See the complete list of top 10 highest-paid CEOs in Nigeria and how much they earn

Leading a multi-billion naira company is no easy feat. It demands not just intelligence but also immense mental fortitude to withstand the pressures of success, ensuring that shareholder expectations are not only met but exceeded.

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

L-R: Lars Richter, Karl Toriola, Ebenezer Onyeagwu Photo credit: Zenith bank, MTN, Julius Berger
Source: Getty Images

Who is the CEO?

The Chief Executive Officer (CEO) is the senior manager in the company whose main responsibilities include the development and implementation of high-level strategies, the making of major corporate decisions, and the management of all operating activities and company resources. He/she acts 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.

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

Top 10 CEOs in Nigeria

Findings showed 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.

He is succeeded, Dame (Dr.) Adaora Umeoji, OON, as Group Managing Director/Chief Executive with effect from June 1, 2024, subject to approval by the Central Bank of Nigeria (CBN).

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 total 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.

Prior to this appointment, he accumulated over 16 years of experience in the construction industry, including 10 years in Nigeria, holding various roles such as division manager, project manager, and project engineer.

L-R: Rodger Brown, Samba Seye, Arvind Pathak Photo credit: Seplat, Total Energies, Dangote Cement
Source: Getty Images

Roger Brown, Seplat - N746 million

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

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

Seplat Energy recorded a 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 as 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. 1 billion in 2023, from N524 billion in 2022, while profit for the year rose to N455. 58 billion from 2022 low of N382. 3 billion.

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

Samba Seye, Total Energies - N544 million

Samba Seye, the CEO of Total Energies, earns N544 million annually. A strong focus on sustainability and innovation has marked Seye's leadership in the energy sector.

Tim Kleinebennne, Segun Agbaje, Hans Essaadi Photo credit: Unilever, GTB, Nigerian Breweries
Source: Getty Images

Hans Essaadi, Nigerian Breweries - N486 million

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

His experience in the beverage industry has been key to driving the company’s market leadership and product diversification despite economic challenges.

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 457 million in 2023, a slight increase from N445 million in remuneration for the year 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.

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 been crucial in driving 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