Dangote’s Purchercos Leads List of Highest Paid CEOs in Nigeria As GTB, Airtel Executives Drop Out

Dangote’s Purchercos Leads List of Highest Paid CEOs in Nigeria As GTB, Airtel Executives Drop Out

  • The latest list of the 10 highest-paid CEOs in Nigeria has ranked two of Dangote companies' CEOs as among the five highest paid CEO in Nigeria
  • Dangote's CEO, Micheal Purchercos, is the new number, replacing MTN's CEO, who dropped down the list for 2021
  • The average salary earned by the top CEOs during the year under review stood at N332.49 million

Dangote Cement's Chief Executive Officer Micheal Purchercos has emerged as Nigeria’s highest-earning CEO in 2021 among 157 companies listed on the Nigerian Exchange.

Purchercos, who was employed in 2020, was paid a whopping N531 million in 2021 for his service to Dangote Cement company.

The earnings of Purchercos and other CEOs was captured in Proshare CEO renumeration report titled: CEOs in a Post Covid Era - what matters most.

Dangote CEO salary
Breakdown of average Dangote Cement CEO in four years Credit: Proshare
Source: Facebook

Which other company's CEO made the list

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Proshare reports that the top five highly remunerated CEOs are from Dangote Cement, Seplat energy, Julius Berger Nigeria, MTN, and Dangote sugar refinery, in that order

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While the bottom 5 on the top 10 earning CEOs list saw the likes of Lafarge Africa, Zenith Bank Plc, Nigerian Breweries, Guinness Nigeria, and Unilever Nigeria Plc.

CEOs and what they got?

The list showed that Roger Thompson the CEO of Seplat energy's CEO recieved N475 million as basic salary in 2021 to sit in second position as the best paid CEO in Nigeria.

Lars Richer, Julius Berger CEO is the third best paid CEO in Nigeria with a basic pay of N408.9 millon while Kar Toriola is in fourth position with N368 million basic pay.

Dangote sugar refinery, Ravindra Singh Singhvi completes the top five list with N289.7 million basic salary.

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Others basic salary

  • Khaled El Dokani CEO of Lafarge Africa- N288.61m
  • Ebenezer Onyeagwu, CEO of Zenith Bank- N246m
  • Hans Essaadi, Nigerian Breweries/CEO- N243.09m
  • Baker Magunda- N243m
  • Carl Cruz- N231.57m

The biggest changes

In summary, the average salary earned by chief executives of companies captured in the report dropped by -11.62 per cent to N332.49 million in 2021, compared to N376.19 million in 2020

The biggest loser in the list is GTCO (formerly GTB), and Airtel Africa CEOs, which ranked 4th and 6th in 2020 but are missing in the top list in 2021.

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

Meanwhile, Legit.ng 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.

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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.

Source: Legit.ng

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