• Business - Companies
  • Updated: July 27, 2023

Ten Highest Paid Nigerian CEOs Per Annum

Ten Highest Paid Nigerian CEOs Per Annum

The Managing Director or Chief Executive Officer is the highest position in any organisation and is usually tasked with making the most difficult decisions.

They are usually the highest-paid employees in the company because they are mostly praised when the company is doing well and frequently criticised when it is not. 

Because of the sensitivity of the role, companies go to great lengths to attract the best people for the job, incentivizing them with competitive salaries.

The majority of chief executive officers typically see their financial situations change along with the company's performance. 

The board of directors uses compensation contracts to tie executives' actions to the success of the company to guarantee that value is delivered to the organisation and shareholders.

Data gathered from the largest companies listed on the Nigerian Exchange Limited (NGX) demonstrated how firms encourage competitive staff compensation, particularly for their chief executives who are responsible for turning the organization's direction and ensuring its success.

In this listicle, we will look at the top ten highest-paid Nigerian CEOs per annum.


10. Wassim Elhusseini

Company: Nestle Nigeria 
Salary Per Annum: N266M 

In comparison to N206 million in 2021, Nestle Nigeria paid its most senior executive director N266 million in 2022.

The chief executive officer and managing director of Nestlé Nigeria is a Lebanese man named Wassim Elhusseini.

Elhusseini previously held the positions of Head-Sales at Nestlé Saudi Arabia LLC, Manager-Channel Category Sales Development at Nestlé Kuwait General Trading Co. WLL, and Sales Director & Country Manager at Nestlé Middle East FZE. 

9. Ebenezer Onyeagwu

Company: Zenith Bank
Salary Per Annum: N285M

A total annual package of N285 million was given to Ebenezer Onyeagwu, managing director of Zenith Bank, one of Nigeria's Tier-One banks, in 2022 as opposed to N246 million in 2021.

Onyeagwu started his banking career in 1991 at the now-defunct Financial Merchant Bank. 

He then transferred to Citizens International Bank Limited until 2002, when he became a senior manager in the internal control and audit division of Zenith Bank.

He progressed through the bank's management ranks from assistant general manager to deputy general manager to general manager between 2003 and 2005.

Onyeagwu has worked for the bank for 17 years and has held several positions, including executive director in 2013 when he was given responsibility for the Lagos and south-south zones. 

He also serves on the boards of Zenith Bank Ghana, Zenith Pensions Custodian Limited, Zenith Nominees Limited, and African Finance Corporation.


8. Hans Essaadi

Company: Nigerian Breweries
Salary Per Annum: N319M

Nigerian Breweries, the largest brewer in the country, paid its highest-paid director N319 million in 2022, up from N243 million in 2021.

Essaadi served as the managing director of AlHaram Beverages, a HEINEKEN Operating Company in Egypt, before his appointment.

He started working for the HEINEKEN Group in 1991 as a sales representative before moving up the ranks and taking on senior positions within the Group in various departments like sales, export, and marketing.

Hans started his international career as the Country Manager for HEINEKEN Puerto Rico before moving to Austria to become the general manager of Brau Union International.

In 2008, he relocated to the United Arab Emirates where he worked as general manager of Sirocco, a joint venture between Heineken and the Emirates Group.

Before taking on his final position in Egypt, he first worked as the managing director of HEINEKEN Malaysia Berhad from 2013 to 2018.

7. Lars Richter

Company: Julius Berger
Salary Per Annum: N417M

Julius Berger CEO Lars Richter comes in at number seven with a salary of N417 million in 2022, a 2% increase from N408 million in 2021.

He had worked in the construction industry for more than 16 years before this appointment, including 10 years in Nigeria. 

He held a variety of positions, including division manager, project manager, and project engineer.


6. Segun Agbaje

Company: Guaranty Trust Bank
Salary Per Annum: N445M

After Tayo Aderinokun, the previous managing director, passed away in 2011, Segun Agbaje advanced through the ranks of Guaranty Trust Bank, becoming the managing director and managing director.

