Nigeria’s business leaders are cashing in big time! According to Money Africa, the 10 highest-paid CEOs across oil, gas, telecoms, and banking earn between ₦401 million and ₦3.9 billion annually. This boom, despite the inflation in 2024, shows how top executives are thriving amid market growth. Based on the latest data from Business Insider Africa, Proshare, and Intel Region, here are the top 10 CEOs leading the pack, along with what they earn and why they stand out.
10. Folasope Aiyesimoju (UAC – Conglomerate)
Earnings: ₦401 million
Folasope leads the United Africa Company (UAC), a diverse conglomerate, with a solid base pay to kick off the list. His recent appointment as Group Managing Director signals a bold push for innovation across UAC’s portfolio.
9. Segun Agbaje (GTCO – Banking)
Earnings: ₦471 million
As GTCO’s boss, this banking veteran’s pay reflects steady growth, though it’s modest compared to his peers’ potential bonuses. His leadership has kept GTCO resilient amid economic challenges, boosting its market presence.
8. Wassim Elhusseini (Nestlé – Consumer Goods)
Earnings: ₦831 million
Wassim heads Nestlé Nigeria, driving consumer goods success with a significant leap from the lower earners. His focus on local production has strengthened Nestlé’s foothold in Nigeria’s competitive market.
7. Adoara Umenji Senge (Zenith Bank – Banking)
Earnings: ₦874 million
Adaora represents Zenith Bank’s leadership. Her strategic decisions have helped Zenith maintain a top spot in Nigeria’s financial sector.
6. Dr. Samba Seye (TotalEnergies – Oil & Gas)
Earnings: ₦1.06 billion
Dr. Samba oversees TotalEnergies’ Nigerian operations, showcasing oil & gas resilience with a strong paycheck. His expertise in energy transitions has positioned TotalEnergies as a key player in Nigeria’s evolving market.
5. Hans Essaadi (Nigerian Breweries – Consumer Goods)
Earnings: ₦1.14 billion
Hans leads Nigerian Breweries, the country’s top brewer, with his billion-naira pay reflecting industry leadership. His experience with Heineken has brought global strategies to boost local sales.
4. Arvind Pathak (Dangote Cement – Industrial Goods)
Earnings: ₦1.58 billion
Arvind leads Dangote Cement, a trillion-naira giant, with earnings reflecting industrial dominance. His role in expanding production capacity has solidified Dangote’s grip on Nigeria’s construction boom.
3. Adegbite Falade (Aradel Holdings – Oil & Gas)
Earnings: ₦2.43 billion
Adegbite leads Aradel Holdings, a $1.6 billion energy firm, with his pay reflecting a major role in the oil & gas sector. His strategic vision has driven a 162.7% revenue increase to $389.39 million in 2024, cementing his impact.
2. Karl Toriola (MTN – Telecom)
Earnings: ₦3.1 billion
MTN’s boss tops the telecom sector with earnings driven by Nigeria’s digital boom and stock growth. His innovative marketing and network expansion have kept MTN ahead of competitors.
1. Roger Thompson Brown (Seplay Energy – Oil & Gas)
Earnings: ₦3.9 billion
Seplat Energy’s CEO leads the pack, earning the highest with a pay package tied to oil & gas success and global expertise. His role in dual listings on Nigerian and London exchanges has boosted Seplat’s global standing.
What’s Your Take?
Do you think their pay matches their impact? Share your thoughts in the comments.
Note: Earnings are based on the Money Africa infographic and data from Proshare and Business Insider Africa.
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