Why do many people care about knowing the highest-paid CEO in Nigeria? Well, anyone familiar with the salary structure of most organizations in Nigeria would agree that many people covet CEO positions because of the huge salary that normally comes with it.
This shouldn’t be surprising because Nigeria is a country with a very high population of poor people; hence, it is almost obvious that most people doing “white collar” jobs will usually aspire to attain the position with the highest pay. This among many other reasons have made us put together the below list of the top 25 highest paid CEOs in Nigeria as well as their estimated salaries and other interesting info about them.
Before coming to the details, please look at a table of contents.
There is no one among the top 10 highest-paid CEOs in Nigeria who does not earn more than ₦100 million annually
Top 25 highest-paid CEOs in Nigeria and their cars
To begin with, you need to first understand that many companies in Nigeria like to keep some information very private because it helps them stay above their competitors and also inspire curiosity among job seekers looking to work with them. Unfortunately, one such class of information is the “correct” salary structure or wages being paid to staffs.
This fact alone restricted us to be able to gather valid earnings data for the top 15 CEOs on this list while every other information about the remaining 10 CEOs down the list are gathered from several media reports. Nonetheless, all of the information we have provided in this post are very interesting and worth the effort we put into researching them. Read on!
1. Ferdinand Moolman (₦586 million)
As of the time of writing this article, Ferdinand Moolman is the CEO of Nigeria’s biggest telecommunication company – MTN Nigeria. He is said to be earning over ₦586 million per annum and this makes him the highest-paid CEO in Nigeria today. We were unable to find any credible record of him owning a luxury car collection or any expensive property in Nigeria but instead, we found photos of him donating vehicles to support several agencies across the country.
Ferdinand Moolman – the CEO of MTN Nigeria, by current record, is the highest-paid CEO in Nigeria
2. Michael Adenuga (Undisclosed Salary)
Yes, the popular Nigerian billionaire businessman, Michael Adenuga is not just the founder of Globacom but also the CEO of his own telecommunication company. This is the reason why his name made it to this list but we couldn’t put him as number one because we have no idea how much he pays himself as a CEO.
What we do know is that being a billionaire probably makes him qualified to have the title of the richest CEO in Nigeria. Also, we know very well that Michael Adenuga owns an impressive car collection which includes the following luxury models:
- Armored Bentley Mulsanne
- Mercedes-Maybach S-Class
- Mercedes Benz AMG C63
- Rolls-Royce Phantom
The popular Nigerian billionaire owner of Globacom, Chief Mike Adenuga is also the CEO of his company
3. Adewale Tinubu (₦568 million)
Jubril Adewale Tinubu, the current CEO of Oando oil company earns a whopping ₦568 million and this makes him the second-highest paid executive officer in Nigeria. In 2017, he was only earning ₦340 million but his earnings figure grew significantly following the impressive success of Oando oil trading in 2018.
Meet Adewale Tinubu, the CEO of Oando oil company who also ranks as the second-highest-paid CEO in Nigeria
4. Ojenekwu Augustine Avuru (₦440 million)
The popular Seplat Petroleum Development Company currently pays ₦440 million per year to its versatile and charming CEO, Ojenekwu Augustine Avuru. He is said to be one of the most popular CEOs with serious passion and great wit in the Nigerian Oil & Gas trading sector.
Back in 2018 when Mr Augustine Avuru turned 60, he was presented with a brand-new Mercedes-Benz S-Class luxury sedan as a birthday gift. Check out the below image to see the car.
Mr Austin Avuru was reportedly excited when he received a new Mercedes-Benz S-Class sedan as a 60th birthday gift
Source: Elizabeth Events @YouTube
5. Segun Agbaje (₦400 million)
It is almost impossible to talk about the top players in the Nigerian banking sector today without mentioning the name of Segun Agbaje. Yes, he is the vibrant and intelligent CEO of GTbank and by record the current highest-paid bank CEO in Nigeria. This is due to the fact that he takes home over ₦400 million every year as earnings for being a bank CEO.
Sometimes in 2020, media reports claimed that Segun Agbaje sparked controversy after acquiring a new ₦70 million Mercedes-Maybach S560 sedan. The plate number on the luxury car reads “S 007” and this hints that the young CEO probably has a host of other expensive cars in his collection. Check out Segun Agbaje’s Mercedes-Maybach sedan in the photo below.
