Top 10 Highest Paid CEO in Nigeria

A CEO, or chief executive officer, is the highest-ranking executive in a company. They are responsible for making the most challenging decisions within the firm, exposing them to accolades or criticism, depending on the performance of the company.

owing to this, CEOs are the highest earning executives in a company. Their salaries consist of base salary set by the board of directors, additional bonuses, long-term incentive payouts and stock gains in the form of value realized from exercising stock options.

In this article, we will explore the top 10 highest-earning CEO in Nigeria for 2024. From telecommunications giants, oil & gas, to cement industries. It is essential to understand that CEO salaries are often a reflection of their performance and the value they bring to the organization.

Top 10 Highest Paid CEO in Nigeria

Here is the highest-paid CEO in Nigeria, detailing their nationality, educational background, professional advancement, and salary.

Ruger Thompson Brown, Seplat Petroleum Development Company, N3.9 billion

Roger Thompson Brown, CEO of Seplat Petroleum Development Company since 2020, has emerged as one of Nigeria’s highest-paid executives with a 2024 compensation of N3.9 billion – a remarkable 136.4% increase from his N1.65 billion earnings in 2023.

The chartered accountant and ANAN member brought 25 years of oil & gas expertise to Seplat, having previously served as CFO since 2013 and as Standard Bank’s Oil & Gas MD for EMEA. 

Seplat’s financial performance under Brown has been extraordinary, with 2024 revenue hitting N1.6 trillion (+129.6% YoY) and profit before tax reaching N561.4 billion (+347.2% YoY). The company now boasts N3.3 trillion in assets, cementing its position as Nigeria’s second-largest energy firm.

• Origin: United Kingdom
• Education: University of Edinburgh, London Business School
• Position: CEO of Seplat Energy Plc
• Salary: N3.9 billion
• Career: PriceWaterCooper (PwC), Standard Bank, Seplat Energy Plc
• LinkedIn Profile: Click here

Karl Toriola, MTN Nigeria, N3.1 billion

Karl Toriola, who assumed leadership of MTN Nigeria in October 2020, received a compensation package of N3.1 billion in 2024, marking a significant 93.8% increase from his N1.6 billion earnings in 2023.

The Obafemi Awolowo University alumnus brought extensive regional experience to the role, having previously served as CEO of MTN Cameroon and MTN Congo, and as Vice President for West and Central Africa at MTN Group. His leadership comes at a pivotal time for Nigeria’s telecom sector, with MTN maintaining its market dominance despite economic headwinds.

MTN Nigeria reported mixed financial results in 2024, with revenue growing 35.9% to N3.3 trillion but recording a N400.4 billion loss after tax – a 192% year-on-year decline. The company’s total assets stood at N4.1 trillion, underscoring its position as Nigeria’s largest telecommunications provider.

• Origin: Nigeria
• University: Obafemi Awolowo University
• Position: CEO/MD MTN Nigeria
• Salary: N3.1 billion
• Career: Ericsson, Econet, Airtel, Lagos State University, MTN Nigeria
• LinkedIn Profile: Click here 

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Adegbite Falade, Aradel Holdings, N2.43 billion

Adegbite Falade, who has led Aradel Holdings since 2021, saw his compensation rise to N2.43 billion in 2024, representing a staggering 326.7% increase from his N564.62 million package in 2023.

The University of Ibadan first-class engineering graduate and seasoned energy executive brought decades of experience to the role, including leadership positions at Oilserv Group, Oando Energy Resources, and Shell EP Africa.

His transformative leadership has coincided with Aradel’s landmark acquisition of Shell Petroleum Development Company of Nigeria (SPDC), significantly expanding the company’s operations.

Under Falade’s stewardship, Aradel Holdings achieved remarkable financial performance in 2024, reporting N581.2 billion in revenue and N259 billion profit after tax – an 84.1% year-on-year increase. The company’s total assets grew to N1.7 trillion, cementing its position as one of Nigeria’s fastest-growing indigenous energy companies.

