Top 10 Highest-Paid CEOs in Nigeria and How Much They Earn Emerges

Leading a multi-billion naira company is no easy feat. It demands intelligence and immense mental fortitude to withstand the pressures of success, ensuring that shareholder expectations are met and exceeded.

For their demanding and high-level jobs, Chief Executive Officers of companies received mouth-watering salaries, substantial compensation, allowances, and the ability to afford a lifestyle that reflects the role’s demands.

Who is the CEO?

The Chief Executive Officer (CEO) is the senior manager in the company whose main responsibilities include developing and implementing high-level strategies, making major corporate decisions, and managing all operating activities and company resources. They act as a link between the board of directors and corporate management.

In small organisations, the CEO often plays a leading role in the company’s activities, making many business decisions, even lower-level ones, such as hiring full-time employees.

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However, in larger enterprises, the CEO deals only with the high-level strategy and the overall company’s development direction. Most other tasks are delegated to managers and departments.

Top 10 CEOs in Nigeria

Findings showed that CEOs of Zenith, MTN Nigeria, Julius Berger, Seplat, Dangote Cement, Total Energies, Nigerian Breweries, Guaranty Trust Holding, Unilever Nigeria, and AIICO Insurance PLC make the shortlist of highest-earning executives of listed firms on the Nigerian Exchange.

Ebenezer Onyeagwu, Zenith Bank - N2.16 billion

Ebenezer Onyeagwu, the ex-CEO of Zenith Bank Plc, is the highest paid in Nigeria, with a remuneration of N2.16 billion in 2023, up from N285 million in 2022.

Under his leadership, Zenith Bank Plc became one of the leading financial institutions in Nigeria.

Data from NGX shows that in 2023, the bank recorded its best-ever profit, N736.18 billion, 179.6% more than what was reported in the previous year.

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Adaora Umeoji succeeds Onyeagwu as Zenith’s top boss.

Karl Toriola, MTN Nigeria - N1.6 billion

Karl Toriola, the CEO of MTN Nigeria, earned a total annual package of N1.6 billion, up from N850 million in 2022.

A native of Osun State, Nigeria, he joined MTN Nigeria as the Chief Technical Officer in 2006. Despite economic challenges, Toriola has continued to drive MTN Nigeria’s substantial growth and dominance.

In 2023, the company reported a profit of N2.46 trillion. Additionally, its subscribers increased by 5.3% to 79.7 million, active data users rose by 12.7% to 44.6 million, and active mobile money (MoMo PSB) wallets surged by 163.2% to 5.3 million.

Lars Richter, Julius Berger - N888 million

Lars Richter, CEO of Julius Berger, ranks 3rd with a salary of N888 million in 2023, up from N417 million in 2022.

Before this appointment, he accumulated over 16 years of experience in the construction industry, including ten years in Nigeria, holding various roles such as division manager, project manager, and project engineer.

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Roger Brown, Seplat - N746 million

Roger Brown of Seplat Energy ranks fourth, with earnings of N746 million in 2023, an increase from N500 million in 2022.

Brown joined the company as chief financial officer and executive director in July 2013. At Seplat Energy, as CFO, he was instrumental in helping the company achieve robust financial results.

Seplat Energy recorded an 11.5% increase in total revenue to $1,061.3 million in 2023, crossing the $1.0 billion mark for the first time.

Arvind Pathak, Dangote Cement - N609 million

Arvind Pathak was appointed Group Managing Director of Dangote Cement Plc, effective 1 March 2023.

Under his leadership, Dangote Cement recorded a profit before tax (PBT) increase to N553. One billion in 2023, from N524 billion in 2022, while profit for the year rose to N455. Fifty-eight billion from the 2022 low of N382. 3 billion.

This strong performance helped Pathak justify its annual remuneration of N609 million in 2023.

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Samba Seye, Total Energies - N544 million

Samba Seye, the CEO of Total Energies, earned N544 million in 2023. Seye’s leadership in the energy sector has strongly focused on sustainability and innovation.

Hans Essaadi, Nigerian Breweries - N486

The biggest brewer in Nigeria, Nigerian Breweries, paid N486 million per year to its highest-paid director in 2023, up from N319 million in 2022.

Despite economic challenges, his experience in the beverage industry has been vital in the company’s market leadership.

Segun Agbaje, Guaranty Trust Holding - N457 million

Segun Agbaje joined Guaranty Trust Bank as a pioneer staff in 1991 and rose through the ranks to become the managing director and chief executive officer in 2011.

For his visionary leadership as CEO, Agbaje took home N457 million in 2023, a slight increase from N445 million in remuneration for 2022.

Tim Kleinebenne, Unilever Nigeria - N313 million

Tim Kleinebenne is the CEO of Unilever Nigeria, a household name in home, personal care, and food manufacturing in Nigeria.

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According to the company’s audited financial statements for 2023, it recorded a revenue of N103.9 billion, representing a 51.3% growth from the N68.6 billion posted in 2022.

Kleinebenne was paid N313 million for his leadership and efforts in helping the brand maintain its position in the fast-moving consumer goods sector.

Babatunde Fajemirokun, AIICO Insurance PLC - N233 million

Babatunde Fajemirokun completes the list with an annual remuneration of N233 million. His leadership at AIICO Insurance has driven growth and stability within the insurance sector.

10 commercial banks spend over N400bn on staff salaries

Meanwhile, Legit.ng earlier reported that working in the banking industry is a dream for many Nigerian graduates because they believe there is a lot of money to be made

The report showed how ten commercial banks paid workers salaries and wages of over N400 billion in 2021.

The amount captured in the report only covers salaries and wages and does not include other staff costs or pension contributions that makeup personnel costs.

Source: Legit.ng