In 2023, Nigeria’s economic landscape faced several challenges, including a depreciating exchange rate, high inflation, and decreasing purchasing power. Despite these difficulties, the corporate sector showed remarkable resilience through disbursing salaries, contributing to tax revenues, bolstering local communities, and distributing dividends to shareholders.
Throughout this turbulent period, the leadership and strategic decisions of the Managing Directors (MDs) and Chief Executive Officers (CEOs) of Nigeria’s publicly listed companies proved indispensable.
These top executives played pivotal roles in guiding their firms through both success and adversity, with their choices attracting commendation or criticism.
According to research by Nairametrics, in 2023, the combined earnings of the highest-paid MDs and CEOs in Nigeria surged to N7.9 billion, a stark increase from the N4.227 billion recorded in 2022. This rise of N3.749 billion reflects the significant compensation adjustments made within the corporate sector.
An examination of revenue statistics revealed that approximately 30 leading companies across various sectors—including consumer goods, industrials, technology, oil and gas, and agriculture—reported a total revenue of N11.4 trillion in 2023, an increase from N9.1 trillion the previous year.
The banking sector also showed robust performance, with the top 10 banks, including the FUGAZ group, collectively reporting N11.6 trillion in gross earnings, largely fueled by significant gains from foreign exchange operations.
It is important to note that GTCO has been recognized as Nigeria’s strongest and best banking brand as of June 22, 2024, while on May 13, 2024, Unilever Nigeria’s shareholders approved a dividend payout of N4.309 billion.
This article shows the leadership and compensation of the ten highest-paid Managing Directors (MDs) and Chief Executive Officers (CEOs) in Nigeria for the year 2023, showcasing the pivotal roles they played in steering their companies through turbulent times.
Ebenezer Onyeagwu – Zenith Bank (N2.1 billion)
Ebenezer Onyeagwu, the Group Managing Director and CEO of Zenith Bank topped the remuneration list in 2023 with N2.1 billion. Appointed in June 2019, Onyeagwu has been instrumental in guiding Zenith Bank to new heights, achieving a historic gross earnings of N2.13 trillion, which marked a 125.4% growth from the previous year.
His strategic focus on enhancing digital banking services and expanding the bank’s African footprint has significantly boosted its market leadership. Onyeagwu’s background in accounting and extensive experience in various executive education programs at prestigious global institutions have equipped him with the skills necessary for this role.
Karl Olutokun Toriola – MTN Nigeria (N1.6 billion)
Karl Olutokun Toriola, the CEO of MTN Nigeria, earned N1.6 billion in 2023. Since his appointment in March 2021, Toriola has navigated the company through significant operational challenges, including a massive foreign currency loss.
His leadership was pivotal in implementing strategic adaptations that mitigated the financial impacts. Toriola’s extensive experience in telecommunications, spanning over 29 years and multiple countries, has been key to his effective leadership, particularly in enhancing MTN’s service delivery across Nigeria.
Lars Richter – Julius Berger (N888 million)
Lars Richter, the CEO of Julius Berger, received N888 million in remuneration in 2023. With a robust background in civil engineering from Germany’s top technical universities, Richter has been at the helm since 2018, driving the company to maintain its lead in Nigeria’s construction sector despite economic fluctuations.
His strategic focus on technological integration and sustainability in construction practices has fostered growth and stability, positioning Julius Berger as a key player in the infrastructural development of Nigeria.
Roger Brown – Seplat Energy (N746 million)
Roger Brown stepped into the role of CEO at Seplat Energy in 2020 and earned N746 million in 2023. His financial acumen and over 25 years of experience in the energy sector have been crucial in navigating Seplat through a tough economic landscape marked by volatile oil prices and regulatory challenges.
Under his leadership, Seplat has expanded its asset base and improved its operational efficiencies, which contributed to an 83% increase in profit after tax in 2023.
Arvind Pathak – Dangote Cement (N609 million)
Arvind Pathak, the Group Managing Director of Dangote Cement, earned N609 million in 2023. With over three decades of experience in the cement industry, Pathak took over leadership in March 2023 and has since focused on enhancing operational efficiencies and market expansion.
His leadership has been instrumental in Dangote Cement’s continued dominance in the African market, achieving significant revenue growth and maintaining profitability despite economic headwinds.
Dr. Samba Seye – Total Energies (N544 million)
Dr. Samba Seye, Managing Director of TotalEnergies Marketing Nigeria Plc, earned N544 million in 2023. With a doctorate in engineering and over 25 years in the oil and gas industry, Dr. Seye has led TotalEnergies through significant challenges, including global energy transitions and local market fluctuations.
Hans Essaadi – Nigerian Breweries (N486 million)
Hans Essaadi, CEO of Nigerian Breweries, earned N486 million in 2023. With over 33 years of experience within the HEINEKEN group, Essaadi’s leadership since his appointment in 2021 has been crucial in navigating the company through Nigeria’s competitive beverage market. His focus on product innovation and market expansion has led to consistent growth in sales and profitability, reinforcing Nigerian Breweries’ position as a market leader.
Segun Agbaje – Guaranty Trust Holding (N457 million)
Segun Agbaje, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, earned N457 million in 2023. His over three decades of experience in banking and finance have shaped his leadership approach, focusing on digital innovation and expansion into new markets.
Under Agbaje’s guidance, Guaranty Trust has seen substantial growth in its customer base and profitability, solidifying its position as a leading financial institution in Africa.
Tim Kleinebenne – Unilever Nigeria (N313 million)
Tim Kleinebenne, appointed Managing Director of Unilever Nigeria in April 2023, earned N313 million in the same year. Bringing over three decades of international experience in the Fast-Moving Consumer Goods (FMCG) sector, Kleinebenne has focused on strengthening Unilever’s market presence in Nigeria through strategic brand management and operational efficiencies.
Babatunde Fajemirokun – Aiico Insurance (N233 million)
Babatunde Fajemirokun, CEO of AIICO Insurance since 2019, earned N233 million in 2023. His tenure has been marked by significant growth in the company’s profitability and market share. Fajemirokun’s strategic initiatives, focused on digital transformation and product innovation, have enhanced AIICO’s competitive edge in Nigeria’s insurance sector. His background in business strategy and insurance has been instrumental in this success.