Agbaje received N445 million in salary as CEO for the 2022 fiscal year. This represents a N274 million increase of 160% from his 2021 compensation of N171 million.

Before becoming one of GTBank's founding employees in 1991, Agbaje worked for Ernst & Young in America. 

In 2000, he was appointed executive director. In 2002, he was promoted to deputy managing director, and finally, in 2004, he was appointed managing director. 

From the University of San Francisco, Agbaje earned an MBA. Additionally, he graduated from Harvard Business School.

5. Khaled El Dokani

Company: Lafarge Africa
Salary Per Annum: N452M

Khaled El Dokani, CEO of Lafarge Africa, was paid N452 million in 2022, a 56% increase from N288 million in 2021, placing him fifth in terms of the highest-paid CEOs in Nigeria. 

2004 saw El Dokani join LafargeHolcim. He served as country CEO of Iraq (2018–2019), Qatar (2016–2018), and Saudi Arabia (2013–2016) before accepting his current position as Lafarge CEO. 

He was also vice president for business development and strategy in North America (2010–2013) and CFO of Lafarge Algeria (2004–2010).

4. Roger Brown

Company: Seplat Energy
Salary Per Annum: N500M

With earnings of N500 million in 2022, up from N475 million in 2021, Roger Brown of Seplat Energy ranks fourth.

In July 2013, Brown was hired by the company as its executive director and chief financial officer. 

He played a key role in completing the dual listing of the company, the first for a Nigerian corporate, on the main markets of the Nigerian and London Stock Exchanges while serving as CFO at Seplat Energy.

He holds a certificate in chartered accounting from the Institute of Chartered Accountants of Scotland and has experience in the financial sector. 

Brown has more than 25 years of experience, with a main focus on developing markets and a wealth of knowledge in structuring energy and infrastructure deals on the African continent.

He was a senior manager in the Corporate Finance division of PricewaterhouseCoopers before joining Seplat Energy and served as managing director of Oil and Gas EMEA for Standard Bank Group before Standard Bank Group. 


3. Baker Magunda

Company: Former CEO of Guinness Nigeria 
Salary Per Annum: N505M

After leaving his position as CEO of Guinness Nigeria Plc in October, Baker Magunda placed third with a salary of N505 million in 2022, an increase from N243 million.

In May 2018, he moved from the Diageo-owned Meta Abo Breweries in Ethiopia to Guinness Nigeria.

He had his first degree at Makerere University in Uganda and Makerere University Business School. 

From 1996 to 1999, he worked as a market development manager for Coca-Cola Sabco Century Bottling Company.


2. Michel Puchercos

Company: Dangote Cement 
Salary Per Annum: N736M

Dangote Cement CEO Michel Puchercos comes in second with earnings of N736 million in 2022, a 27% increase from N531 million the year before.

He has held several positions at Lafarge, including president and chief executive officer of Lafarge Halla Cement from January 2009 to March 2016. He has more than 20 years of experience in the cement industry.

In addition, he held positions as chairman of Mbeya Cement in Tanzania from June 2005 to December 2008, chief executive officer of Bamburi Cement in Kenya, Hima Cement in Uganda, and director of strategy and systems at Lafarge Gypsum from September 1998 to March 2003. 

1. Karl Toriola

Company: MTN 
Salary Per Annum: N850M

Top of the list is Karl Toriola, CEO of MTN Nigeria, who earned N850 million in 2022, a 130% increase from N368 million in 2021.

In 2006, Toriola began working for MTN Nigeria as the chief technical officer. He succeeded Ferdinand Moolman as CEO in March 2021 and has more than 26 years of experience in the telecom sector.

He has served as chairman of MTN/Areeba Guinea, non-executive director of Jumia Africa, non-executive director of American Towers Uganda, and non-executive director of MTN subsidiaries in Francophone West Africa among his previous non-executive roles on boards of directors. 

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