Top 10 Highest Paid CEOs in Nigeria 2024

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In the dynamic and competitive business landscape of Nigeria, a select group of CEOs stand out not only for their leadership acumen but also for their impressive earnings.

Join us as we delve into the realm of Nigeria’s top 10 highest-paid CEOs, where we will explore their remarkable achievements and financial success.

From telecommunications to banking and manufacturing, these trailblazers have revolutionized their respective industries and continue to shape Nigeria’s economic landscape.

Top 10 Highest Paid CEOs in Nigeria

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Get ready to be inspired by their incredible journeys, as we uncover the secrets behind their astonishing success and the immense contributions they have made to the Nigerian business world.

Karl Toriola – CEO of MTN Nigeria

With a wealth of experience and a keen strategic vision, Toriola has led MTN Nigeria to unprecedented success.

Toriola’s ability to navigate the challenges of the industry and capitalize on emerging opportunities has earned him a spot among Nigeria’s highest-paid CEOs.

MTN Nigeria’s CEO, Karl Toriola, has made headlines for his impressive earnings of N850 million in 2022, a significant increase from his N368 million earnings in 2021.

Michel Puchercos – CEO of Dangote Cement

With a strategic focus on operational efficiency and market expansion, Puchercos has overseen Dangote Cement’s rapid growth, making it the largest cement producer in Nigeria and one of the largest in Africa.

His relentless commitment to excellence and his ability to navigate the complexities of the Nigerian market have contributed to his status as one of Nigeria’s highest-paid CEOs.

In 2022, Puchercos earned an impressive N736 million, a 27 percent increase from his earnings of N531 million in the previous year. 

He has also been the CEO of Bamburi Cement in Kenya, Hima Cement in Uganda, and the chairman of Mbeya Cement in Tanzania. 

Baker Magunda – CEO of Guinness Nigeria

Magunda has successfully steered Guinness Nigeria towards growth and profitability.

His relentless pursuit of excellence and his ability to adapt to changing market dynamics have propelled him to become one of Nigeria’s highest-paid CEOs.

Magunda ranks third on the list of highest earners in 2022 with an annual salary of N505 million, a significant increase from his previous salary of N243 million.

Despite resigning from his position at Guinness Nigeria in October, Magunda’s impressive salary reflects his successful tenure as CEO.

Roger Brown – CEO of Seplat Petroleum

Brown has led the company to achieve significant growth and profitability.

His ability to navigate the complexities of the industry and his focus on innovation have contributed to his status as one of Nigeria’s highest-paid CEOs.

In 2022, Brown earned N500 million, up from N475 million in 2021, making him one of the highest-paid CEOs in Nigeria.

Khaled El Dokani – CEO of Lafarge Africa

El Dokani has successfully steered Lafarge Africa towards sustained growth and market leadership.

His commitment to quality, customer satisfaction, and corporate social responsibility has earned him a place among Nigeria’s highest-paid CEOs.

Khaled has been ranked fifth on the list of highest-paid CEOs in Nigeria for 2023.

He earned a salary of N452 million, which is a 56 percent increase from his earnings of N288 million in 2021.

Segun Agbaje – CEO of Guaranty Trust Bank

His commitment to empowering customers, supporting SMEs, and driving financial inclusion has not only contributed to his status as one of Nigeria’s highest-paid CEOs but has also made a significant impact on the Nigerian economy and society at large.

In 2022, Agbaje’s remuneration as CEO of GTBank was N445 million, a significant increase from his N171 million remuneration in 2021.

Prior to joining GTBank, Agbaje gained experience at Ernst & Young in America. He holds an MBA from the University of San Francisco and is an alumnus of Harvard Business School.

Lars Richter – CEO of Julius Berger

Richter has led Julius Berger to become one of the most trusted and respected Nigerian construction company.

His leadership and dedication have earned him a place among Nigeria’s highest-paid CEOs.

In 2022, he ranked seventh on the list of highest-paid CEOs in Nigeria, with a salary of N417 million, which was a 2 percent increase from his N408 million salary in 2021.

Hans Essaadi – CEO of Nigerian Breweries

He began his journey as a sales representative for the HEINEKEN Group in 1991 and worked his way up to assume senior roles in sales, export, and marketing. He then went on to become the Country Manager for HEINEKEN Puerto Rico and the general manager for Brau Union International in Austria.

In 2008, he moved to the United Arab Emirates to serve as the general manager for Sirocco, the Heineken Joint Venture with the Emirates Group.

From 2013 to 2018, he served as the managing director for HEINEKEN Malaysia Berhad before taking on his last role as the managing director of AlHaram Beverages, the HEINEKEN Operating Company in Egypt.

His impressive track record and experience in the industry led to his appointment as the CEO of Nigerian Breweries.

Essaadi’s commitment to safety, environmental stewardship, and community development has not only earned him a place among Nigeria’s highest-paid CEOs but has also made a significant positive impact on the Nigerian economy and society as a whole.

Ebenezer Onyeagwu – CEO of Zenith Bank

Onyeagwu’s strategic vision and his ability to navigate the complexities of the banking industry have contributed to his status as one of Nigeria’s highest-paid CEOs.

His hard work and dedication have paid off, as he earned a total annual package of N285 million in 2022, up from N246 million in 2021.

He also sits on the board of several companies, including Zenith Bank Ghana and African Finance Corporation.

Wassim Elhusseini – CEO of Nestle Nigeria

Elhusseini’s strategic vision and his ability to adapt to changing market dynamics have contributed to his status as one of Nigeria’s highest-paid CEOs.

In 2022, Nestle Nigeria paid Elhusseini N266 million, a significant increase from the N206 million he received in 2021.

Prior to his current role, Elhusseini held various positions within Nestlé, including Manager-Channel Category Sales Development at Nestlé Kuwait General Trading Co. WLL, Head-Sales at Nestlé Saudi Arabia LLC, and Sales Director & Country Manager at Nestlé Middle East FZE.

Conclusion

The success of Nigeria’s highest-paid CEOs is a testament to their exceptional leadership skills, strategic vision, and ability to navigate the complexities of the Nigerian business landscape. From telecommunications to banking and manufacturing, these trailblazers have revolutionized their respective industries, driving growth, innovation, and profitability.