Shocking Salaries of Nigeria’s Top 10 Highest-Paid CEOs

As Nigeria navigates economic reforms, volatile exchange rates, and shifting industry dynamics, CEO compensation offers a powerful lens into how companies reward leadership.

Executive pay not only reflects profitability and growth but also signals investor confidence and sectoral performance. Based on the 2024 financial disclosures of listed firms, the figures represent total CEO compensation, including base salary, performance bonuses, allowances, benefits, and dividends.

According to MarketForces Africa, these are the top 10 highest-paid CEOs in Nigeria, with their annual salaries stated in naira.

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At the very top is Roger Brown of Seplat Energy, Nigeria’s foremost indigenous energy firm. Seplat is the country’s leading independent energy company, dual-listed on the Nigerian Exchange and the London Stock Exchange. With operations across oil exploration, production, and an expanding gas-to-power portfolio, the company is a key player in Nigeria’s energy security and transition efforts.

Brown joined Seplat in 2013 as Chief Financial Officer and rose to the position of CEO in 2020. With a career rooted in investment banking and corporate finance, he has been instrumental in major acquisitions, capital raising, and steering the company through volatile global oil markets. Under his leadership, Seplat has strengthened its gas business while maintaining its position as a resilient, growth-driven energy firm.

Karl Toriola leads Nigeria’s largest telecom operator. MTN Nigeria is the largest telecommunications company in Nigeria and a subsidiary of the MTN Group, Africa’s biggest mobile operator. With over 77 million subscribers, the company dominates the Nigerian telecoms market, providing mobile, data, and digital services that power much of the nation’s connectivity.

Toriola took over as CEO in March 2021 after serving in various leadership roles across MTN Group’s operations. He has more than two decades of experience in telecoms, having worked with MTN in several African markets and holding senior positions in engineering, operations, and strategy. Since assuming leadership, he has focused on expanding MTN Nigeria’s broadband reach, driving financial inclusion through mobile money services, and deepening the company’s digital transformation strategy.

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Aradel Holdings (formerly Niger Delta Exploration & Production) may not be as popular as Seplat or MTN, but its profitability is undeniable. Aradel is a high-margin upstream player in Nigeria’s oil & gas industry. Adegbite Falade, CEO of Aradel Holdings Plc, is among Nigeria’s highly compensated executives, reflecting the company’s growing influence in the energy sector.

The company was formerly known as Niger Delta Exploration & Production Plc, and it is one of the few Nigerian firms with its own refinery, giving it a unique position in the downstream and midstream segments of the industry. Falade, an engineer and business leader, brings over two decades of experience across oil, gas, and power.

Before joining Aradel, he held senior positions at Oilserv Limited and Oando Plc, where he led projects that strengthened Nigeria’s energy infrastructure. At Aradel, his leadership has been instrumental in driving local content, expanding refining capacity, and aligning the company with Nigeria’s long-term energy transition agenda.

Wale Tinubu, Group Chief Executive of Oando Plc, ranks among Nigeria’s highest-paid CEOs, with his compensation reflecting the company’s size and complexity. Oando is one of Africa’s leading indigenous energy groups, with interests spanning petroleum exploration and production, trading, supply and distribution, and energy services.

As a publicly listed company on both the Nigerian Exchange and the Johannesburg Stock Exchange, Oando plays a critical role in Nigeria’s oil and gas value chain. Tinubu, a trained lawyer and entrepreneur, has led Oando for over two decades, transforming it from a small downstream player into a fully integrated energy conglomerate.

Under his leadership, Oando has executed major acquisitions, including the landmark purchase of ConocoPhillips’ Nigerian assets, and expanded its footprint across Africa. Despite the challenges of oil price volatility and regulatory hurdles, Tinubu has kept the company at the forefront of Nigeria’s energy sector.

Dangote Cement is Africa’s largest cement producer, with a market capitalization that makes it one of the most valuable firms on the Nigerian Exchange. Operating across 10 African countries, the company holds a dominant position in the continent’s construction and infrastructure sectors. Arvind Pathak oversees operations across multiple African countries.

