Meet Top 10 Best Paid MDs/CEOs of Nigeria As Companies Spend Over N5bn to Keep 'the Bosses' Happy

Meet Top 10 Best Paid MDs/CEOs of Nigeria As Companies Spend Over N5bn to Keep 'the Bosses' Happy

  • Working your way to the top of any organization in the world, including Nigeria, has its benefits.
  • It's even better to be a part of one of Nigeria's largest publicly traded firms and have the title of Director or CEO
  • To keep the director or CEO of a firm happy and compensation for a job well done, over N5bn was spent

Businesses don’t just succeed out of the moon. People make successful businesses through actions.

People make decisions, enact policies and manage the capital and human resources at their disposal for the success of the company.

These individuals are called the Chief Executive Officers (CEOs). Other titles also used include the Chief Executive, President, and Managing Director. Most of the highest-paid CEOs oversee the companies they found.

Best paid CEO in Nigeria
The best-paid CEO captured are for the company listed on the Nigerian Exchange Credit: NGX
Source: Getty Images

Their important role in the survival of the company earned them in a year five times more than the salary of a president of Nigeria.

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According to ThisDay, President Buhari, as an employee of Nigerians earns N56,235,280 in four years, which is about N1.40m annually.

Best Paid CEO

Below is the list of the highest-paid CEOs in Nigeria according to data sourced from the published audited accounts of the companies on the Nigerian Exchange captured by Nairametrics.

5th- Khaled Abdel Aziz El Dokani (Lafarge Africa) – N288.6 million

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

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

In addition to his salaries, he received N102.82 million as other benefits in the same year, bringing his total earnings for the year to N391.43 million as against the N334.89 million he received in 2020.

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In terms of the financial performance of the company, Lafarge Africa printed a profit after tax of N51 billion in 2021, a 65.4% increase compared to N30.84 billion recorded in the preceding year.

4th- Ravindra Singhvi (Dangote Sugar) – N289.7 million

Mr Ravindra Singh Singhvi is the Group Managing Director/CEO of Dangote Sugar Refinery Plc. Prior to his appointment as the Group Managing Director on the 30th of October 2020; he was the Ag. Managing Director.

Singhvi earned a sum of N289.7 million as remuneration in 2021, a significant increase compared to N134.6 million received in the previous year. He joined Dangote Sugar Refinery Plc as the Chief Operating Officer on 13th August 2018.

3rd- Karl Toriola (MTN Nigeria) – N368 million

Karl Toriola received a sum of N368 million as remuneration in 2021, this is a decline compared to the N567 million earned by the former MD, Ferdinand Moolman in 2020. It is worth noting that Karl Toriola is the only Nigerian on the top five list for 2021.

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2nd- Roger Brown (Seplat Energy) – N475 million

Roger Brown assumed the role as the Chief Executive Officer of Seplat Energy on 1st August 2020, following the retirement of Austin Avuru. Roger Brown earned a sum of N475 million as salary in 2021, a decline compared to N484 million received in the previous year.

1st- Michel Puchercos (Dangote Cement) – N531 million

Mr Michel Pucheros, who was formerly with Lafarge Africa, earned a sum of N531 million from Dangote Cement in the year 2021. He is the Group Managing Director and Chief Executive Officer of the most capitalized manufacturing company on the Nigerian Stock Exchange.

Others on the list

  • 6. Ebenezer Onyeagwu (Zenith Bank) – N246 million
  • 7. Hans Essaadi/ Jordi Borrut Bel (Nigerian Breweries) – N243.1 million
  • 8. Baker Magunda (Guinness Nigeria) – N243 million
  • 9. Carl Cruz (Unilever Nigeria) – N231.6 million
  • 10. Wassim Elhusseini (Nestle Nigeria) – N206.4 million

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Ecobank leads as 10 commercial banks spend over N400bn on staff salaries

Meanwhile, had earlier reported that working in the banking industry is a dream for many Nigerian graduates because they believe there is a lot of money to be made

The report showed how ten commercial banks paid workers salaries and wages of over N400 billion in 2021.

The amount captured in the report only covers salaries and wages and does not include other staff costs, or pension contribution that makes up personnel cost.


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