In today’s corporate world, leadership is key to any company’s growth and stability, especially in high-stakes industries. In Nigeria, some CEOs are at the forefront of these industries, leading with strategic vision and making decisions that shape the economy.
These CEOs, who hold impressive portfolios across sectors like telecommunications, banking, construction, and energy, are among the highest-paid executives in the country. But what exactly are they earning?
Let us take a closer look at the top 10 highest-earning CEOs in Nigeria, detailing their companies, salaries, and the industries they oversee.
1. Ebenezer Onyeagwu – Zenith Bank
- Company: Zenith Bank
- Annual Salary: N2.16 billion
Heading the list is Ebenezer Onyeagwu, CEO of Zenith Bank, one of Nigeria’s leading financial institutions.
Known for his sharp insight into financial trends and his dedication to ensuring Zenith’s stability, Onyeagwu’s leadership has kept Zenith Bank profitable in competitive markets.
His annual earnings reflect not only his expertise but also the bank’s reliance on his skills in navigating complex financial landscapes.
2. Karl Toriola – MTN Nigeria
- Company: MTN Nigeria
- Annual Salary: N1.6 billion
At the forefront of Nigeria’s telecommunications industry, Karl Toriola leads MTN Nigeria, one of Africa’s largest telecom providers.
Toriola’s role is both high-profile and challenging, with the responsibility to ensure MTN’s infrastructure can support millions of users.
His salary package underscores the importance of telecommunications in Nigeria and the reliance on MTN as a major player in the sector.
3. Lars Richter – Julius Berger Nigeria
- Company: Julius Berger Nigeria
- Annual Salary: N888 million
Construction projects in Nigeria often bear the Julius Berger name, and Lars Richter is the CEO steering this iconic brand.
Known for its contributions to national infrastructure and engineering projects, Julius Berger’s operations are vast.
Richter’s expertise in construction and management commands a significant salary, highlighting the company’s demand for his leadership in a field requiring precision and durability.
4. Roger Brown – Seplat Energy
- Company: Seplat Energy
- Annual Salary: N746 million
Roger Brown serves as the CEO of Seplat, an oil and gas exploration and production company.
With Nigeria’s economy significantly dependent on energy, Brown’s role in leading Seplat is crucial to maintaining energy supply and overseeing sustainable practices.
His compensation package reflects the strategic role Seplat plays in the Nigerian economy.
5. Arvind Pathak – Dangote Cement
- Company: Dangote Cement
- Annual Salary: N609 million
Arvind Pathak is at the helm of Dangote Cement, the leading cement manufacturer in Nigeria.
His role involves ensuring that the company remains competitive and sustainable in a sector that’s fundamental to Nigeria’s development.
Pathak’s experience in production management and market expansion contributes greatly to his annual salary, a testament to his role in driving industry growth.
6. Samba Seye – TotalEnergies Nigeria
- Company: TotalEnergies Nigeria
- Annual Salary: N544 million
Samba Seye leads TotalEnergies Nigeria, an energy company focused on oil, gas, and renewable energy.
His responsibility extends to overseeing the production and distribution of energy resources across the country.
Seye’s compensation reflects both the global influence of TotalEnergies and the vital role energy plays in Nigeria’s economic structure.
7. Hans Essaadi – Nigerian Breweries
- Company: Nigerian Breweries
- Annual Salary: N486 million
Hans Essaadi heads Nigerian Breweries, a household name in Nigeria and part of the beverage industry’s backbone.
Under his leadership, the company has continued to expand its offerings and reach.
Essaadi’s salary underscores the importance of consumer goods and the role Nigerian Breweries plays in the country’s economic and cultural landscape.
8. Segun Agbaje – Guaranty Trust Holding Company (GTCO)
- Company: Guaranty Trust Holding Company
- Annual Salary: N457 million
Segun Agbaje is the CEO of GTCO, a top player in Nigeria’s banking industry. Known for its innovation in banking services, GTCO benefits from Agbaje’s forward-thinking approach to finance.
His remuneration reflects both his years of dedication and the trust that GTCO places in his leadership to stay competitive.
9. Tim Kleinebenne – Unilever Nigeria
- Company: Unilever Nigeria
- Annual Salary: N313 million
Tim Kleinebenne oversees Unilever Nigeria, a company that produces essential goods that are part of many Nigerian households.
His role is centered on ensuring that Unilever continues to deliver quality products in a competitive market.
Kleinebenne’s salary highlights the value of his role in the fast-moving consumer goods sector, where consistency and innovation are key.
10. Babatunde Fajemirokun – AIICO Insurance PLC
- Company: AIICO Insurance PLC
- Annual Salary: N233 million
Babatunde Fajemirokun leads AIICO Insurance, a prominent player in Nigeria’s insurance industry.
His leadership involves managing risk and providing a safety net for businesses and individuals alike.
Fajemirokun’s compensation reflects the crucial role insurance plays in offering security and stability within Nigeria’s economy.
Conclusion
These top-earning CEOs in Nigeria are compensated not only for their positions but for the immense responsibilities they shoulder. Each CEO’s salary package reflects both the significance of their company in Nigeria’s economy and the expertise required to keep these industries thriving. While these earnings may appear high, they serve as a reminder of the expectations and demands placed upon these leaders, as well as the value they add to the nation’s economy.
By understanding the roles and responsibilities behind these figures, we gain insight into what it takes to lead some of the largest corporations in Nigeria. Each CEO’s journey shows that their compensation is not just about personal gain, but also about rewarding their dedication to guiding companies that impact millions of lives daily.