In Nigeria’s corporate landscape, the role of the Chief Executive Officer (CEO) is not just about steering the company towards profitability; it is also about leading innovation, managing complex operational challenges, and navigating economic fluctuations. The CEOs of some of the largest companies in Nigeria are well compensated for their roles, with their earnings reflecting the significant responsibilities they shoulder. A 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. Here are some of the highest-paid CEOs in Nigeria. The individuals featured in this compilation have been carefully selected based on the highest remuneration across varying industries represented in the article.
1. Ebenezer Onyeagwu – Zenith
Mr. Ebenezer Onyeagwu is a vastly experienced banker and financial expert, trained in reputable institutions of learning in Nigeria, the United Kingdom and United States of America. Mr. Onyeagwu is a graduate of Accounting from Auchi Polytechnic where he obtained the Ordinary National diploma in 1984 and Higher National Diploma in 1987.
He qualified as a Chartered Accountant in 1989 while he was still undergoing the compulsory National Youth Service Corp (NYSC) post graduation and was named a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) in 2003.
He is an alumnus of the prestigious University of Oxford, England, from where he obtained a Postgraduate Diploma in Financial Strategy, and certificate in Macroeconomics. He also undertook extensive executive level business education in Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, the Harvard Business School of Harvard University (all in the United States) and Lagos Business School of the Pan African University, Nigeria.
He has nearly 30 years’ experience in the banking industry in Nigeria. He joined Zenith Bank Plc in 2002 as a Senior Manager, in the Internal Control and Audit Group of the bank. His professionalism, competence, integrity and commitment to the set objectives of the bank saw him rise swiftly between 2003 and 2005, first, as Assistant General Manager, then Deputy General Manager, and eventually as General Manager of the bank. In these capacities, he handled strategies for new business and branch development, management of risk assets portfolios, treasury functions, strategic top level corporate, multinationals and public institutional relationships, among others.
Mr. Onyeagwu has been on the board of Zenith Bank Ghana, Zenith Pensions Custodian Limited, Zenith Nominees Limited and African Finance Corporation (AFC) within the last six years. In AFC, he serves on the Board Risk & Investment Committee (BRIC) and Board Audit & Compliance Committee (BAAC). At Zenith Bank Ghana, he chairs the Board Credit and Governance Committees.
2. Karl Toriola – MTN Nigeria
Karl Olutokun Toriola has been serving as the Chief Executive Officer of MTN Nigeria Communications since 19 March 2021, succeeding Ferdinand Moolman. Under Toriola’s leadership, his remuneration saw a significant increase from N850 million in 2022 to N1.6 billion in 2023.
With nearly three decades of experience in the telecommunications industry, Toriola has successfully managed diverse cultural and operational environments, progressing to oversee key ventures across various countries. He is also a member of esteemed professional bodies such as the Nigerian Society of Engineers (FNSE), the Council of Registered Engineers of Nigeria (COREN), and the Institute of Directors (IoD). Since joining MTN in 2006, he has played crucial roles in shaping the Group’s operational strategies and market influence.
In 2023, MTN Nigeria Plc faced a pre-tax loss of N177.8 billion, a stark contrast to the N518.8 billion profit recorded the previous year. This marked the company’s first-ever loss since being listed on the Nigerian Stock Exchange, primarily due to a significant foreign currency loss of N740 billion, compared to N81 billion in 2022, which ultimately led to the erosion of shareholders’ funds.
3. Lars Richter – Julius Berger
Engr. Lars Richter, a distinguished German national, serves as the CEO of Julius Berger Nigeria Plc. He was appointed to the board on October 16, 2018. In 2023, he earned N888 million, a substantial increase from the N418 million he received in 2022.
Dr. Richter graduated from the Technical University of Berlin and the Technical University of Darmstadt in Germany. He began his career with Bilfinger Berger AG in 2002 and joined Julius Berger Nigeria Plc in November 2009.
He also serves on the Board of Directors at PrimeTech Design and Engineering Nigeria Ltd. and is a member of the Shareholder’s Advisory Council of Julius Berger International GmbH, where he provides strategic advice on international operations. Dr. Richter holds a Doctorate in Civil Engineering and is a member of the Council for the Regulation of Engineering in Nigeria (COREN) and a Fellow of the Nigerian Institute of Quantity Surveyors (FNIQS).
4. Roger Brown – Seplat Energy
Roger Brown joined Seplat as Chief Financial Officer in 2013 and took over as CEO on 1st August 2020, following Mr. Avuru’s retirement. In 2023, he earned N746 million, up from the N500 million Avuru received in 2022.
Brown, a qualified Chartered Accountant with the Institute of Chartered Accountants of Scotland and a member of the Association of National Accountants of Nigeria, has over 25 years of experience in the financial sector. His career has largely focused on emerging markets, with significant expertise in structuring energy and infrastructure deals across Africa. Before joining Seplat, he served as Managing Director of Oil and Gas EMEA at Standard Bank Group.
5. Arvind Pathak – Dangote Cement
Mr Arvind Pathak was appointed as Group Managing Director of Dangote Cement Plc, effective 1 March 2023. With more than 36 years’ experience in the cement industry, Mr Pathak is an experienced business leader who worked as MD and CEO of Birla Corporation Ltd before this appointment.
He was the Chief Operating Officer and Deputy Group Managing Director of Dangote Cement Plc until 2021. Prior to joining Dangote Cement Plc, he worked at Reliance Cement as CEO from 2008 to 2015. He was previously the Regional CEO of Associated Cement Company Limited.
