There are lots of CEOs in Nigeria but some earn more than the imagined normal. Most have moved their companies since taking the office of Chief Executive Officer and this also led to huge increase in their income.
Huge fortunes are also made as a CEO of a company depending on how huge and relevant the company has become. These leaders earb hugely annually beyond unimaginable amounts even though most are not owners or founders of the company.
A lot of factors can affect this and we are willing to share all we can with you on this post on the highest paid CEOs in Nigeria.
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Photo Credit - Nairametrics
Position - Group Managing Director, United Bank for Africa Plc
Earnings - N190 million
Kennedy Uzoka is the Group managing director / CEO of United Bank for Africa Plc. Kennedy Uzoka won the "Business Day's Bank CEO" of the year 2019 awards.
According to UBA group, Kennedy has been successful in pulling increased financial performances and appreciation of shareholders investment.
he has ensured massive investment in the digitalisation of the bank’s activities and processes, particularly the introduction of UBA’s chatbot, LEO which is the first of its kind by any financial institutions in Africa.
Following Uzoka’s appointment on August 1st, 2016, UBA’s customer deposit has grown by 19.4% to N2.49tn away from the four per cent crunch which had been recorded the previous year, while net loans improved from a 3.3 per cent loss position recorded in 2015, to N1.51tn, representing a huge incline by 45.2 per cent.
Photo Credit - marketingedge
Position - MD/CEO of Nigerian Breweries Plc
Earnings - N190 million
The tenth position for the highest paid CEO in Nigeria goes to the Managing Director of the Nigerian Breweries Plc, which is Nigeria no 1 brewer.
Nigerian Breweries Plc. engages in the brewing and marketing of Lager beer, Stout and non-alcoholic malt drinks and the bottling of the Schweppes range of soft drinks and Crush Orange. The company's product range includes Star, Gulder, Legend Extra Stout, Maltina and Malta.
Jordi Borrut Bel was appointed as the new Managing Director / CEO of Nigeria Breweries Plc in 2017. The appointment took effect from January 22nd 2018. At then he was the managing director of Heineken's subsidiary in Burundi, Brarudi S.A and a board member of Bralerwa limited, Rwanda.
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9) Akin Akinfemiwa
Position - Group CEO, Forte Oil Plc
Earnings - N191 million
The group CEO of Forte Oil Plc has reported earnings of N191 million. Mr. Akinfemiwa is one of the most important and recognisable corporate personalities both within and outside Nigeria.
According to Nairametrics, Akin Akinfemiwa was an Executive Assistant to the Deputy Managing Director/Chief Operating Officer at Oando for a year. Between 2003 and 2006, he served as a Products and Derivatives Trader at Oando Supply and Trading Limited.
Mr. Akinfemiwa studied at Nigeria’s premier university, the University of Ibadan, graduating in 1995 with a degree in Mechanical Engineering. Later, in the year 2000, he graduated with a Master’s in Business Administration (MBA in Information Technology) from the Hull Business School of the University of Lincolnshire and Humberside.
He is also an alumnus of the University of Oxford, having studied at the Saïd Business School.
in 2018, the prospects of a good financial year report abound because Forte Oil’s Q3 report shows revenue at N94 billion, as against N68 billion in Q3 2017, and a profit after tax of N9.1 billion, compared to N5 billion in Q3 2017.
Photo Credit - africabusinesscommunities
8) Mauricio Alarcon
Position - CEO / Managing Director Nestle Nigeria Plc
Earnings - N210 million
Mauricio Alarcon is the CEO of Nestle Nigeria Plc. He has earnings worth N210 million. Really huge!. He is from Mexico and was born in 1973. Mauricio studied Engineering Manufacturing and Management in the Manchester University between 1992 and 1997.
He was the Area Sales manager for North Mexico in 1999. On July 2000, he got promoted to the role of Senior Brand Manger after eleven months as Area Sales Manager.
Aside his work in Mexico, in 2004, he moved to Nestle Switzerland and became the Marketing Advisor until May 2005. Between May 2005 and January 2014, Mr Alarcon was appointed to key positions in Nestle’s ice cream business in places such as Switzerland, Australia, and Egypt.
He gained the position as the Chief Executive Officer of Nestle Nigeria Plc on October 1st, 2016. Prior to this, he worked for Nestle Cote d'ivoire as country manager and also the managing director of Nestle Atlantic Cluster.
At the end of the 2017 financial year, Nestle Nigeria reported an impressive performance. Revenue had increased from N181 billion in 2016 to N244 billion in 2017. In the same vein, profit after tax jumped from N7.9 billion in 2016 to N33.7 billion.
the company’s recently released third quarter 2018 financial report shows that revenue increased from N185 billion in 2017 to N203 billion in 2018. This represents a 9.72% increase year on year. Profit after tax also rose from N22.9 billion in 2017 to N33.1 billion in 2018, representing a 44.5% increase year on year.
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7) Yaw Nsarkoh
Position - Managing Director, Unilever Nigeria Plc
Earnings - N330 million
Mr. Nsarkoh, Managing Director at Unilever Nigeria Plc, took home a total package of ₦330million in 2018 a 50.6 percent increase from what he earned in 2017.
He has also served as a Strategic Assistant to Unilever’s President for Asia, Africa, Central and Eastern Europe. Other top positions he has occupied at the company include African Regional Brand Manager, Production Manager for Unilever Ghana etc.
Mr Nsarkoh holds an Honors Degree in Chemical Engineering from the University of Science and Technology, Kumasi, Ghana, and a Post Graduate Diploma in Management from Henley Management College, Henley -on- Thames, United Kingdom.
