Highest paid CEOs in Nigeria
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Top 10 Highest paid CEOs in Nigeria (2024 Update)

Who and who would appear in your list, if you were asked to list out the top 10 highest-paid Chief Executive Officers (CEOs) working here in Nigeria? You know that there are so many rich people in Nigeria, and the first set of people that will come to your mind will be Nigerian Politicians immediately after any issue of money is mentioned. But here we are talking about those who manage the affairs of one firm or the other, and they are not politicians so to speak.

So today, we are going to look at the top 10 highest-paid Chief Executive Officers (CEOs) in Nigeria. In the piece, we will discuss the biography of each of them, the company that they are working with, their role, and how much they earn on a monthly basis.

Top 10 Highest-Paid CEOs in Nigeria 

Top 10 Highest paid CEOs in Nigeria

In this section, we are going to list the Top 10 Highest paid CEOs in Nigeria, and they are as follows:

  1. Michael Puchercos, (Dangote Cement) N351 Million
  2. Roger Brown (Seplat Energy) – N475m 
  3. Karl Toriola (MTN Nigeria) – N368m 
  4. Ravindra Singhvi (Dangote Sugar) – N289.7m
  5. Khaled Abdel Aziz (Lafarge Africa) – N288.6m 
  6. Ebenezer Onyeagwu (Zenith Bank) – N246m
  7. Hans Essaadi (Nigerian Breweries) – N243.1m 
  8. Lars Ritcher, MD, Julius Berger 217 million
  9. Olusegun Ogunsanya, Airtel Africa 1,238.6 billion,
  10. Folasope Aiyesimoju, UAC Nigeria N497.42 million

#1. Michael Puchercos Dangote Cement, N531 Million

Michael Puchercos is currently the CEO of Dangote Cement, Nigeria. He was working formerly as the CEO of Lafarge Africa before he joined the Dangote Group of Company, and right now, he is earning about the sum of N 531 million as the CEO of the Dangote Cement. According to Nairametrics, he is the highest-paid CEO in the list of the top highest-paid Nigeria CEOs.

He was appointed as the CEO of the company after he resigned from Lafarge Africa in 2020, so right now he is the Group Managing Director and Chief Executive Officer of the most capitalized manufacturing company on the Nigerian Stock Exchange.

#2. Roger Brown (Seplat Energy) – N475m 

Another person, who is assumed to be the second-highest-paid CEO in Nigeria is Roger Brown, he is the CEO of Seplat Energy, and he earns about N475 million to stand as the second-highest-paid CEO in Nigeria.

Roger Brown was made the Chief Executive Officer of Seplat Energy after Austin Avuru retired as the CEO in August 2020. Roger Brown’s monthly salary has declined from N484 to N475 million which he now earns. 

He has a financial education background and has worked with several companies including but not limited to Standard Bank. He is a member of the trained chartered accountant with the institutes of the chartered accounts of Scotland. He has gathered about 25 years of experience in the financial sector.

#3. Karl Toriola (MTN Nigeria) – N368m 

The third CEO in the list of the top highest paid Nigeria CEOs is Karl Toriola who is right now working with MTN Nigeria. According to a report in 2021, he receives a sum of N368 million as his monthly remuneration. Compared to what the former MD of MTN, Ferdinand Moolman received, which was about the sum of  N567 million in 2020, we can then conclude that there is a decline in Karl Toriola’s earnings, although he stands out as the only Nigerian in the top five list for 2021. 

#4. Ravindra Singhvi (Dangote Sugar) – N289.7m 

The fourth CEO on the list of the top highest paid Nigeria CEOs is Mr Ravindra Singh Singhvi with the earning of about N289.7 million as his monthly salary. Mr. Ravindra Singh Singhvi is the Chief Executive Officer of Dangote Sugar Refinery Plc. He was formerly the Ag. Managing Director of the company before his appointment as the Group Managing Director on the 30th of October 2020.

If we compare the salary of Mr. Ravindra Singh Singhvi, which is the sum of N289.7 million as of 2021, we can indeed see that his salary has actually increased from N134.6 million received before. He was the Chief Operating Officer of Dangote Sugar Refinery Plc when he joined on 13th August 2018.

