Meet 3 Nigerian CEOs Paid N2 Million to N10 Million Daily

• A breakdown of how much the top CEOs of Nigerian companies earned in 2024 has been released based on their companies' financial results
• Seplat Energy’s CEO, Roger Thompson Brown and Karl Toriola, CEO of MTN Nigeria, have for years been among the top earners in Nigeria
• CEOs compensations include base salary, bonuses tied to performance, equity incentives like stock options or shares, benefits

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Working as top executives and key decision-makers of a multinational corporation with trillions in revenue comes with its perks, alongside pressure.

For their efforts to ensure the smooth day-to-day running of the organisations they represent, the Chief Executive Officer of three Nigerian companies were collectively paid a combined sum of N10.49 billion.

CEOs earnings and companies financial performance

Their high compensation follows strong financial performances released in their audited accounts released on the Nigeria Exchange (NGX).

Roger Brown (N3.9 billion)

Roger Brown, CEO of Seplat Energy, leads with the highest amount received by a CEO in Nigeria in 2024, taking home N3.9 billion in total compensation and increase from N1.65 billion received in 2023.

What this means is that Brown's compensation amounts to N10.66 million daily, N325 million monthly, and N443,989 per hour (based on a 366-day year).

The pay rise commiserate the companies strong performance In 2024 as Seplat Energy Plc announced a revenue of N1.652 trillion for the fiscal year 2024, marking a significant rise from N696.9 billion in the previous year.

Karl Toriola (N3.1 billion)

Karl Toriola, CEO of MTN Nigeria Communications Plc, received N3.1 billion in 2024 for his efforts in leading the telecommunication company.

A breakdown of Toriola's pay paycheck shows he earned N8.47 million per day, N258.33 million monthly, and N353,748 hourly.

MTN Nigeria Communications Plc reported a record revenue of N3.36 trillion for 2024, according to its latest financial results.

Under Toriola's leadership, MTN grew its subscriber base by 1.6% to 80.9 million.

Also, MTN’s active data users increased by 7% to 47.7 million, driven by a higher user base and data usage.

Adegbite Falade (N2.43 billion)

Adegbite Falade, the Chief Executive Officer/Managing Director of Aradel Holdings, earned N2.43 billion in 2024.

The amount received is equivalent to N6.66 million per day, N202.5 million monthly, and N277,417 per hour.

Falade was able to lead Aradel to achieve a 4 times growth in its full-year profit on increased oil output.

Aradel recorded a revenue of N581 billion. Its crude oil revenue made up more than 64% of the total revenue with N373.7 billion.

The group’s revenue for FY 2024 more than doubled the N221.1 billion revenue posted in FY 2023.

List of bank CEOs with highest salaries in Nigeria

Earlier, Legit.ng reported that Nigerian banks recorded strong financial performance in 2024, resulting in higher payouts for their executive.

Data shows that the combined take-home pay of CEOs from nine commercial banks totalled over N2 trillion.

Zenith Bank CEO, Adaora Umeoji, leads the list with the highest executive compensation for 2024.

Source: Legit.ng