Pathak, an industry veteran with decades of experience in cement manufacturing and management, previously served as CEO of Birla Corp in India before joining Dangote Cement. He has also worked with the Lafarge Group, bringing deep expertise in operations, strategy, and international expansion.

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TotalEnergies is one of Nigeria’s largest multinational oil and gas firms, operating across the upstream, downstream, and marketing segments. The company plays a vital role in petroleum products supply, exploration, and distribution, while also investing in Nigeria’s shift toward cleaner and renewable energy.

Seye, a Senegalese national, has spent over two decades within the TotalEnergies Group, holding leadership roles across Africa and Europe. His career has spanned engineering, operations, and corporate leadership, preparing him to oversee the Nigerian subsidiary, one of the group’s largest markets worldwide. Since he was appointed CEO, he has focused on sustaining profitability, improving distribution efficiency, and positioning the company to play a leading role in Nigeria’s evolving energy landscape.

Adaora Umeoji made history in 2024 as the first female Group Managing Director of Zenith Bank. Zenith Bank is one of the country’s largest financial institutions and a tier-one bank with a strong presence across Africa and in international financial hubs.

It is known for its profitability and strong asset base, and Zenith consistently ranks as one of the most valuable companies on the Nigerian Exchange, making its leadership position one of the most influential in the financial sector. Umeoji, the first female GMD/CEO of Zenith Bank, brings over 25 years of banking experience, much of it within the Zenith Group.

Before her appointment in 2024, she served in several senior leadership positions, overseeing corporate banking, risk management, and operations.

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Nestlé Nigeria is a subsidiary of Nestlé S.A., the world’s largest food and beverage company, and is a market leader in products ranging from infant nutrition and cereals to beverages and culinary brands that are household staples across the nation. Elhusseini has spent much of his career within the Nestlé Group, serving in leadership roles across different markets before assuming the top position in Nigeria.

His background in general management, operations, and corporate leadership has helped him steer Nestlé Nigeria through an increasingly competitive consumer goods sector. Since becoming CEO, he has focused on driving innovation, strengthening local sourcing, and ensuring operational efficiency in the face of currency fluctuations and rising production costs.

Guinness Nigeria, a subsidiary of Diageo Plc, is one of the leading beverage and alcohol companies in the country, best known for iconic brands such as Guinness Stout, Malta Guinness, and Smirnoff. The company is listed on the Nigerian Exchange, and it plays a central role in the food and beverages sector and has a strong export footprint across Africa.

Alli, a Nigerian business leader with extensive experience in the fast-moving consumer goods (FMCG) sector, rose through the ranks at Guinness Nigeria before being appointed as CEO. He has held various leadership positions across operations, sales, and strategy, where he has driven significant growth initiatives and strengthened the company’s brand presence.

GTCO, the parent company of Guaranty Trust Bank, is a tier-one financial institution and one of Africa’s most innovative banking groups. With operations across several African markets and the United Kingdom, GTCO has built a reputation for efficiency, strong financial performance, and leadership in digital banking.

Agbaje, who became Managing Director of GTBank in 2011 and later Group CEO of GTCO following its restructuring into a holding company in 2021, has over three decades of experience in banking and finance.

Under his leadership, GTCO has expanded beyond commercial banking into asset management, payments, and pension funds, positioning itself as a diversified financial services group. Agbaje is widely respected for his strategic vision and has won numerous awards for banking innovation, governance, and customer service excellence.

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• Oil & Gas: Leads with four executives (Seplat, Aradel, Oando, TotalEnergies), reflecting the sector’s capital intensity and profitability.

• Telecoms: MTN Nigeria ranks second overall, showing the immense value of digital infrastructure and mobile money.

• Banking: Zenith and GTCO highlight strong compensation in finance, though not as high as oil and telecoms.

• FMCG: Nestlé and Guinness show resilience despite economic headwinds.

• Cement/Construction: Dangote Cement represents industrial giants with cross-border scale.

CEO pay in Nigeria’s quoted companies is more than just eye-catching figures. It reflects sectoral strength, investor confidence, governance priorities, and long-term value creation. While oil & gas and telecoms dominate the list, the rise of banking and FMCG leaders demonstrates that Nigeria’s corporate wealth is diversifying.

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