He obtained a degree in Electrical Engineering in 1980 and a postgraduate degree in Industrial Engineering and Management in 1982. He has also been trained in a number of international management colleges and was a Fulbright scholar.
6. Dr. Samba Seye – Total Energies
Dr. Seye is the Managing Director of TotalEnergies Marketing Nigeria Plc, with over 25 years of experience in the oil and gas industry. He joined Seplat as CFO in 2013 and became CEO in 2020. In 2023, he earned N544 million, a significant increase from the N291 million he received in 2022.
Dr. Seye holds a Doctorate in Engineering from the University of Sciences and Techniques of Lille, France, where he also served as an assistant lecturer from 1990 to 1993. He started his career at Shell before joining Total Marketing and Services in 2014 as a project manager in the strategy department. .
In 2015, he was appointed Deputy Executive Vice President for West Africa, and by 2016, he had become Vice President of Specialities and General Trade for Total MS Africa. He was later promoted to Executive Vice President for West Africa in 2017. Dr. Seye has also been a member of the TotalEnergies SE Ethics Committee since 2019.
7. Hans Essaadi – Nigerian Breweries
Hans Essaadi serves as the Managing Director and Chief Executive Officer, a role he assumed on August 2, 2021. In 2023, he earned a salary of N486 million, up from N320 million in 2022.
An industry veteran with 33 years of experience, Essaadi took over from Jordi Borrut Bel, who led the company from January 2018 to July 2021. Before this, Essaadi was the managing director of AlHaram Beverages, HEINEKEN’s operation in Egypt.
He began his career with the HEINEKEN Group in 1991 as a sales representative and progressed through senior roles in Sales, Export, and Marketing. His international journey with HEINEKEN includes roles such as Country Manager in Puerto Rico, General Manager of Brau Union International in Austria, General Manager of Sirocco in the UAE, and Managing Director of HEINEKEN Malaysia Berhad from 2013 to 2018, before moving to Egypt.
8. Segun Agbaje – GTCO PLC
Segun Agbaje is the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), a leading African financial services group with a presence in ten African countries and the United Kingdom. In 2023, his remuneration was N457 million, up from N446 million in 2022.
With over 30 years of experience in investment, commercial, and international banking, Agbaje is recognised as one of Africa’s top CEOs. He holds a Bachelor of Science in Accounting and an MBA from the University of San Francisco, and he is an alumnus of Harvard Business School.
Before his current role, Agbaje served as CEO and Managing Director of Guaranty Trust Bank Plc from June 2011 to July 2021. During his tenure, he expanded the customer base from under 3 million to over 24 million and increased profit before tax from N45.5 billion in 2010 to N238.1 billion in 2020.
In July 2021, he transitioned to Group CEO of GTCO Plc, where he has overseen the launch of strategic non-banking ventures in payments, asset management, and pension fund administration. Under his leadership, GTCO Plc reported a profit before tax of N609.3 billion in 2023, a 184.5% increase from the previous year’s N214.2 billion, with the net loan book growing by 31.5% to N2.48 trillion.
9. Tim- Kleinebenne
Tim Kleinebenne has served as the Managing Director of Unilever Nigeria since April 2023, earning an annual remuneration of N313 million. This marked an increase from the N198 million paid to his predecessor, Carl Cruz, in 2022.
A graduate in Business Economics from the University of Hamburg, Germany, Kleinebenne brings 31 years of international experience in the Fast-Moving Consumer Goods (FMCG) sector at Unilever. Throughout his career, he has held senior positions in sales and marketing and has over a decade of experience as Managing Director in various Unilever companies, including two publicly listed businesses.
In addition to his current role, Kleinebenne is also the Managing Director of Unilever Côte d’Ivoire. His previous positions include Managing Director of Unilever Ethiopia, where he successfully established and grew the business, and Managing Director of Unilever Caribbean.
10. Babatunde Fajemirokun – AIICO Insurance PLC
Babatunde Fajemirokun has served as the Managing Director and CEO of AIICO Insurance PLC since 14 August 2019. In 2023, he earned N116 million, up from N101 million in 2022. However, a report initially noted his compensation as N233 million, which AIICO later clarified was the combined earnings of the highest-paid directors across its group, including AIICO Insurance, AIICO Capital, and AIICO Multishield.
Fajemirokun began his career at AIICO in May 2009 within the Life Insurance Division, focusing on value-enhancing projects. Before becoming CEO, he held several key positions, including Divisional Head of Operations & Technology (2009-2013), Chief Operating Officer (2013-2017), and Group Chief Business Officer (2017-2019).
His professional journey also includes a stint as a visiting lecturer at Glasgow Caledonian University in 2001 and consulting roles at Accenture, Lagos (2003-2007), and Capgemini Consulting, UK (2008-2009), where he advised financial services and government clients.
Fajemirokun holds an MBA from the University of Chicago Booth School of Business (2013), a Master’s in Business Information Strategy from the University of Strathclyde (2002), and a Bachelor’s in Business Economics from Glasgow, UK (2000). He is a Fellow of the Society of Underwriting Professionals (FCII), a Chartered Insurer, and a member of the Chartered Insurance Institute UK.
Under his leadership, AIICO’s profit before income tax from continuing operations rose dramatically by 571%, increasing from N1.79 billion in 2022 to N12.03 billion in 2023. The company’s net profit for the year also surged by 159%, reaching N11.57 billion in 2023, up from N4.47 billion in the previous year, underscoring its robust financial health and effective strategic initiatives.
