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Seplat, Total, MTN Top List of 20 Highest Salary-paying Companies in Nigeria for 2022
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Seplat, Total, MTN Top List of 20 Highest Salary-paying Companies in Nigeria for 2022

by  Dave Ibemere 2 min read
  • The list of highest salary-paying companies in Nigeria has been revealed, with MTN and UBA making the list
  • The list includes 20 companies from the oil and gas sector, including the financial sector
  • The ranking was determined by considering both the number of staff employed and the total expenses incurred on staff salaries

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Data analyzed from the Nigerian exchange(NGX) revealed that 20 Nigerian companies paid N661.62 billion to 44,468 employees in 2022.

This is more than N479.66 billion paid out by the same companies to 41,501 of their staff in the previous year(2021).

Nigerian companies workers salary
Nigerian companies paid out more salary in 2022 than the previous year. Photo credit: @bymuratdeniz
Source: UGC

The companies operate in various sectors, including oil and gas, telecommunications, banking, financial services, consumer goods, and power and utilities.

Breakdown of companies' salary payments in 2022

Seplat Energy, a leading energy company, is top of the list, with a huge average salary per staff of N38.91 million.

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Following closely is TotalEnergies Plc, with an average salary per staff of N30.48 million.

MTN Nigeria, a telecommunications giant, secured the third spot on the list, with an average salary per staff of N26.91 million.

Okomu Oil Palm Plc and Ardova Plc also stand out, paying an average of N26.49 million and N20.10 million in 2022.

Salary breakdown by companies

CompaniesStaff Salaries for 2022Staff NumberAverage pay per employee
Seplat EnergyN23.19bn596N38.91m
TotalEnergies PlcN13.07bn429N30.48m
MTN NigeriaN45.08bn1,675N26.91
Okomu Oil Palm PlcN10.33bn390N26.49m
Ardova PlcN3.37bn168N20.1m
Nigerian BreweriesN51.33bn2,685N19.12m
Access HoldingsN116.62bn6,824N17.09m
Stanbic IBTCN50.99bn3,008N16.95m
Geregu PowerN2.13bn130N16.45m
Wema BankN21.33bn1,415N15.08m
Nestle Nigeria PLCN34.78bn2,320N14.99m
AXA Mansard InsuranceN4.89bn358N13.69m
Union Bank N26.72bn2,025N13.2m
Cadbury Nig. PlcN5.80bn480N12.08m
UBAN93.24bn9,591N11.88m
Unilever NigeriaN8.77bn786N11.16m
Conoil PlcN1.83bn 168 N10.9m
Zenith BankN86.41bn8,077N10.7m
FCMBN35.61bn3,342N10.66m
TotalN661.62 billion.44,468 employees

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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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