• Origin: Nigeria
• University: University of Ibadan, University of Warwick
• Position: CEO/MD Aradel Holdings
• Salary: N2.43 billion
• Career: Oilserv Group, Oando Energy Resources, Shell, Aradel Holdings
• LinkedIn Profile: Click here 

Arvind Pathak, Dangote Cement Plc, 1.58 Billion

Arvind Pathak, who took over leadership of Dangote Cement Plc in 2023, received a compensation package of N1.58 billion in 2024, reflecting a significant 159.44% increase from his N609 million earnings in 2023.

The Banaras Hindu University-trained electrical engineer brought decades of cement industry expertise to the role, having previously served as COO of Dangote Cement and held top positions at Reliance Cement, Birla Corporation, and Associated Cement Company. His leadership has coincided with Dangote Cement’s strongest financial performance to date.

Under Pathak’s management, Africa’s largest cement producer achieved record-breaking results in 2024, with revenue surging 62.16% to N3.581 trillion and profit before tax growing 32.44% to N732.537 billion. The company’s total assets reached N6.403 trillion, driven by strong cement and clinker sales across its pan-African operations.

• Origin: India
• Education: Elect Engineer, Banaras Hindu University
• Position: CEO/MD Dangote Cement
• Salary: N1.58 billion
• Career: Reliance Cement, Dangote Cement
• LinkedIn Profile: Click here 

Hans Essadi, Nigerian Breweries Plc, N1.144 billion

Hans Essadi, Managing Director/CEO of Nigerian Breweries Plc since August 2021, received a compensation package of N1.144 billion in 2024, representing a significant 135.6% increase from his N486 million earnings in 2023. 

The experienced beverage industry executive, who previously led HEINEKEN Malaysia and Al Ahram Beverages Company in Egypt, took the helm during a turbulent period for Nigeria’s consumer goods sector. Despite his substantial pay increase, the company faced significant financial challenges during the year.

Nigerian Breweries reported mixed results in 2024, with revenue growing 81% to N1 trillion but recording a pre-tax loss of N182.9 billion, a 26% year-on-year deterioration. The company maintained strong assets of N1.1 trillion, but faced mounting pressures from rising input costs, currency volatility, and changing consumer spending patterns.

• Origin: Netherlands
• Education:  HoteSchool The Hague, Netherlands
• Position: CEO of Nigerian Breweries
• Salary: N1.144 billion
• Career: Heineken, Vrumona, Sirocco FZCO, Nigeria Breweries Plc
• LinkedIn Profile: Click here 

Dr Samba Seye, TotalEnergies Marketing Nig Plc, N1.2 billion

Dr. Samba Seye, the strategic CEO of TotalEnergies Marketing Nigeria Plc, saw his compensation package rise to N1.2 billion in 2024, a remarkable 185% increase from his NN421 million earnings in 2023.

The French-educated engineer and former university lecturer has transformed Nigeria’s downstream oil sector since assuming leadership in September 2021, leveraging his doctorate in Engineering and extensive experience from Shell and Total’s West Africa operations.

Under Dr. Seye’s leadership, TotalEnergies Nigeria achieved record-breaking performance in 2024, with revenue jumping 63.83% to N1.04 trillion and profit before tax soaring 140.35% to N42.2 billion.

• Origin: Senegal
• Education: University of Sciences and Techniques of Lille, France,
• Position: MD/CEO of TotalEnergies
• Salary: N1.2 billion
• Career: Shell, Seplat, TotalEnergies
• LinkedIn Profile: Nil

Dame (Dr.) Adaora Umeoji, OON Zenith Bank, 874 million

Dame (Dr.) Adaora Umeoji, OON, made history on June 1, 2024, as the first female Group Managing Director/CEO of Zenith Bank Plc, Nigeria’s largest bank by assets. The accomplished banker, who earned N874 million in her first year as CEO, brings over two decades of experience, having served as Deputy Managing Director since 2016. 

Her impressive academic credentials include a Bachelor of Science in Sociology from the University of Jos, and another Bachelor of Science in Accounting from Baze University, Abuja,  MBA, LL.M, Doctorate in Business Administration, and executive certifications from Harvard, Columbia, MIT, and Wharton – making her one of Nigeria’s most qualified banking executives.

