Top 10 Highest-Paid CEOs in Nigeria [2023/2024]

The Chief Executive Officer is the peak position every worker aspires in every professional field. The occupants of the positions are charged with the management of an organization and are ultimately accountable for the company’s business decisions.  Burden with such responsibility, CEOs are usually the highest-paid personnel in any organization. With data obtained from various sources on the web, we have compiled a list of the top 10 highest-paid CEOs in Nigeria for the 2023/2024 calendar year.

Before getting into details, it is imperative to note that, the financial income for most CEOs changes along with the company’s performance. The board of directors uses compensation contracts to tie executives’ activities to the success of the firm in an effort to guarantee that value is provided to the organization and shareholders.

As you might have known, the decisions and action of a CEO are what determines whether a business or company will become a successful enterprise. They are responsible for making decisions, putting policies into place, and managing the financial and human resources at their disposal to ensure the success of the company.

Without any further ado, here are the top 10 highest-paid CEOs in Nigeria for the 2023/2024 Calendar year.

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1.  Mr. Karl Toriola – 850 million (MTN Nigeria)

Karl Toriola, the chief executive officer of Nigeria’s largest telecom company,  MTN Nigeria, is the highest-paid CEO in Nigeria, earning a total of 850 Million Naira in the 2023/2024 calendar year. Surprisingly he has the youngest CEO experience on the list as he was just recently appointed by the giant telecommunication company in 2021.

Toriola at the inception of his career had a number of jobs within the MTN Group before joining MTN Nigeria in 2006 as Chief Technical Officer. He worked at MTN Group, WECA region, MTN Cameroon.  He has also been employed by Vmobile Nigeria, Ericsson Nigeria, and AG Switzerland, gaining over 24 years of experience.

Prior to his fulfilling career, Toriola graduated from Obafemi Awolowo University in Ile-Ife, Nigeria, with a Bachelor of Science in Electronic and Electrical Engineering and a Master of Science in Communication Systems, from the University of Wales. Upon his appointment as the CEO of MTN Nigeria, the company reported an after-tax profit of N298.65 billion in 2021, a 45.5 percent increase from the N205.21 billion reported the year before.

• Origin: Nigeria
• Academic: Obafemi Awolowo University
• Position: CEO/MD MTN Nigeria
• Salary: N850 million
• Career: Ericsson, Econet, Airtel, Lagos State University, MTN Nigeria

2. Michel Puchercos – ₦736 million  (Dangote Cement)

With a total earnings of ₦736 million, Michel Puchercos of Dangote ranks second amongst the highest-paid CEOs in Nigeria for the 2023/2024 Calendar year. He was the highest-paid CEO in Nigeria in 2022 earning a total of N531 million  He was appointed as the CEO of the company in 2020 after resigning from Lafarge Africa.

Michel is a graduate of the Ecole Polytechnique (1976) and the Ecole Nationale du Génie Rural, des Eaux et des Forêts (1981). Thanks to his administrative skill and experience Profit after tax for Dangote Cement increased by 32 percent year over year to N364.4 billion from N276.1 billion in the prior year.

Michel has more than 20 years of expertise in the cement sector, having worked at Lafarge in a variety of capacities.  He was the Director of Strategy and Systems at Lafarge Gypsum and the President and Chief Executive Officer of Lafarge Halla Cement. Additionally, he held the positions of Chairman of Mbeya Cement in Tanzania as well as Chief Executive Officer of Bamburi Cement and Hima Cement.

• Origin: France
• Education: Ecole Polytechnique, National School of Rural Engineering, Waterways & Forests
• Position: CEO/MD Dangote Cement
• Salary: N736 million
• Career: DGA, Lafarge, Bamburi Cement, Dangote Cement

3. Baker Magunda – ₦500 Million (Guinness Nigeria)

Baker Magunda, the former CEO of Guinness Nigeria, is one of the highest-paid CEOs in Nigeria, despite being retired.  A total earnings of 500 Million Naira puts ranks him third on the list. Aside from his work as A CEO a businessman with fingers in five separate organizations.

Baker had his first degree at Makerere University in Uganda and Makerere University Business School. He also attended IESE and Strathmore Business Schools, for his postgraduate business and leadership studies He started his career as a market development manager at Coca-Cola Sabco Century Bottling Company In 1991.

Baker was appointed the Head of Sales for the company in 1996 before joining Diageo in 1999. He held a number of marketing positions at Diageo before being appointed managing director of the company’s operations in Uganda, Kenya, and Cameroon. He oversaw Diageo’s operations in Ethiopia and the Indian Ocean Markets.

