Who are the 10 Highest Paid CEOs in Nigeria?
Read Time:3 Minute, 18 Second
Executive compensation in Nigeria’s corporate world reached new heights in 2024, as top Chief Executive Officers (CEOs) and Managing Directors (MDs) commanded billion-naira salaries.
From energy to banking and consumer goods, these high-ranking professionals earned substantial paychecks for their leadership roles in some of Nigeria’s most influential companies.
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Roger Thompson Brown – ₦3.9 Billion (CEO, Seplat Energy)
Roger Thompson Brown, the CEO of Seplat Energy, tops the list with an annual compensation of ₦3.9 billion. Seplat, a major player in Nigeria’s oil and gas sector, is dual-listed on the Nigerian Exchange (NGX) and the London Stock Exchange.
Under Brown’s leadership, the company has continued to expand its footprint in oil exploration and production.
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Karl Toriola – ₦3.1 Billion (CEO, MTN Nigeria)
Karl Toriola, the CEO of MTN Nigeria, ranks second with ₦3.1 billion in earnings. MTN Nigeria, the country’s largest telecommunications provider, has grown under Toriola’s leadership, especially in the areas of digital services and mobile financial platforms. The company plays a vital role in Nigeria’s telecom and fintech sectors.
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Adegbite Falade – ₦2.43 Billion (CEO/MD, Aradel Holdings)
Adegbite Falade, who leads Aradel Holdings (formerly Niger Delta Petroleum Resources), received a total compensation of ₦2.43 billion. Aradel is a key player in oil exploration, refining, and distribution, with a growing focus on sustainability. Falade has been instrumental in transforming the company into a forward-thinking energy business.
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Arvind Pathak – ₦1.58 Billion (CEO/MD, Dangote Cement)
Arvind Pathak serves as the CEO/MD of Dangote Cement, the largest cement manufacturer in Africa. With an annual compensation of ₦1.58 billion, Pathak oversees operations across several African markets. The company remains central to the continent’s infrastructure and construction growth.
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Hans Essaadi – ₦1.14 Billion (CEO/MD, Nigerian Breweries Plc)
Hans Essaadi, CEO of Nigerian Breweries Plc, earned ₦1.14 billion in 2024. Nigerian Breweries, a subsidiary of Heineken, is Nigeria’s top brewing company, producing major beer brands like Star and Gulder.
Essaadi has pushed for product innovation and wider market penetration in Nigeria’s beverage sector.
Read: Who is the Highest Paid CEO in Kenya? A Look at the Top Corporate Salaries
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Samba Seye – ₦1.06 Billion (CEO/MD, TotalEnergies Nigeria)
Dr. Samba Seye leads TotalEnergies Nigeria, earning ₦1.06 billion in compensation. TotalEnergies is one of the most prominent international oil companies operating in Nigeria.
Under Seye’s guidance, the company continues to integrate renewable energy projects with its traditional oil and gas operations.
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Adaora Umeoji – ₦874 Million (GMD/CEO, Zenith Bank Plc)
Dr. Adaora Umeoji, Group MD/CEO of Zenith Bank Plc, made history as the bank’s first female chief executive. In 2024, she received ₦874 million in compensation.
Umeoji has emphasized innovation in retail banking, digital infrastructure, and financial inclusion across Nigeria’s banking ecosystem.
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Wassim Elhussein – ₦831 Million (CEO/MD, Nestlé Nigeria Plc)
Wassim Elhussein, CEO of Nestlé Nigeria Plc, earned ₦831 million. Nestlé Nigeria, a subsidiary of the global food giant, is known for brands like Maggi, Milo, and Nescafé.
Elhussein has focused on local market adaptation, driving growth in Nigeria’s fast-moving consumer goods (FMCG) industry.
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Segun Julius Agbaje – ₦471 Million (Group CEO, Guaranty Trust Bank Plc)
Segun Julius Agbaje, the Group CEO of Guaranty Trust Bank (GTBank), earned ₦471 million in 2024. Agbaje has led the bank through years of innovation in digital banking, maintaining GTBank’s reputation as one of Nigeria’s most tech-driven financial institutions.
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Folasope Babasola Aiyesimoju – ₦401.4 Million (Group CEO, UAC of Nigeria Plc)
Folasope Babasola Aiyesimoju rounds off the top 10 with ₦401.4 million in earnings as Group CEO of UAC of Nigeria Plc. UAC operates across food and beverage, paints, real estate, and logistics.
Aiyesimoju has spearheaded efforts to boost profitability and modernize the conglomerate’s business structure.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
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