Many local media outlets claimed that Segun Agbaje splashed a whopping ₦70 million on a Mercedes-Maybach S560 back in 2020
6. Carl Raymond Cruz (₦330million)
Even though Carl Raymond Cruz became the CEO of Unilever Nigeria PLC back in February 2020, past records show that the company’s CEO usually takes home roughly ₦330 million every year. According to various Nigerian media reports, being the CEO of Unilever makes Carl Raymond Cruz automatically the 6th highest-paid CEO in Nigeria.
Meet Carl Raymond Cruz, the CEO of Unilever PLC in Nigeria and Ghana
7. Mr Khaled El Dokani (₦283 million)
According to 2019 data, the CEO of Lafarge Africa received an estimated annual remuneration of ₦283 million. With this record, it seems pretty obvious that Mr Khaled El Dokani who is the current CEO of Lafarge Africa would earn even more. This earnings figure ranks him as the current 7th highest-paid CEO of a Nigerian company.
Mr Khaled El Dokani is the current CEO of Lafarge Africa and the 7th highest-paid CEO in Nigeria
8. Jordi Borrut Bel (₦271million)
If Nigerian Breweries PLC is well-known as one of the most successful companies of all time in Nigeria, then it should only be right that its CEO would be among the highest paid in the country. Jordi Borrut Bel is said to have been appointed the CEO of Nigerian Breweries PLC since 2018 and press records shows that the company pays its CEO up to ₦271 million annually.
Meet Jordi Borrut Bel, the heavily-paid current CEO of Nigerian Breweries PLC
9. Wassim Elhusseini (₦218 million)
As of 2019 when Mauricio Alarcon was the CEO of Nestlé Nigeria Plc, official earnings report showed that he took home a total of ₦218 million as annual remuneration. This figure is believed to either be the same or even higher for Wassim El-Husseini who is the current CEO of Nestlé Nigeria Plc.
Past records show that Wassim El-Husseini, the current CEO of Nestlé Nigeria Plc should be earning nothing less than ₦218 million as an annual salary
10. Engr. Dr Lars Richter (₦217 million)
Engr. Wolfgang Goetsch has handed over the CEO position at Julius Berger Plc to Engr. Dr Lars Richter since 2018. As of 2019, the estimated annual remuneration of Dr Lars Richter was ₦217 million as the CEO of the renowned Nigerian construction company.
Engr. Dr Lars Richter earns an estimated ₦217 million as annual salary for holding the CEO position at Julius Berger Plc
11. Baker Magunda (₦193 million)
The CEO of Guinness Nigeria PLC, Baker Magunda reportedly earned up to ₦193 million as annual remuneration back in 2019. This figure makes him the 11th highest paid CEO in Nigeria as of today.
Meet Baker Magunda, the CEO of Guinness Nigeria PLC since 2018
12. Olumide Adeosun (₦191million)
Records show that as of 2019 when Akin Akinfemiwa was the CEO of Forte Oil Plc, he earns an estimated annual salary of ₦191million. This also means that Olumide Adeosun who took over in 2019 would currently be earning this same amount or more.
Records show that Olumide Adeosun, the current CEO of Forte Oil Plc earns up to ₦191 million as an annual salary
13. Emeka Emuwa (₦172 million)
Being the CEO of a big Nigerian bank for over 9 years is definitely not a child’s play; this is a summary of the incredible story of Emeka Emuwa – the CEO of Union Bank of Nigeria. Media sources claim that he takes home a yearly remuneration of not less than ₦172 million for occupying the CEO position at Union bank.
This is Mr Emeka Emuwa, the popular CEO and Managing Director of Union Bank of Nigeria
14. Imrane Barry (₦163million)
According to official records, a total estimated sum of ₦163 million is the annual salary being received by the CEO of Total Nigeria PLC. This means that Imrane Barry, the current managing director and CEO of the company earns this amount of yearly remuneration or more.
Imrane Barry, the CEO of Total Nigeria PLC earns as much as ₦163 million annual salary
15. Kennedy Uzoka (₦138 million)
Just like Segun Agbaje of GTBank, another intelligent and vibrant banker among the top 15 highest-paid CEOs is Kennedy Uzoka. He is the current CEO and General Managing Director of the Nigerian arm of United Bank for Africa Plc. Based on 2019 earnings report, Kennedy Uzoka is being paid up to ₦138 million as annual salary for occupying the CEO position at UBA Nigeria Plc.