• Origin: Uganda
• Education: Makerere University, Heriot-Watt University
• Position: CEO of Guinness Nigeria Plc
• Salary: N505 million
• Career: Coca-Cola, East African Breweries Ltd, Diageo

4. Roger Brown – ₦500 million (Seplat Energy)

Roger Brown Of Seplat Energy, takes the fourth spot among the highest-paid CEOs in Nigeria, for the 2023/2024 Calender year, earning a total income of ₦500 million. Previous reports show that he received a salary of N475 million in 2021, a decrease from the N484 million he received the year before.

Roger Brown took over as Seplat Energy’s Chief Executive Officer on August 1, 2020, after Austin Avuru retired. Upon his appointment as CEO, the oil business reported a profit after taxes of N46.93 billion in the year under review, which is an improvement above the deficit of N30.71 billion registered in 2020.

Prior to this,  Roger served as the company’s chief financial officer and executive director Since July 2013. During this time he was instrumental in completing the dual listing of the company on the main markets of the Nigerian and London Stock Exchanges, which was the first for a Nigerian corporation.

With more than 25 years of financial industry experience, Brown has a strong focus on emerging markets and has a lot of experience negotiating energy and infrastructure deals on the African continent. He has a background in finance and is a member of both the Association of National Accountants of Nigeria and the Institute of Chartered Accountants of Scotland.

• Origin: United Kingdom
• Education: University of Edinburgh, London Business School
• Position: CEO of Seplat Energy Plc
• Salary: N475 million
• Career: Price Water Cooper (PwC), Standard Bank, Seplat Energy Plc

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5. Khaled Abdel Aziz El Dokani –  ₦452 million (Lafarge Africa)

With a salary of N452 million, Khaled El Dokani,  the CEO of Lafarge Africa, ranks fifth among the highest-paid CEOs for the 2023/2024 Calendar Year. The Egypt-born CEO saw a  56 percent increase in his annual income in contrast to the N288 million he earned the year before.

Khaled assumed the role of MD/CEO of Lafarge Africa in January 2020, following the resignation of the previous MD, Mr. Michel Puchercos. Upon his appointment as CEO, Lafarge Africa reported a profit after tax of N51 billion in 2021, an increase of 65.4 percent from the N30.84 billion realized the year before.

Khaled graduated from Alexandria University with a Bachelor of Commerce degree. He then joined LafargeHolcim in 2004. Prior to this recent appointment, he oversaw the operations of Lafarge in numerous countries such as  Iraq (2018-2019), Qatar (2016-2018), and Saudi Arabia (2013–2016); and served as vice president for Business Development and Strategy in North America (2010-2013), and CFO in Lafarge Algeria (2004 – 2010).

• Origin: Egypt
• Education: Alexandra University, Egypt
• Position: CEO of Lafarge Africa Plc Nigeria
• Salary: N452 million
• Career: ECC Solution, Lafarge Africa Plc Nigeria

6.  Segun Agbaje

Segun Agbaje, the CEO of GTCO PLC, popularly known as Guaranty Trust Bank joins the list of the highest-paid CEOs in Nigeria for the 2023/2024 Calendar year, as he earned a whooping N445 million. He joined the company as a pioneer staff in 1991 and rose through the ranks to become an Executive Director in January 2000, and Deputy Managing Director in August 2002.

Agbaje was appointed the substantive Managing Director of Guaranty Trust Bank in June 2011 following the death of Tayo Aderinokun. He stepped down from his role as the Managing Director to become the CEO of the company. Prior to his fulfilling career with GT Bank, Agbaje had a  short stint with Ernst & Young in the United States.

Academically, Segun Agbaje attended St Gregory’s College, in Lagos State and St Augustine Academy, in  England, for his secondary education. He then proceeded to the University of San Francisco, California, where he earned Bachelor of Accounting and Master of Business Administration degrees. He is also a Harvard Business School alumnus and was elected to the board of directors and the audit committee of PepsiCo in July 2020.

• Origin: Nigeria
• Education: University of San Francisco, USA
• Position: CEO of Guaranty Trust Bank Holding Company
• Salary: N445 million
• Career: Ernst & Young, PepsiCo, Inc., Guaranty Trust Holding Company,

7. Lars Ritcher – ₦417 million (Julius Berger Nigeria PLC)

With a whopping salary of ₦417 million, Lars Ritcher of Julius Berger Nigeria Plc takes the seventh spot amongst the highest-paid CEOs in Nigeria for the 2023/2024 calendar year. The German-born CEO saw a 2 percent increase in his annual income compared to N408 million in 2021.

Prior to this appointment, Ritcher had garnered over 16 years of experience in the construction industry, with 10 years spent in Nigeria, managing the acquisition, operations, and successful completion of major and challenging projects across the Company’s operations.

