Top 10 Highest-Paid CEOs In Nigeria
In professional achievement, the Chief Executive Officer stands as the pinnacle aspiration for many. Entrusted with coordinating an organization, these leaders bear the weight of crucial business decisions, often earning them the highest compensation within their respective companies. Drawing from various reputable sources, we present the roster of the top 10 highest-paid CEOs in Nigeria for the 2023/2024 fiscal year.
It is paramount to note that CEOs' financial remuneration often mirrors their company's performance. Compensation agreements are crafted by boards of directors to align executive actions with the firm's prosperity, ensuring value creation for both the organization and its shareholders.
As the linchpin of a company's course, a CEO's decisions and strategies ultimately determine its success. They shape policies, allocate resources, and make pivotal choices, influencing the company's revolution.
Without further ado, here are the highest-earning CEOs in Nigeria for the 2023/2024 fiscal year
Highest-Paid CEOs in Nigeria [2023/2024]
- Karl Toriola – N850 million (MTN Nigeria)
- Michel Puchercos – N736 million (Dangote Cement)
- Baker Magunda – N505 million (Guinness Nigeria)
- Roger Brown – N500 million (Seplat Energy)
- Mr. Khaled Abdel Aziz El Dokani – N452 million (Lafarge Africa)
- Segun Agbaje – N445 million (Guaranty Trust Bank)
- Lars Ritcher – N417 million (Julius Berger Nigeria PLC)
- Hans Essaadi – N319 million (Nigerian Breweries Plc)
- Ebenezer Onyeagwu – N285 million (Zenith Bank)
- Wassim El-Husseini – N266 million (Nestle Nigeria)
1. Karl Toriola
Notably, Karl Toriola, at the helm of MTN Nigeria, the nation's largest telecom company, commands the highest CEO compensation, totaling 850 million Naira for the 2023/2024 period. Impressively, he assumed this role in 2021, reflecting his relatively recent appointment.
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Toriola boasts an extensive career within the MTN Group, spanning various positions across regions. His educational background includes a Bachelor of Science in Electronic and Electrical Engineering from Obafemi Awolowo University, alongside a Master of Science in Communication Systems from the University of Wales.
Karl Toriola's tenure as CEO saw MTN Nigeria reporting an after-tax profit of N298.65 billion in 2021, marking a significant 45.5 percent surge from the preceding year's figures.
2. Michel Puchercos
Michel Puchercos, leading Dangote Cement, secures the second spot with an annual compensation of N736 million for the 2023/2024 period. Notably, he also held the highest-paid CEO position in Nigeria in 2022, earning N531 million. Puchercos assumed this role in 2020, following his tenure at Lafarge Africa.
With extensive experience in the cement industry, Puchercos played a pivotal role in steering Dangote Cement's after-tax profit to N364.4 billion, reflecting a notable 32 percent year-over-year increase.
3. Baker Magunda
Despite his retirement, Baker Magunda, former CEO of Guinness Nigeria, clinches the third spot with earnings of 500 million Naira. Beyond his CEO role, Magunda's entrepreneurial ventures extend to five distinct organizations.
Baker's educational journey encompasses studies at Makerere University and Makerere University Business School. He further pursued postgraduate studies at IESE and Strathmore Business Schools. His career trajectory includes roles at Coca-Cola Sabco Century Bottling Company, Diageo, and more.
4. Roger Brown
Roger Brown, at the helm of Seplat Energy, secures the fourth position among Nigeria's highest-paid CEOs for the 2023/2024 fiscal year, earning a substantial N500 million. This figure represents a slight decrease from his 2021 earnings of N475 million.
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Brown took over as Seplat Energy’s Chief Executive Officer in 2020, succeeding Austin Avuru. His tenure saw the company's profit after taxes surge to N46.93 billion, a significant improvement from the N30.71 billion recorded in 2020. With over 25 years of experience in the financial industry, Brown brings a wealth of expertise in navigating energy and infrastructure deals across Africa.