The CEO/GMD of the Nigerian arm of United Bank for Africa Plc earns up to ₦138 million as an annual salary
16. Ebenezer Onyeagwu (above ₦80 million)
While many people know Jim Ovia as the “face” of Zenith bank because he is the founder; only a few people are aware of the fact that Ebenezer Onyeagwu is the current CEO and GMD of this popular bank. Reliable sources claim that Zenith bank PLC pays more than ₦80 million as annual salary to its CEO.
17. Oyeyimika Adeboye (above ₦80 million)
Another CEO that earns above ₦80 million as annual salary is Mrs Oyeyimika Adeboye, the current CEO and Managing director of Cadbury Nigeria Plc.
Meet Mrs Oyeyimika Adeboye, the current managing director and CEO of Cadbury Nigeria Plc
>>> Check later: Richest women in the world & their cars
18. Urum Kalu Eke (above ₦80 million)
The First Bank of Nigeria Limited has a separate holdings company called FBN Holdings PLC. Records show that Elder Urum Kalu Eke, the current CEO and Managing director of FBN holdings company earns up to ₦80 million as an annual salary.
19. Sola David-Borha (above ₦80 million)
Yet another vibrant woman on this list, Mrs Olusola David-Borha, is the current CEO of the African region of Standard Bank Group Ltd. She is said to be earning over ₦80 million as annual salary for occupying this position at the reputable bank.
Mrs Sola David-Borha is the “forever young” CEO of the African region of Standard Bank Group Ltd
20. Onyeali-Ikpe (above ₦80 million)
Mrs Nneka Onyeali-Ikpe, the current MD/CEO Designate at Fidelity Bank Plc is also a well-paid female boss in the Nigerian banking field. Past earnings record of Fidelity Bank’s former CEO shows that the position attracts a yearly salary of over ₦80 million.
The current MD/CEO Designate at Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, is said to be earning over ₦80million annually
21. Herbert Wigwe (above ₦80 million)
Mr Herbert Onyewumbu Wigwe is the current GMD and CEO of Access Bank Plc. He is said to be earning over ₦80 million as an annual salary.
22. Tunji Oyebanji (above ₦80 million)
Tunji Oyebanji is managing the popular Nigerian oil company, 11plc which is formerly known as Mobil Oil Nigeria Plc. He is the current MD/CEO of the company and records show that he earns more than ₦80 million as an annual salary.
23. Adam Nuru (above ₦80 million)
Mr Adam Nuru is the current CEO and Managing Director of FCMB (First City Monument Bank). He has been occupying this position since 2017 and public records hint that his annual salary is over ₦80 million.
Meet Mr Adam Nuru, the current CEO of FCMB, who was recently involved in a marriage scandal that is yet to be settled
24. Uzoma Dozie (above ₦80 million)
According to official records, Mr Uzoma Dozie was the CEO and Group Managing Director of Diamond Bank PLC from 2014 up until 2019. He was said to be earning over ₦80 million as annual salary when he was still the CEO of Diamond Bank.
25. Linda Ikeji (Undisclosed Salary)
This list would be incomplete if we do not add Nigeria’s popular female entrepreneur and “self-made” billionaire, Linda Ifeoma Ikeji. A lot of people only know her as the owner of a popular blog site, online TV and radio network, however various sources confirmed that she is also the CEO of all her enterprises. We do not know how much she pays herself for occupying the CEO position in her companies but we do know that her net worth as of this year 2021 is a whopping ₦10 billion. Also, she owns the following cars in her collection:
- Land Rover Autobiography
- Range Rover Sport
- Bentley Mulsanne
- 2011 Infinity FX35
- Toyota Camry
As of last year December, Linda Ikeji still took delivery of a ₦126 million Range Rover that was absolutely gorgeous. Similarly, she was featured among the richest under 40 CEOs in Nigeria for the year 2020.
Linda Ifeoma Ikeji is a Nigerian “self-made” billionaire owner of several online enterprises and she is also the CEO of all her businesses
At this point, you should already know without a doubt who the highest-paid CEO in Nigeria is. In fact, we suspect you might have also fallen in love with “CEO salary” after seeing just how much all the people on the above-list makes annually. It is clear that the typical Nigerian CEO salary would definitely suffice to buy a lot of luxury cars and to live a comfortable life.