Nigeria’s Top 10 Highest-Earning CEOs.
A CEO, or Chief Executive Officer, is the highest-ranking executive in a company. They are tasked with making the most critical decisions that influence the firm’s direction, success, or failure. Due to the immense responsibility they carry, CEOs are often the highest-earning executives in a company. Their compensation packages typically include a base salary set by the board of directors, additional bonuses, long-term incentive payouts, and stock gains from exercising stock options.
In this article, we will explore the top 10 highest-earning CEOs in Nigeria for 2023, spanning various industries such as telecommunications, oil & gas, and cement. Understanding CEO salaries often gives insight into the value they bring to their organizations.
Table of Contents
- Ebenezer Onyeagwu, Zenith Bank – N2.1 Billion
- Karl Toriola, MTN Nigeria – N1.6 Billion
- Lars Richter, Julius Berger Nigeria Plc – N888 Million
- Roger Brown, Seplat Energy Plc – N746 Million
- Arvind Pathak, Dangote Cement – N609 Million
- Dr. Samba Salfal Seye, TotalEnergies – N554 Million
- Hans Essaadi, Nigerian Breweries – N486 Million
- Segun Agbaje, Guaranty Trust Holding Company – N457 Million
- Tim Kleinebenne, Unilever Nigeria – N313 Million
- Babatunde Fajemirokun, AIICO Insurance PLC – N233 Million
1. Ebenezer Onyeagwu, Zenith Bank – N2.1 Billion
Ebenezer Onyeagwu, the former Managing Director and CEO of Zenith Bank, tops the list with a remarkable earning of N2.1 billion in 2023. With nearly 30 years of experience in banking, Onyeagwu has had a stellar career, marked by his swift rise through the ranks at Zenith Bank since joining in 2002. His educational background includes an Ordinary and Higher National Diploma in Accounting from Auchi Polytechnic and further studies at the University of Oxford. His leadership has significantly impacted Zenith Bank, making him the highest-paid director in the company, with a notable salary increase from N285 million in 2022 to N2.16 billion in 2023.
2. Karl Toriola, MTN Nigeria – N1.6 Billion
Karl Toriola, the CEO/MD of MTN Nigeria, is the second highest-paid CEO in Nigeria with an earning of N1.6 billion in 2023. Toriola has an extensive career in telecommunications, having worked with companies like Ericsson, Econet, and Airtel before joining MTN in 2011. His leadership at MTN, Africa’s largest telecommunications company, has been significant, with a substantial salary increase from N850 million in 2022 to N1.6 billion in 2023.
3. Lars Richter, Julius Berger Nigeria Plc – N888 Million
Lars Richter, a German national, has led Julius Berger Nigeria Plc as CEO, earning N888 million in 2023. With a Doctorate in Civil Engineering, Richter’s expertise and leadership have been vital to the company’s success in the construction industry. His remuneration saw a significant rise from N418 million in 2022, reflecting his crucial role in steering the company.
4. Roger Brown, Seplat Energy Plc – N746 Million
Roger Brown, the CEO of Seplat Energy Plc, an independent oil and gas company in Nigeria, earned N746 million in 2023. Brown, a British national, has a rich background in finance and the oil & gas industry, having worked with PricewaterhouseCoopers and Standard Bank before joining Seplat. His earnings reflect a substantial 75% increase from N475 million in 2022.
5. Arvind Pathak, Dangote Cement – N609 Million
Arvind Pathak, the Group Managing Director of Dangote Cement Plc, earned N609 million in 2023. With over 36 years of experience in the cement industry, Pathak’s leadership has been instrumental in driving the company’s growth. His previous roles include serving as MD and CEO of Birla Corporation Ltd and holding senior positions at Reliance Cement and Associated Cement Company Limited.
6. Dr. Samba Salfal Seye, TotalEnergies – N554 Million
Dr. Samba Salfal Seye, the Managing Director of TotalEnergies Marketing Nigeria Plc, earned N554 million in 2023. With over 25 years in the oil and gas industry, Dr. Seye has held various senior roles at Shell and TotalEnergies. His expertise in engineering and management has significantly contributed to the company’s success, with his salary increasing from N291 million in 2022.
7. Hans Essaadi, Nigerian Breweries – N486 Million
Hans Essaadi, CEO of Nigerian Breweries, earned N486 million in 2023. With a long career in the brewing industry, Essaadi has held various leadership roles within the Heineken Group, including Managing Director at Al Haram Beverages Company in Egypt. His leadership at Nigerian Breweries has been impactful, with a salary increase from N320 million in 2022.
8. Segun Agbaje, Guaranty Trust Holding Company – N457 Million
Segun Agbaje, a respected business leader, earned N457 million in 2023 as CEO of Guaranty Trust Holding Company (GTCO). Agbaje has played a pivotal role in the growth of GTBank, expanding its customer base and significantly increasing its profit before tax. His career spans various industries, including his involvement with Ernst & Young and PepsiCo. His leadership at GTCO continues to drive the company’s success, with a salary increase from N445 million in 2022.
9. Tim Kleinebenne, Unilever Nigeria – N313 Million
Tim Kleinebenne, CEO of Unilever Nigeria, earned N313 million in 2023. With over 31 years of international experience in the Fast-Moving Consumer Goods (FMCG) industry, Kleinebenne has held various leadership roles within Unilever across different countries. His extensive experience and leadership at Unilever Nigeria have been pivotal in the company’s operations.
10. Babatunde Fajemirokun, AIICO Insurance PLC – N233 Million
Babatunde Fajemirokun, CEO of AIICO Insurance Plc, earned N233 million in 2023. Fajemirokun’s leadership has significantly contributed to AIICO’s financial growth, with the company’s profit before tax from continuing operations increasing by 571% from N1.79 billion in 2022 to N12.03 billion in 2023. His career spans various industries, including positions at Accenture, Food Concepts, and Capgemini Consulting before joining AIICO Insurance.
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