Top 10 Highest Paid CEOs In Nigeria (2024)

Highest Paid Chief Executive Officers in Nigeria 

To successful drive a firm to profitability and growth especially in nation state like Nigeria characterized by inconsistency in legislation and modalities is a daunting task.

highest paid ceos in nigeria

The overall running and management of a firm falls on the table of the chief executive officer (CEO).

From layman’s view and from the position of the uniformed, the CEO position can be viewed as the most less work loaded position in the firm.As in most times, the CEOs are seen either in social function or exotic office with cup of tea.

Far from reality, in every firm or coy, no employee works more than the chief executive officer.

The position of chief executive officer places enormous responsibility on the shoulder of these great men.

The CEO position makes them involved in all departments of the company. In other words, the CEO does virtually every duty in the firm as the growth or decline of a firm is determined by his or her decisions.

Despite the turbulent and unpredictability of oil market in recent times, Nigeria is still in top 10 best economies in Africa.

Annually in Nigeria, New firms are born as also some multinationals makes entry into the Africa largest market.

Some of the biggest companies in Africa are either Nigerian owned firms or operates in the country.

These top firms annually rake up billions on profit. The chief executive officers who manages some of the biggest companies in Nigeria are some of the smartest people you do meet in the business world.

This is because the challenging business environment in Nigeria make no room for survival of dull and lazy investors and entrepreneurs.

The chief executive officers of top companies in Nigeria are not only smart people but they are also some of the best paid people in the country.

According to a Nigerian mainstream newspaper, Thisday Newspaper, 37 highest paid CEOs in Nigeria jointly earned N5.7 billion for the year 2021.

The report showed that 10 highest paid CEOs in Nigeria drive some of the Nigeria’s most delicate private sectors like Telecommunications, banking and oil & gas.

Below are the list of best and highest paid CEOs in Nigeria.

Best Paid CEOs In Nigeria

Here is the list of Nigeria’s highest paid CEOs for the year 2023.

Michel Puchercos (Dangote Cement) – N531m

Mr Michel Pucheros, who is the CEO of Dangote Group is considered the highest paid CEO in Nigeria with an annual remuneration in the region of N531 million in the year 2021.

He is the Group Managing Director and Chief Executive Officer of  Dangote Cement which is the most capitalised manufacturing company on the Nigerian Stock Exchange.

He assumed the position on January 2020, after resigning from Lafarge Africa in the same year.

According to information on the website of Dangote Cement, Michel has more than 20 years of experience in the cement industry having served in various capacities at Lafarge.

Roger Brown (Seplat Energy) – N475m

Another top paid CEO in Nigeria is Mr. Roger Brown who is the CEO of Seplat, an independent indigenous Nigeria upstream exploration and production company.

He is the second highest paid CEO for the year 2021.

His yearly remunerations stood at N475 million which makes him one of the best paid CEOs in Nigeria.

Karl Toriola (MTN Nigeria) – N368m

MTN CEO is the third highest earning CEO in Nigeria. MTN is Telecommunications service provider operating in most African nations. Its Nigerian business known as Mtn Nigeria is manage by Karl Toriola.

Mr. Karl Toriola is among Nigeria’s paid chief executive officer (CEO) in Nigeria with a total remuneration N368 million for the year 2021.

Ravindra Singhvi (Dangote Sugar) – N289.7m

Another CEO in Dangote group that made it to the list of highest paid Chief Executive Officers in Nigeria is Mr Ravindra Singh Singhvi who earned a whooping N289.7 million in 2021.

He is the Group Managing Director/CEO of Dangote Sugar Refinery Plc.

Before he was appointed the Group Managing Director on the 30th of October 2020; The renowned CEO  was the Ag. Managing Director.

Khaled Abdel Aziz El Dokani (Lafarge Africa) – N288.6m 

Khaled is the current MD/CEO of Lafarge Africa, a position he assumed from January 2020 after the former MD, Mr Michel Puchercos resigned from his position.

Khaled was paid a sum of N288.62 million as salary for the 2021 financial year compared to N221.22 million received in the previous year.

This annual salary puts Khaled t the ranks of highest top paid CEOs in Nigeria.

Ebenezer Onyeagwu (Zenith Bank) – N246m 

A banker to join the podium of richest CEOs in Nigeria is Mr Ebenezer Onyeagwu who is the current Managing Director/Chief Executive, Zenith Bank.

Ebenezer Onyeagwu paid a whooping sum of N246 million as salary in 2021 by Zenith bank, which is 6.97% higher than the N230 million received in the year 2020.

Hans Essaadi (Nigerian Breweries) – N243.1m

Mr Hans Essaadi former top manager at  Al-Haram Beverages is one of the best paid CEOs in Nigeria.

Mr Hans  was appointed, Managing Director/CEO of the Nigerian Breweries on July 31, 2021 and has steered the affairs of Nigeria’s top beverage company.

Hans received annual salary of N243.1 million as the CEO of Nigerian Breweries.

Mr. Adewale Tinubu (CEO Oando Plc)

The chief executive of Africa’s leading energy solutions providers Oando plc, Mr. Adewale Tinubu is ranked among the highest paid Nigerian CEOs with a rumoured annual pay package of  about N568 million.

He manages the affairs of one of the biggest oil and gas companies in Nigeria

Mr. Segun Agbaje (CEO GTBank)

Also earning very highly is the chief executive of one of Nigerian’s New generation Bank, Guaranty Trust Bank, Mr. Agbaje whose paycheck is N399.7 million per annum.

This pay makes Mr. Segun Agbaje one of the highest paid bank CEO in Nigeria.

Mr. Yaw Nsarkoh (CEO Unilever)

Mr. Yaw Nsarkoh, the CEO of Unilever Nigeria Plc made the list of best paid chief executive officers with whopping annual earnings of N302.52 million.

Mr. Jordi Borrut Bel (CEO Nigeria Breweries)

Hard not to make the list of top earning chief executive is the CEO of Nigeria Breweries, Mr. Jordi Borrut Bel whose annual remunerations is pegged at N271 million.

Mr. Mauricio Alarcon (CEO Nestle)

One of the largest foods and beverage companies in Africa is Nestle Nigeria plc. This been the case, it is not by chance that her CEO, Mr. Mauricio Alarcon takes home N218.08 million every year. One of the biggest annual take homes in the country. This salary put Mr. Alarcon in the echelons of highest earning CEOs in the country.

Mr. Lars Richter (CEO Julius Berger Nigeria)

Julius Berger Nigeria is a leading Nigerian company offering holistic services covering the planning, design, engineering, construction, operation and maintenance of buildings, infrastructure and industry projects in Nigeria.

Mr. Lars Ritcher who is the CEO of the engineering company is on the list of best paid CEOs in Nigeria. His annual pay is N217.07 million.

Mr. Baker Magunda (CEO Guinness Nigeria)

Mr. Baker Magunda, who is the chief executive officer of one of the world most renowned brewery company operating in Nigeria, Guinness Nigeria also made the list of highest paid Nigerian CEOs with an annual pay of N193 million.


The Author

Emmanuel Igwenagu

Igwenagu Emmanuel is the founder of Nigerian Informer. He holds B.A, M.Sc in Mass Communication. He is a Communication researcher and 112 emergency help line dispatcher.

1 Comment

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  1. Great list.. Thanks for compiling them.

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