June 9, 2023

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Nigeria’s Top Paid CEO


CEM REPORT | The position of the Managing Director (MD) or Chief Executive Officer (CEO) is the highest position in any organization, whosoever wears the cap carries the weight of making the tough decision.

Every decision taken by the top official is either criticised or praised depending on the outcome of the decision.

Because these decisions can make or mar an organization, board members are careful to attract and select the best capable and competent hands to run the organisation and of course the seat comes with an attractive remuneration package the board can offer. This is a standard practice around the world.

In 2021, the Nigerian Exchange Group (NGX) top listed 37 companies according to the Group report, MD/CEOs of this companies earned about N5.51 billion in salaries in the year compared to N5.33 billion in the previous year.

From data from audited accounts of these companies the top highest paid top official includes:

  1. Michel Puchercos (Dangote Cement) – N531 million

Michel Puchercos, Group Managing Director and Chief Executive Officer of the most capitalized manufacturing company on the Nigerian Stock Exchange, Dangote Cement.

He was appointed to the position effective January 2020, after resigning from Lafarge Africa in the same year, following the resignation of Khaled Abdelaziz El Dokani, the former country CEO of Lafarge Holcim Iraq.

Dangote Cement recorded a 32% year-on-year growth in profit after tax of N364.4 billion, compared to N276.1 billion recorded in the previous year. This earned the cement giant the highest net profit in 2021 compared to other companies listed on the Nigerian Stock Exchange.

  1. Roger Brown (Seplat Energy) – N475 million

Roger Brown assumed the role as the Chief Executive Officer of Seplat Energy on 1st August 2020, following the retirement of Austin Avuru.

He earned the sum of N475 million as salary in 2021, a decline from N484 million received in the previous year.

In the year under review the oil company posted a profit after tax of N46.93 billion, an overturn from the loss of N30.71 billion recorded in 2020.

Prior to joining the Company, he held the position of Managing Director of Oil and Gas EMEA for Standard Bank Group.

Brown joined Seplat as Chief Financial Officer in 2013.

  1. Karl Toriola (MTN Nigeria) – N368 million

Karl Toriola joined MTN Nigeria as Chief Technical Officer in 2006 after which he held various positions across the MTN Group.

He earned N368 million as remuneration in 2021, a fall from N567 million earned by the former MD, Ferdinand Moolman in 2020.

Under his command, MTN Nigeria posted a profit after tax of N298.65 billion in 2021, which is 45.5% higher than the N205.21 billion posted in the previous year.

It is worth noting that Karl Toriola is the only Nigerian on the top five list for 2021. He has over 24 years’ experience from serving at MTN Group, WECA region; MTN Cameroon and before life in MTN, he worked at Vmobile Nigeria; Ericsson Nigeria & AG Switzerland.

  1. Ravindra Singhvi (Dangote Sugar) – N289.7 million

Ravindra Singh Singhvi, Group Managing Director/CEO, Dangote Sugar Refinery Plc.

In 2021, he earned N289.7 million as remuneration an increase from N134.6 million earned the previous year.

Under his watch Dangote Sugar recorded a 25.9% year-on-year loss of  N22.05 billion after tax from N29.78 billion recorded in the previous year.

Prior to his appointment as the Group Managing Director on the 30th of October 2020; he was the Ag. Managing Director.

  1. Khaled Abdel Aziz El Dokani (Lafarge Africa) – N288.6 million

Khaled El Dokani, became MD/CEO, Lafarge Nigeria im January 2020 following the resignation of after the Michel Puchercos the company’s immediate MD.

Khaled received a sum of N288.62 million as salary for the 2021 financial year compared to N221.22 million received in the previous year.

In other benefits, he received the sum of N102.82 in the same year, summing his total earnings for the year to N391.43 million as against the N334.89 million he received in 2020.

Perhaps he earned this as the company turned in a N51 billion profit after tax in 2021, a 65.4% increase compared to N30.84 billion recorded in the preceding year.

In terms of the financial performance of the company, Lafarge Africa printed a profit after tax of N51 billion in 2021, a 65.4% increase compared to N30.84 billion recorded in the preceding year.

The CEO/MD joined the company in 2004.

Others on the list include:

  1. Ebenezer Onyeagwu (Zenith Bank) – N246 million
  2. Hans Essaadi/ Jordi Borrut Bel (Nigerian Breweries) – N243.1 million
  3. Baker Magunda (Guinness Nigeria) – N243 million
  4. Carl Cruz (Unilever Nigeria) – N231.6 million
  5. Wassim Elhusseini (Nestle Nigeria) – N206.4 million

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