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"MTN Toriola N850m": List of Top 10 Highest-Paid CEOs in Nigeria and How Much They Earn Emerges
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"MTN Toriola N850m": List of Top 10 Highest-Paid CEOs in Nigeria and How Much They Earn Emerges

by  Dave Ibemere 2 min read
  • The latest ranking of the 10 highest-paid CEOs in Nigeria has been released, revealing MTN's CEO Karl Toriola at the top
  • A total of N4.7 trillion was paid as compensation to the CEOs of 10 top Nigerian companies
  • Toriola, who has been at the helm of affairs at MTN, leads the table with a compensation package of N850m

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Karl Toriola, the CEO of MTN Nigeria Communications Plc, has been crowned the highest-paid Chief Executive Officer in Nigeria.

This is according to data analysed from the 10 biggest companies listed on the Nigerian Exchange Limited (NGX).

Nigeria's highest paid CEO
Ten companies paid their CEOs a combined sum of over N4 trillion. Credit: @mtn, @seplat, @gtb
Source: Facebook

BusinessDay reports that Toriola, who joined MTN IN 2006, received N850 million in 2022, a 130% increase from the N368 million he was paid in 2021.

Other companies' CEOs on the list include Dangote Cement Plc, Guinness Nigeria Plc, Seplat Energy Plc, Lafarge Africa Plc, and Guaranty Trust Holding Company Plc (GTCO Plc).

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Others are Julius Berger Nigeria Plc, Nigerian Breweries Plc, Zenith Bank Plc, and Nestle Nigeria Plc.

The companies mentioned above paid out N4.7 trillion to compensate their CEOs, representing a 51.6% increase from the N3.1 trillion paid out in 2021.

Top 10 best-paid CEOs in Nigeria

Here is the list of the top 10 highest-earning CEOs in Nigeria in 2022, companies and their annual salaries:

  • MTN communication - Karl Toriola - N850 million
  • Dangote Cement - Michel Puchercos - N736 million
  • Guinness Nigeria - Baker Magunda - N505 million
  • Seplat energy- Roger Brown - N500 million
  • Lafarge Africa - Khaled El Dokani - N452 million
  • Guaranty Trust Bank - Segun Agbaje - N445 million
  • Julius Berger - Lars Richter - N417 million
  • Nigerian Breweries - Hans Essaadi - N319 million
  • Zenith Bank - Ebenezer Onyeagwu - N285 million
  • Nestle Nigeria - Wassim Elhusseini - N266 million

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Dangote Cement on list of top companies hit hard by cash scarcity, as 6 report N46.52bn loss in 3 months

Access Bank CEO Wigwe buys over N11.3bn new shares

Meanwhile, in another report, Access Holdings CEO Herbert Wigwe has cemented his place as one of the most significant shareholders

The bank revealed that he paid over N11 billion to buy more shares in the financial institution.

Wigwe is one of Nigeria's highest-paid CEO and received huge compensation for his excellent work after an impressive year.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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