Insights And Ranking: The Top 10 Highest Paid MDs/CEOs in Nigeria for 2024
At the beginning of 2024, the number of companies in the Nigerian stock market with a market cap of over a trillion naira grew to 13.
Behind these records lie the efforts of individuals, notably the MDs and CEOs, who bear the weight of responsibility in steering their companies through turbulent times.
Africa Facts Zone presents the ten highest-paid MDs/CEOs in Nigeria. The list is courtesy of Nairametrics. The highest-earning MDs and CEOs amassed N7.9 billion, an increase from the N4.227 billion combined salaries in 2022, reflecting a notable rise of N3.749 billion.
Achievements Amid Economic Challenges
At the start of 2024, Dangote Cement surpassed the N10 trillion market cap, becoming the first Nigerian company to achieve this feat.
Around the same time, the number of companies in the Nigerian stock market with a market cap of over a trillion naira grew to 13.
The trillionaire club in Nigeria’s bourse expanded to include United Bank for Africa (UBA), Access Holdings, and First Bank of Nigeria (FBN) Holdings.
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These achievements are commendable given the economic challenges, including sky-high inflation and exchange rate depreciation, that plagued the country into the new year.
Behind these records lie the efforts of individuals, notably the MDs and CEOs, who bear the weight of responsibility in steering their companies through turbulent times. As the saying goes, “Uneasy lies the head that wears the crown.”
Responsibilities of MDs and CEOs
These leaders are tasked with navigating a volatile economic environment, making critical decisions that affect thousands of employees, and ensuring sustainable growth and profitability for their companies.
A recent report by Nairametrics revealed how these leaders are compensated for their strategic leadership and the significant responsibilities they shoulder in driving their companies towards success.
For 2023, the research reveals that the highest-earning MDs and CEOs amassed N7.9 billion, an increase from the N4.227 billion combined salaries in 2022, reflecting a notable rise of N3.749 billion. The compensation packages for CEOs in Nigeria include substantial salaries, bonuses, stock options, and various other benefits.
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Top 10 Highest-Paid MDs/CEOs in Nigeria
Note that while this list aims to be comprehensive, it is not exhaustive; several other CEOs/MDs were paid high remunerations and emoluments, but this list has been streamlined to the highest pay across some key industries.
The individuals featured in this compilation have been carefully selected based on the highest remuneration across varying industries.
Below are the ten highest-paid MDs/CEOs in Nigeria:
1. Ebenezer Onyeagwu, Zenith – N2.16 billion
2. Karl Toriola, MTN Nigeria – N1.6 billion
3. Lars Richter, Julius Berger – N888 million
4. Roger Brown, Seplat – N746 million
5. Arvind Pathak, Dangote Cement – N609 million
6. Samba Seye, Total Energies – N544 million
7. Hans Essaadi, Nigerian Breweries – N486 million
8. Segun Agbaje, Guaranty Trust Holding – N457 million
9. Tim Kleinebenne, Unilever Nigeria – N313 million
10. Babatunde Fajemirokun, AIICO Insurance PLC – N233 million
Conclusion
The influence and efforts of these MDs and CEOs are pivotal in driving the success of their respective companies. Despite the economic challenges faced by Nigeria, these leaders have managed to steer their organizations towards remarkable achievements, reflecting their strategic leadership and resilience.
Their substantial remuneration packages are a testament to their significant contributions in navigating and overcoming the complex business landscape in Nigeria.
