nigeria, one of the largest telecommunications companies in Africa’s biggest economy.
That journey should remind young people of an important truth:
Education may not be the only path to success, but it remains one of the strongest paths available.
Education Is Not a Scam
There is a difference between saying that education does not guarantee success and saying that education is useless.
Education does not guarantee that every graduate will become wealthy. But neither does business.
Starting a business does not automatically make anyone rich. Thousands of businesses fail every year. Many entrepreneurs lose money, shut down companies and return to employment.
Likewise, a university degree does not automatically make someone successful.
What education does is increase possibilities.
It can give people access to knowledge, professional networks, skills, credentials and opportunities that may otherwise remain unavailable.
For someone born into poverty, education can become one of the fastest ways to change the trajectory of an entire family.
A child whose parents never attended university can go to school, develop valuable skills, enter a professional industry and eventually earn enough to support parents, siblings and future generations.
That is not theory.
It has happened countless times across Nigeria.
Doctors, engineers, bankers, lawyers, technology professionals, accountants, executives, professors and other professionals have transformed their families through education.
Karl Toriola’s story represents another example of how education and professional development can help change a person’s destiny.
Young Nigerians Must Not Give Up on Learning
The biggest danger of the “education is a scam” mentality is that some young people may begin to believe that learning is unnecessary.
That would be a serious mistake.
The world is changing rapidly.
Technology is transforming industries. Artificial intelligence is changing how people work. Companies are looking for highly skilled professionals. Remote work has created global opportunities, while new digital industries are emerging almost every year.
The young person who decides that education is useless may eventually discover that they have ignored one of the most powerful tools available for improving their future.
This does not mean everybody must follow the traditional university path.
Some people may succeed through vocational training.
Others may become successful entrepreneurs.
Some may learn technology skills.
Others may build careers in entertainment, agriculture, construction, manufacturing or creative industries.
But the central message remains the same:
Never stop learning.
Whether through university education, professional certifications, online courses, technical training or practical experience, knowledge remains valuable.
Education is not just about collecting a certificate.
It is about becoming more valuable.
The more useful problems you can solve, the more opportunities you are likely to create for yourself.
A 9-to-5 Job Can Also Create Wealth
Another important lesson from Karl Toriola’s story is that you do not have to resign from your job and start a business before you can build wealth.
Social media has created the impression that everybody must become an entrepreneur.
Many people are made to feel unsuccessful simply because they work for someone else.
Everywhere you look, you hear messages such as:
“Be your own boss.”
“Escape the 9-to-5.”
“Working for someone will never make you rich.”
But the reality is more complicated.
Karl Toriola’s reported earnings provide a strong example.
Here is a corporate executive earning billions of naira through employment.
Of course, his position as the CEO of one of Nigeria’s largest companies comes with enormous responsibilities. He is not earning such an amount simply because he goes to an office from 9 a.m. to 5 p.m.
He has spent years building experience and developing expertise.
His decisions affect a major telecommunications company, thousands of employees, millions of customers and billions of naira in business activities.
His compensation reflects the value, responsibility and performance expected at that level.
But the lesson remains clear.
Employment can also create extraordinary wealth.
There are professionals across corporate Nigeria who earn millions and even hundreds of millions of naira every year.
Some work in banking.
Some are in telecommunications.
Others work in oil and gas, technology, finance, consulting, manufacturing and multinational corporations.
There are executives, senior engineers, software professionals, investment bankers, lawyers and corporate directors who have built significant wealth while remaining employees.
The truth is that not everybody is designed to become an entrepreneur.
And there is nothing wrong with that.
Corporate Nigeria Has Its Own Billionaires
There are many wealthy Nigerians whose names are not regularly discussed on social media.
They do not necessarily own popular companies.
They are not entertainers.
They are not influencers.
They may not even be known by the general public.
But they are highly successful professionals who have spent decades building expertise in corporate Nigeria.
Especially in Lagos, where many of the country’s biggest companies are headquartered, there are senior executives and professionals earning compensation packages that many people cannot imagine.
Some receive salaries.
Others receive bonuses based on performance.
Some receive shares or stock options.
Others sit on boards and receive director fees.
Some are also investors who use their salaries to acquire property, stocks and other assets.
Over time, these people build wealth.
This is why young professionals should understand the difference between income and wealth creation.
A job can provide the income.
What you do with that income can help create wealth.
You can invest.
You can save.
You can acquire assets.
You can develop additional skills.
You can build a side business.
You can grow within your organisation and move into higher-paying positions.
A 9-to-5 job does not have to be a prison.
For many people, it can become the foundation for financial stability and long-term wealth.
The Goal Should Be Value, Not Just Employment
However, young Nigerians should also understand that simply getting any job is not enough.
The real goal should be to become valuable.
Karl Toriola did not become the CEO of MTN Nigeria by simply showing up at work every morning.
Reaching the top of a major organisation requires knowledge, experience, leadership ability, discipline, communication skills and the capacity to solve complex problems.
Young people should therefore focus on building valuable skills.
Ask yourself:
What problem can I solve?
What skill can make me valuable to an organisation?
What knowledge do I need to reach the next level?
How can I become difficult to replace?
These questions are more important than simply asking how to become rich quickly.
Wealth often follows value.
When you become exceptionally good at something important, opportunities tend to increase.
Karl Toriola’s Story Should Inspire, Not Discourage
For some people, hearing that an executive earned about N4.6 billion in one year may be shocking.
But instead of becoming discouraged, young Nigerians should look at the bigger lesson.
A Nigerian professional reached that level.
He did not get there in one day.
He did not become successful by magic.
His journey required education, development, experience and years of professional growth.
His story should remind us that there is still a place for ambition within the corporate world.
You can attend school.
Develop yourself.
Learn valuable skills.
Build experience.
Start from a junior position.
Grow into management.
Move into executive leadership.
And eventually reach levels you may never have imagined when you first started your career.
The Bottom Line
Education is not a scam.
Business is not the only path to wealth.
A 9-to-5 job is not automatically a financial trap.
And entrepreneurship is not automatically the only definition of success.
Karl Toriola’s reported earnings as MTN Nigeria CEO offer an important reminder that professional careers can still create extraordinary opportunities.
His journey from Modakeke in Osun State to the leadership of one of Nigeria’s biggest companies shows what can happen when education, opportunity, hard work and long-term professional development come together.
Nigeria needs to continue encouraging young people to learn.
We need more skilled professionals.
We need more engineers, technology experts, doctors, accountants, executives, scientists and innovators.
We need young people who understand that success is not always instant.
Sometimes, wealth is built slowly.
Sometimes, the best investment is not starting a business immediately.
Sometimes, the smartest decision is to spend years learning, developing expertise and climbing professionally.
The path may be different for everyone, but one lesson remains important:
Never allow temporary frustration with the Nigerian system to convince you that knowledge has no value.
Education may not guarantee success.
But for millions of people, it has opened doors that would otherwise have remained closed.
And the story of Karl Toriola is another reminder that when talent, education, opportunity and years of professional excellence meet, a young person can rise from any community and eventually reach the very top.
The prince from Modakeke reportedly earned billions from employment.
And somewhere in Nigeria today, another young person is sitting in a classroom, learning a skill or starting a career that could one day completely change their life, their family and their community.