In 2024, despite Nigeria’s economic challenges, including inflation and rising borrowing costs, CEOs across various sectors have seen a sharp rise in their earnings. The combined base salary of Nigeria’s top 10 CEOs grew by an impressive 134%, reaching a staggering N19.35 billion. This marks a significant increase from the previous year’s N8.28 billion, demonstrating a shift towards greater compensation in sectors such as energy, telecommunications, and financial services.
The top 10 list includes some well-known figures who have made their mark in the Nigerian corporate world. Notably, Adaora Umeoji, the CEO of Zenith Bank, stands out as the first woman to make it to the top 10 highest-paid CEOs in Nigeria, marking a historical moment in Nigerian business leadership.
Let’s take a closer look at the top earners in Nigeria’s corporate world in 2024.
Top 10 Highest Paid CEOs in Nigeria in 2024 (Base Salary)
- Roger Brown – Seplat Energy
Salary: N3.91 billion
Industry: Oil and Gas - Karl Toriola – MTN Nigeria
Salary: N3.14 billion
Industry: Telecommunications - Adegbite Falade – Aradel Holdings
Salary: N2.44 billion
Industry: Conglomerates - Olusegun Ogunsanya – Airtel Africa
Salary: N2.25 billion
Industry: Telecommunications - Jubril Adewale Tinubu – Oando
Salary: N1.80 billion
Industry: Oil and Gas - Arvind Pathak – Dangote Cement
Salary: N1.58 billion
Industry: Cement Manufacturing - Lars Richter – Julius Berger
Salary: N1.15 billion
Industry: Construction - Hans Essadi – Nigerian Breweries
Salary: N1.14 billion
Industry: Consumer Goods - Samba Seye – Total Energies
Salary: N1.06 billion
Industry: Oil and Gas - Adaora Umeoji – Zenith Bank
Salary: N874 million
Industry: Banking
Top 10 CEOs by Total Compensation (Including Benefits and Bonuses)
When considering total compensation, which includes salary, benefits, and bonuses, the list of highest earners changes slightly:
- Roger Brown – Seplat Energy
Total Compensation: N4.12 billion - Karl Toriola – MTN Nigeria
Total Compensation: N3.14 billion - Adegbite Falade – Aradel Holdings
Total Compensation: N2.77 billion - Olusegun Ogunsanya – Airtel Africa
Total Compensation: N2.25 billion - Wole Oshin – Custodian Investment
Total Compensation: N1.97 billion - Jubril Adewale Tinubu – Oando
Total Compensation: N1.80 billion - Arvind Pathak – Dangote Cement
Total Compensation: N1.58 billion - Adaora Umeoji – Zenith Bank
Total Compensation: N1.24 billion - Lars Richter – Julius Berger
Total Compensation: N1.15 billion - Hans Essadi – Nigerian Breweries
Total Compensation: N1.14 billion
Adaora Umeoji: The Most Efficient CEO of 2024
Adaora Umeoji’s inclusion in the top 10 list is historic. She not only made it as the highest-paid female CEO but also received the Most Efficient CEO award for 2024. Despite her relatively modest base salary of N874 million, Umeoji demonstrated impressive financial stewardship at Zenith Bank, leading the bank to a remarkable N1,068 profit per naira. This earned her the title of Most Equitable CEO as well, with a pay-to-staff cost ratio of just 0.61%.
Zenith Bank, under Umeoji’s leadership, has shown remarkable growth, and her efficiency has set a new standard for corporate leadership in Nigeria. Her rise to the top is a testament to the increasing role of women in corporate Nigeria, breaking barriers in an industry traditionally dominated by men.
Challenges Faced by Nigerian CEOs in 2024
Nigerian CEOs faced significant challenges in 2024, including:
- Rising Borrowing Costs: The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate to 25.54% to combat inflation, which placed financial strain on businesses.
- Inflation and Currency Devaluation: Inflation rose to 32.51%, and the naira further weakened against the dollar, affecting business operations.
- Economic Uncertainty: CEOs in industries like telecommunications and energy had to navigate high operating costs while attempting to deliver returns to shareholders.
Despite these challenges, Nigerian CEOs continued to command some of the highest compensation packages in Africa, signaling their resilience and ability to adapt to changing economic conditions.
Conclusion: The Future of CEO Compensation in Nigeria
The sharp increase in CEO pay packages in 2024 underscores a trend of growing compensation, particularly in the energy, telecommunications, and financial services sectors. However, with Nigeria’s economy facing continued inflationary pressures and a fluctuating currency, it will be interesting to see how CEO pay aligns with the broader economic performance of these companies in the coming years.
Adaora Umeoji’s historic entry into the top 10 highest-paid CEOs also marks a positive shift towards greater female representation in leadership roles. Her efficient management of Zenith Bank sets a benchmark for other executives to follow, and her story will likely inspire more women to break into high-ranking corporate positions in the future.