Despite her compensation being 58.4% lower than her predecessor’s N2.1 billion package, Umeoji’s leadership debut year saw Zenith Bank achieve record-breaking results: N3.971 trillion in revenue, N1.32 trillion pre-tax profit (66.6% growth), and crossing the N1 trillion mark in profit after tax. The bank’s total assets reached N29.958 trillion, reinforcing its position as Nigeria’s most valuable banking institution.

• Origin: Nigeria
• Education: University of Jos, Baze University, Havard, MIT, Wharton
• Position: OON of Zenith Bank
• Salary: N874 million
• Career: Zenith Bank
• LinkedIn Profile: Nil

Wassim Elhusseinin, Nestle Nigeria Plc, N831 million

Wassim Elhusseini has led Nestlé Nigeria Plc as MD/CEO since September 2020, steering the company through Nigeria’s challenging economic landscape. 

The seasoned executive, who holds a degree from American University of Beirut and advanced training at Harvard, Cambridge, and London Business School, earned N831 million in 2024, a 94% increase from his N428.36 million compensation in 2023. 

His extensive experience across Nestlé’s Middle East and North Africa operations, including sales director and country manager roles, proved valuable during Nigeria’s inflationary period.

Under Elhusseini’s leadership, Nestlé Nigeria achieved a remarkable 75.25% revenue growth to N958.82 billion in 2024, though the company recorded a N221.58 billion loss before tax due to macroeconomic pressures. 

The CEO’s strategic focus on domestic market expansion and portfolio optimization helped maintain the company’s N858.69 billion asset base despite currency volatility and rising input costs.

• Origin: Nigeria
• Education: American University of Beirut, The Wharton School, London Business School, Harvard University, ABRSM
• Position: CEO of Nestle Nigeria Plc
• Salary: N831 million
• Career: Transmed, Nestle
• LinkedIn Profile: Click here

Segun Agbaje, Guaranty Trust Bank, N457 million

Segun Agbaje, the long-serving leader of Guaranty Trust Bank (GTBank), earned N471 million in 2024, marking a modest 3.06% increase from his N457 million compensation in 2023. 

The University of San Francisco and Harvard Business School alumnus has been instrumental in GTBank’s growth since joining the startup in 1991, rising to become MD/CEO in 2011 before transitioning to Group CEO of GTCO Plc in 2021. 

His three-decade tenure spans critical phases of Nigeria’s banking evolution, combining international experience from Ernst & Young with deep local market knowledge.

Under Agbaje’s leadership, GTBank maintained strong performance in 2024, with total assets reaching N14.796 trillion and customer deposits growing 35% to N10 trillion. 

The bank reported impressive N2.148 trillion in revenue (+129.6% YoY) and N1.266 trillion profit before tax (+107.8%), though these gains were partially offset by rising interest expenses which jumped 148% to N283.22 billion.

• Origin: Nigeria
• Education: University of San Francisco, USA
• Position: CEO of Guaranty Trust Bank Holding Company
• Salary: N457 million
• Career: Ernst & Young, PepsiCo, Inc., Guaranty Trust Holding Company,
• LinkedIn Profile: Nil

Folasope Babasola Aiyesimoju, UAC, N401.4 million

Folasope Aiyesimoju, the value-driven CEO of UAC of Nigeria Plc, saw his compensation skyrocket to N401.4 million in 2024, a remarkable 211.6% increase from his N128.8 million package in 2023. 

The University of Lagos-trained estate manager and investment expert brought his extensive experience from global firms like Kohlberg Kravis Roberts and Standard Bank Group to transform Nigeria’s oldest conglomerate. 

His strategic leadership has focused on unlocking value across UAC’s diverse portfolio spanning foods, real estate, and logistics.

Under Aiyesimoju’s guidance, UAC Nigeria delivered impressive 2024 results with revenue growing 63.4% to N197 billion and profit before tax jumping 107% to N25.545 billion. The company’s total assets stood at N157.7 billion, reflecting successful restructuring efforts across its business units.

• Origin: Nigeria
• Education: University of Lagos
• Position: CEO of UAC of Nigeria Plc
• Salary: N401.4 million
• Career: Themis Capital Management, UAC of Nigeria Plc
• LinkedIn Profile: Click Here

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