5. Mr. Khaled Abdel Aziz El Dokani
Khaled El Dokani, CEO of Lafarge Africa, secures the fifth position on the list, with earnings of N452 million for the 2023/2024 fiscal year. This represents a notable 56 percent increase from his previous year's income.
Assuming his role in January 2020, Khaled's leadership led to Lafarge Africa reporting a profit after tax of N51 billion in 2021, marking a substantial 65.4 percent rise from the preceding year. With an educational background from Alexandria University, Khaled's career path saw him overseeing operations in various countries, including Iraq, Qatar, and Saudi Arabia.
6. Segun Agbaje
Segun Agbaje, the CEO of GTCO PLC, stands as one of the highest-paid CEOs in Nigeria, earning an impressive N445 million. Agbaje's extensive journey with Guaranty Trust Bank dates back to 1991, where he started as a pioneer staff member and ascended through the ranks.
Noteworthy milestones include his appointment as Managing Director in 2011, followed by his transition to CEO. Agbaje's educational journey spans St Gregory’s College in Lagos State, St Augustine Academy in England, and the University of San Francisco, California, where he attained a Bachelor of Accounting and Master of Business Administration.
7. Lars Ritcher
Lars Ritcher, the CEO of Julius Berger Nigeria PLC, commands a notable N417 million in earnings, securing the seventh position among Nigeria's highest-paid CEOs. His annual income saw a 2 percent increase from the previous year.
With over 16 years of experience in the construction industry, including a decade spent in Nigeria, Ritcher's leadership has been instrumental in the successful execution of major projects for Julius Berger.
8. Hans Essaadi
Hans Essaadi, the Chief Executive Officer of Nigerian Breweries Plc, earns a substantial N319 million, positioning him as one of the highest-paid CEOs in Nigeria for the 2023/2024 fiscal year. A Dutch businessperson, Essaadi's career spans leadership roles in five different companies within the brewing industry.
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With a diverse career trajectory, Hans Essaadi's leadership prowess extends to AlHaram Beverages and the HEINEKEN Operating Company in Egypt. He is also a Member-Governing Council at Confederation of Malaysian Brewers Bhd.
Beginning his journey as a sales representative at Heineken Operating Company in 1991, Essaadi ascended through various roles within the HEINEKEN Group, including sales, export, and marketing. Notably, he held the position of General Manager of Sirocco FZCO in the United Arab Emirates for several years.
9. Ebenezer Onyeagwu
Ebenezer Onyeagwu, at the helm of Zenith Bank Plc, earns an impressive N285 million, securing his position among the highest-paid CEOs in Nigeria for the 2023/2024 fiscal year. With over 30 years of experience, Onyeagwu's journey commenced at the defunct Financial Merchant Bank in 1991.
Joining Zenith Bank in 2002, he navigated various senior positions, including Managing Director of Zenith Bank (UK) Limited and Group Head of Treasury and Financial Markets. Notably, he was appointed Group Managing Director/CEO of Zenith Bank Plc in 2019.
10. Wassim El-Husseini
Wassim El-Husseini, the Chief Executive Officer for Nestle Nigeria Plc, rounds off the list of the highest-paid CEOs in Nigeria for the 2023/2024 fiscal year. The Lebanese-born CEO earned a total income of N266 million, securing the tenth spot on the list.
Wassim El-Husseini's tenure at Nestlé commenced in 2002, initially as the Manager of Channel Category Sales Development (CCSD) for Coffee & Creamers. Over the years, he undertook roles of increasing responsibility, culminating in his appointment as CEO of Nestlé Nigeria in 2020.
Holding a Bachelor’s Degree in Public Administration from the American University of Beirut, Wassim El-Husseini further enriched his expertise through leadership and management certificates from esteemed business schools worldwide.
These distinguished leaders, with their diverse backgrounds and extensive experience, embody the pinnacle of executive compensation in Nigeria. Their strategic acumen and operational excellence continue to shape the courses of their organizations, making significant contributions to Nigeria's business landscape.