#5. Khaled Abdel Aziz (Lafarge Africa) – N288.6m 

After the former MD, Mr. Michel Puchercos resigned from his position as the CEO of Lafarge, Khaled Abdel Aziz El Dokani became the MD/CEO of Lafarge Africa, in January 2020

From the day he was appointed the CEO of Lafarge Africa ( Khaled) now received the sum of N288.62 million as salary, which means there is an increment in his salary, compared to the N221.22 million he used to receive before his appointment in 2021.

As if that is not enough, he also receives N102.82 million as an extra incentive that will make his remuneration increase to the sum of  N391.43 million giving it a boost compared to his salary in 2020 which was just the sum of N334.89 million.

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#6. Ebenezer Onyeagwu (Zenith Bank) – N246m 

 In the list of the top highest-paid CEOs in Nigeria, we have Mr. Ebenezer Onyeagwu, presently the Managing Director/Chief Executive, of Zenith Bank, after the tenure of  Mr Peter Amangbo expired on May 31, 2019. Ebenezer Onyeagwu’s monthly salary is weighed at about N246 million as salary as of 2021 from the bank. His former salary was N230 million, and now, he has about a 6.97% increase which is higher than the N230 million he was previously paid.

#7. Hans Essaadi (Nigerian Breweries) – N243.1m 

 In the list of the top highest-paid CEOs in Nigeria, we have Mr Hans Essaadi. He joined the Heineken Group as a Sales Representative in 1991, but as we speak right now, Mr. Hans Essaadi.has been appointed, as Managing Director/CEO of the Nigerian Breweries.

Before he was appointed to assume this position, which took place effective July 31, 2021, he had also served in many other positions such as the Managing Director of Al-Haram Beverages, the HEINEKEN operating company in Egypt.

#8. Lars Ritcher, MD, Julius Berger 217 million

 In the list of the top highest-paid CEOs in Nigeria, we have Lars Ritcher, he is the Managing Director of Julius Beger, and earns about 217 million as a monthly salary. This position was conferred on him when Engr. Wolfgang Goetsch was no longer in active service in the company. His appointment as the Director and Managing Director of Julius Berger took effect on October 16, 2018. 

Lars Ritcher at Julius Berger totaling the sum of N408.91 million apart from his share ownership and as such there is no dividend income. His total compensation has been one of the factors that enlisted him in the list of the top-earned CEOs in Nigeria.

#9. Olusegun Ogunsanya, Airtel Africa 1,238.6 billion

Another top CEO in our list of top Nigerian CEOs is the Chief Executive Officer of Airtel Africa, Olusegun Ogunsanya, he was conferred the position of the CEO after the former Ragutha Mandava, could not continue as the CEO of the company as a result of retirement. His (Ogunsanya) assumption of the position of CEO took effect in October 2021, after he was formally introduced to the board. 

Airtel Africa’s CEO received about 1,238.6 billion, as salary including his other incentives such as N590.73 million and N391.5 million in benefits, while his basic salary is N199.23 million which makes the total of his earnings.

#10. Folasope Aiyesimoju, CEO of UAC Nigeria N497.42 million

Lastly in the list of our top ten most paid CEOs, we have Folasope Aiyesimoju, he is the CEO of UAC Nigeria Plc, he was appointed into this office in 2019, and he earns about sum, of N497.42 million, as his remuneration. He also earns the sum of 95.987 million, as an additional incentive to his basic salary, as the report would have it.

Conclusion

We have to draw the curtain for this article here.  We are sure that with this article, you will not think twice when you are confronted with the who and who makes the top 10 highest-paid Chief Executive Officers (CEOs) in Nigeria. We also told you about the companies some of them worked for before how they rose to the position of the CEO and how much they earn every month.

Amos Nya
Amos Nya is a Digital (SEO) Content Developer at LegitSchoolInfo.com. Legit School Info is a team of Resource academicians and Consultants led by John Akpan. However, If you need personal assistance on this topic, kindly contact us.

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