Ritcher served in different positions including division manager, project manager, and project engineer. He is also on the board of Primetech Design & Engineering Nigeria Ltd. and a Member of the Council for the Regulation of Engineering in Nigeria. He received a doctorate from Technische Universität Darmstadt and an undergraduate degree from the Technical University of Berlin.

• Origin: Germany
• Education: Technische Universität Berlin, Germany
• Position: CEO of Julius Berger
• Salary: N417 million
• Career: Bilfinger, TU Darmstadt, Julius Berger Nigeria Plc

8. Hans Essaadi – ₦319 million (Nigerian Breweries Plc)

Hans Essaadi is a Dutch businessperson the  Chief Executive Officer of Nigerian Breweries Plc, Managing Director at Heineken Egypt, and one of the highest-paid CEOs in Nigeria for the 2023/2024 Calendar year. He earned a total income of 319 Million Naira, putting him in the eighth spot on the list.

Hans Essaadi, a renowned leader in the brewing industry,  has headed  5 different companies in the industry such as the   AlHaram Beverages and the the HEINEKEN Operating Company in Egypt. He is also Member-Governing Council at Confederation of Malaysian Brewers Bhd.

Essaadi Began his career as a sales representative at Heineken Operating Company in 1991, and climbed the corporate ladder within the HEINEKEN Group, assuming senior roles in various units such as sales, export, and marketing. He also worked in the United Arab Emirates for several years as General Manager of Sirocco FZCO.

• Origin: Netherlands
• Education: HoteSchool The Hague, Netherlands
• Position: CEO of Nigerian Breweries
• Salary: N319 million
• Career: Heineken, Vrumona, Sirocco FZCO, Nigeria Breweries Plc

9. Ebenezer Onyeagwu – ₦285 million  (Zenith Bank)

Ebenezer Onyeagwu of Zenith Bank Plc joins the list of the highest-paid CEOs in Nigeria for the 2023/2024 calendar year, with an overall income of  ₦285 million. The veteran Nigerian Banker, with over 30 years of experience, began his career at the defunct Financial Merchant Bank in 1991 and moved to the erstwhile Citizens International Bank Limited where he held several management positions.

Ebenezer joined Zenith Bank in 2002,  where he held a number of senior positions, including Managing Director of Zenith Bank (UK) Limited and Group Head of Treasury and Financial Markets. He was also the chairman of Zenith Nominees Limited and Zenith Pensions Custodian Limited and served on several other boards in the company.

Ebenezer was appointed Group Managing Director/CEO of Zenith Bank Plc in 2019. He is an accounting graduate of Auchi Polytechnic. He received his certification from the Institute of Chartered Accountants of Nigeria (ICAN) as a Chartered Accountant (ACA) in 1989, and in 2003, he was made a Fellow (FCA) of the organization.

• Origin: Nigeria
• Education: Auchi Polytechnic, Nigeria
• Position: CEO of Zenith Bank
• Salary: N285 million
• Career: Financial Merchant Bank, Zenith Bank

10. Wassim El-Husseini –  ₦266 million (Nestle Nigeria)

Concluding the list of the highest-paid CEOs in Nigeria for the 2023/2024 Calendar year is Wassim El Husseini, The Chief Executive Officer for Nestle Nigeria Plc. The Lebanese-born CEO earned a total income of ₦266 million in the 2023/2024 calendar year, placing him in the 10th place on the list.

Wassim El-Husseini began his career at Nestlé in 2002,  as the Manager of Channel Category Sales Development (CCSD) for Coffee & Creamers. He relocated to Nestlé Middle East in 2015 to oversee the CCSD Unit. In 2016, he was appointed Sales Director of Nestlé United Arab Emirates.  In the following years, his position was expanded to include Country Manager and Sales Director.

Thanks to his significant contribution to the company’s development in the Middle East and Africa, he was appointed the Chief Executive Officer of Nestlé Nigeria In 2020. Wassim holds a Bachelor’s Degree in Public Administration from the American University of Beirut. He is also an alumnus of many of the top business schools around the world, where he earned leadership and management certificates.

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Summary

Here is a summary list of the top 10 Highest-Paid CEOs in Nigeria:

1.  Karl Toriola – ₦850 million
2. Michel Puchercos – ₦736 million
3. Baker Magunda – ₦505 million
4. Roger Brown – ₦500 million
5. Mr. Khaled Abdel Aziz El Dokani – ₦452 million
6. Segun Agbaje – ₦445 million
7. Lars Ritcher – ₦417 million
8. Hans Essaadi – ₦319 million
9. Ebenezer Onyeagwu – ₦285 million
10. Wassim El-Husseini – ₦266 million