Photo Credit - entrepreneurs
Position - CEO, GTB Bank Plc
Earnings - N384 million
Segun Agbaje has an annual salary of N384 million as of 2018 and should be higher in 2019 as compared to N224 million he earned in 2017. He has over 19 years of banking experience.
According to Wikipedia, Awards he has won as the Managing Director includes Best Bank in Nigeria by Euromoney; African Bank of the Year by African Banker Award; Best Bank in Nigeria by World Finance UK; Most innovative Bank by EMEA Finance; Best Banking Group by World Business Leader Magazine and Best Bank in Nigeria award by the Banker Awards.
Segun Agbaje attended St Gregory’s College, Obalende Lagos State and St Augustine Academy, Kent for his secondary education then proceeded to University of San Francisco in America where he gained both a BSc in Accountancy and a master's degree in Business Administration.
Photo Credit - Thisdaylive
5) Joseph Makoju
Position - Group CEO, Dangote Cement Plc
Earnings - N429 million
Engineer Joseph Makoju is currently the Group CEO of Dangote cement Plc. He assumed this position on October, 2009 and has retained it till date.
Joseph Makoju served as Special Adviser (Electric Power) to the President Goodluck Jonathan of Nigeria under two separate administrations. He is now Honorary Adviser on Electric Power to the current President/Commander-in-Chief, Federal Republic of Nigeria.
He graduated from University of Nottingham, UK in 1972 with First Class Honour earning BSc in Mechanical Engineering; and M.Phil. Mechanical Engineering in 1974 from the same University.
He also holds an honorary Doctor of Science in Engineering degree from the Federal University of Agriculture, Makurdi.
According to Punch, Dangote Cement Plc is to open export facilities in Lagos and Port Harcourt and attract $700 million foreign exchange into the Nigerian economy.
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Photo Credit - Guinness-nigeria
4) Baker Magunda
Position - CEO, Guinness Nigeria Plc
Earnings - N461 million
Baker Magunda earned an annual salary of ₦461 million in 2018, up from ₦186 million paid to the previous CEO in 2017. Magunda joined Guinness Nigeria from Diageo in May 2018.
According to Guinness Nigeria, Baker gained his first degree in Economics at Makerere University in Uganda and Makerere University Business School. He also attended IESE and Strathmore Business Schools for postgraduate studies in Business and Leadership.
He started his career in Sales and Marketing at Coca-Cola Sabco in 1991. He was made Head of Sales in 1996 before joining Diageo in 1999. At Diageo, he served in several marketing roles before becoming Managing Director for Diageo’s businesses in Uganda, Kenya, Cameroon.
Baker Magunda before becoming a member of the Guinness Nigeria, was the Managing Director of Diageo Ethiopia and the Indian Market oceans.
Photo Credit - Nairametrics
Position - MD/CEO Seplat Plc
Earnings - N483 million
Augustine Ojunekwu Avuru holds the third position of the highest paid CEOs in Nigeria. He is the Chief Executive Officer of Seplat Plc and assumed the office on May 2010.
Avuru earned a compensation totaling ₦483 million in 2018, an increase from ₦476 million which he earned in 2017.
From Blerf, prior to his position as the CEO of Seplat Plc, an oil exploration company, he worked at NNPC starting as a youth corper. After much spent years at NNPC, he moved Kase Lawal's Allied Energy Resources and worked for ten years as exploration manager and General manager, technical.
He is one of Nigeria’s most accomplished businessmen and an inspiration to thousands of aspiring entrepreneurs hoping to someday translate value into wealth.
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Photo Credit - Twitter
2) Adewale Tinubu
Position - Group CEO, Oando Plc
Earnings - N568 million
Adewale Tinubu is the group CEO of Oando Plc. Oando Plc is Africa's leading indigenous energy solutions provider listed on the Nigerian and Johannesburg stock exchange.
In 2010, Wale won the Africa’s ‘Business Leader of the Year’ award by the African Business Magazine and the Commonwealth Business Council on the basis of his contributions to the development of the African Oil and Gas industry.
In 2011, he was awarded the ‘African Business Leader of the Year’ by Africa Investor. He obtained a Bachelor of Laws (LLB) from the University of Liverpool, England in 1988 and Masters of Law (LLM) from the London School of Economics, United Kingdom, in 1989 where he specialised in International Finance and Shipping.
In 2007, he was named a Global Young Leader by the World Economic Forum, Geneva, in recognition of his achievements as one of the leading executives under 41.
1) Ferdinand Moolman
Position - CEO, MTN Nigeria
Earnings - N571 million
Ferdinand Moolman is the CEO of MTN Nigeria, Nigeria's biggest non-oil foreign direct investment.
Moolman rose to the position of CEO on December 1, 2015 after the telecommunication giant made several appointments to review its operating structure with a view to strengthening operational oversight, leadership, governance and regulatory compliance across its 22 country operations in Africa and the Middle East.
His appointment as CEO came after the company was slammed a $5.2 billion fine by the Telecommunication’s regulatory body, the Nigerian Communications Commission (NCC) for failing to meet a deadline to disconnect unregistered users from its network. The fine was however reduced to about $1billion after several talks and negotiation between both parties.
Under the leadership of Moolman, MTN Nigeria completed the payment of the fines. MTN Nigeria got a successful listing on the Nigerian Stock Exchange, Data revenue rose to over $500 million annually and more.
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Conclusion
We've rounded up the list of the highest paid CEOs in Nigeria. They helped their companies severally to get higher, huger and increase in revenue annually.
