Top Salary Paying Companies in Nigeria

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CEM REPORT | The post-Covid period saw many companies cut low on staff while others who kept their work force offer them a pay cut.

With many companies working at minimal capacity and some still working from home, the financial state of many in 2021 stands at great disparity with the previous year.

According to a recent report by Nairalytics, the research arm of Nairametrics, MTN, Seplat Energy, and Lafarge paid an average annual salary of N20.26 million, N19.29 million, and N17.54 million respectively paid per staff.

The report which is a compilation of data from the 50 largest companies listed on the Nigerian Exchange shows that a sum of N846.88 billion was paid as salaries to over 102 thousand employees in 2021 as against N756.38 billion paid in the previous year.

The data which excludes companies not publicly listed further reveals that Dangote Cement recorded the highest staff strength of 17,747 while First Bank Nigeria Holdings led in terms of aggregate staff salary expenses with N116.26 billion, for the year in review.

Although, the listed companies recorded increase in average salary per staff, most of the staff of the companies reviewed earned below that average.

The data further shows that only about 39.4% of the employees were paid within the range of the average annual salary.

The top ten companies with the highest for the year 2021 are as follows:

  1. Union Bank – N13.85 million (Down four spots)

Union Bank drops four spots from the previous year despite an increase in its annual salary per staff from N13.58 million recorded in 2020 to N13.85 million in 2021.

The bank paid a sum of N30.33 billion as staff salary in 2021 to its 2,190 employees compared to N31.74 billion paid to 2,337 employees in the previous year.

Data from the bank’s financial statement reveals that, 69.6% of the employees were paid N5 million and above in 2021.

  1. Stanbic IBTC Holdings – N14.18 million (Down five spots)

Stanbic IBTC Holdings employees strength reduced from 2,972 in 2020 to 2,895 in 2021.

While, the bank paid the sum of N41.06 billion as total staff salary for the 2021 financial year, a slight decline compared to N42.18 billion paid in the previous year.

While recording an annual average salary per staff of N14.18 million in the year under review, only about 62% of the bank’s employees were paid over N6 million.

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  1. FBN Holdings – N14.21 million (up by one spot)

FBN Holdings, 8,179 employees received the sum of N116.26 billion as salary in 2021, indicating N14.21 million was paid as the average salary per staff.

Although, only about 44.2% of the staff were paid over N9 million as an annual salary.

In the previous year, the Holding paid N89.26 billion as aggregate staff salary to its then staff strength of 8,342.

  1. Nigerian Breweries – N14.72 million (up by four spots)

Consumer goods and brewing giant, Nigerian Breweries with a total staff strength of 2,740 members, paid N40.5 billion as staff salary in 2021, indicating 14.72 million per staff.

This further suggests that each member of staff on the average got N1.23 million every month for the year. Its annual staff salary per capital was N9.99 million for 2020.

Meanwhile, only 23.9% of the staff of Nigerian Breweries were paid above N10 million annual salary suggesting that  most of the employees earn below N10 million despite the average salary per staff of over N14.7 million

  1. Nigerian Exchange Group – N14.79 million (Up by two spots)

The Nigerian Exchange Group spent N3.03 billion on staff salary in 2021 to 205 staff members, resulting in N14.79 million annual salary per staff.

Data reveals that the Group paid over N9.5 million to 82 member of staff, representing 40% of the total employee on its payroll.

Stating that about 60% of this staff earn below the N9.5 million and perhaps more earn below N14.79 million suggesting a significant few earned much more in the company.

  1. United Capital – N15.05 million (Maintains position)

United Capital spent a sum of N1.59 billion on employee costs in 2021, comprising N1.55 billion as staff salary, while N38.48 million was spent on contributions to defined contribution plans for its 103 staff, resulting in an annual salary per staff of N14.79 million.

The company increased its annual salary per staff from N14.04 million in 2020 to N15.05 million in 2021, representing a monthly average salary of N1.25 million.

Only about 15.5% of the employees were paid above N10 million as annual salary in the year in review.

  1. Total Energies – N17.32 million (Up by three spots)

Total Energies ranks as the highest salary per staff for 2021 with N17.32 million, an increase from N14.72 million recorded in the previous year.

A sum of N7.55 billion was paid as staff basic salary in 2021 to its 436 employees in contrast to N5.81 billion paid in the previous year to 438 company staff. A further check at the company’s salary breakdown, about 37.6% of the employees were paid above N15 million as salary in 2021.

  1. Lafarge Africa – N17.54 million (Maintains position)

Cement-producing company, Lafarge Africa paid N23.69 billion as basic salary to its 1,351 employees, leading to a N17.54 million average annual salary per staff.

The company increased its staff salary by 16.8% year-on-year from N20.29 billion paid in the previous year to N23.69 billion in 2021.

Lafarge Africa paid over N10 million as annual salary to about 27.2% of its workforce in 2021.

  1. Seplat Energy – N19.29 million (Maintains position)

Oil and gas upstream company, Seplat Energy paid a total sum of N10.26 billion as salary in 2021 compared to N8.48 billion paid the previous year.

The company paid an average annual salary of N19.29 million paid to its 532 staff.

The company increased its staff strength from 528 in 2020 to 532 and also, increased staff salary by 21.3% resulting to an annual average salary per staff increase from 16.02 million to 19.29 million.

This implies that on average each staff member received N1.61 million monthly as take-home pay.

However, 38% of the employees were paid above N14.69 million as annual salary in 2021 indicating a high percentage of the company earns lower than the average salary.

  1. MTN Nigeria – N20.26 million (Maintains position)

The Nigerian telco giant paid a sum of N48.38 billion as personnel expenses in 2021, a payout consisting of basic salaries and other employee benefits for the period.

However, a total of N34.42 billion was spent on salaries for its 1,699 employees.

Consequently, this indicates an average of N20.26 million per employee in 2021, compared to N16.41 million paid on the average in 2020 and an average monthly salary of N1.69 million.

MTN Nigeria paid over N12.5 million as an annual average salary to 36% of its employees in 2021 also indicating that a larger percentage of staff indeed earned below the annual average salary of N20.2 million

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