The year 2023 will likely be remembered as a tumultuous one for Nigeria’s economy, with companies facing challenges such as exchange rate depreciation, rampant inflation, and weakening purchasing power.
Despite these obstacles, corporate Nigeria continued to provide services, pay salaries, contribute taxes, support local communities, and reward shareholders with dividends.
In navigating these economic challenges, the Managing Directors (MDs) and Chief Executive Officers (CEOs) of Nigeria’s listed companies played a crucial role. These executives were responsible for steering their organizations through both successes and difficulties, making decisions that often led to either praise or scrutiny.
Nairametrics’ research reveals that the highest-earning MDs and CEOs amassed a combined total of N7.9 billion in 2023. This represents a significant increase from the N4.227 billion combined salaries in 2022, reflecting a notable rise of N3.749 billion.
Whilst some of the companies they oversee reported massive losses due to exchange rate depreciation, they did deliver higher revenue growth leveraging on adaptive marketing and operational strategies.
A review of revenue figures shows that around 30 leading Nigerian companies reported a combined revenue of N11.4 trillion in 2023, up from N9.1 trillion in 2022. This growth spans multiple industries, including consumer goods, industrials, technology, oil and gas, and agriculture.
Commercial banks also performed well, with the top 10 listed banks, including the FUGAZ group, reporting N11.6 trillion in gross earnings, driven largely by significant forex gains.
In the following sections, we explore the profiles and earnings of the highest-paid MDs and CEOs in Nigeria for 2023, offering insights into the strategies and achievements that contributed to their impressive remuneration.
Babatunde Fajemirokun is the Managing Director and CEO at AIICO Insurance PLC, a position he has held since August 14, 2019. In 2023, he earned N233 million, a notable increase from N213 million in 2022.
Fajemirokun’s journey at AIICO Insurance PLC began in May 2009 in the Life Insurance Division, where he was responsible for value-enhancing projects.
- Before joining AIICO, he served as Divisional Head of Operations & Technology (2009-2013), Chief Operating Officer (2013-2017), and Group Chief Business Officer (2017-2019).
- He began his career in academia in 2001 as a visiting lecturer at Glasgow Caledonian University. He worked with Accenture, Lagos (2003-2007), and Capgemini Consulting, UK (2008-2009), providing consulting services to financial services and government clients.
- Babatunde also holds external positions as a Non-Executive Director at Food Concepts Plc and Xerox Corporation Nigeria.
- He is a Fellow of the Society of Underwriting Professionals (FCII), a Chartered Insurer, and a member of the Chartered Insurance Institute UK. He has an MBA from the University of Chicago Booth School of Business (2013), a Master’s in Business Information Strategy from the University of Strathclyde (2002), and a Bachelor’s in Business Economics from Glasgow, UK (2000).
Under his leadership AIICO’s profit before income tax from continuing operations saw a substantial increase of 571%, rising from N1.79 billion in 2022 to N12.03 billion in 2023. The
AIICO’s net profit for the year surged by 159%, reaching N11.57 billion in 2023, up from N4.47 billion in the previous year. The N7.10 billion increase highlights the company’s strong financial health and successful strategic initiatives.
Tim Kleinebenne is the Managing Director of Unilever Nigeria, a position he took on in April 2023. He earned an annual remuneration of N313 million an increase from N198 million paid to Carl Cruz the former MD in 2022.
- Kleinebenne graduated in Business Economics from the University of Hamburg in Germany and is a highly experienced General Manager with 31 years of international experience in the Fast-Moving Consumer Goods industry at Unilever.
- His career at Unilever includes senior roles in sales and marketing, and he has over 10 years of experience as Managing Director of various Unilever businesses, including two that were publicly listed.
- Currently, Kleinebenne is the Managing Director of Unilever Côte d’Ivoire. He previously served as Managing Director of Unilever Ethiopia, where he established and grew the business into a leading local consumer goods manufacturer, and as Managing Director of Unilever Caribbean.
Segun Agbaje is the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), a leading African financial services group with a customer base across ten African countries and the United Kingdom. In 2023 his salary was N457 million an uptick from N4446 million paid in 2022.
With over 30 years of experience in investment, commercial, and international banking, Mr. Agbaje is recognized as one of Africa’s top CEOs.
- He holds a Bachelor of Science in Accounting and an MBA from the University of San Francisco and is an alumnus of Harvard Business School.
- Agbaje previously served as CEO and Managing Director of Guaranty Trust Bank Plc from June 2011 to July 2021, where he led significant growth, expanding the customer base from under 3 million to over 24 million and increasing profit before tax from N45.5 billion in 2010 to N238.1 billion in 2020.
- In July 2021, he became Group CEO of GTCO Plc, overseeing the establishment of strategic non-banking businesses in payments, asset management, and pension fund administration. His vision and leadership have positioned GTCO Plc for continued success as Africa’s leading financial services group.
The GTbank Group reported a profit before tax of N609.3 billion, marking a 184.5% increase from the N214.2 billion recorded in the year ending December 2022. Additionally, the Group’s net loan book saw a rise of 31.5%, growing from N1.89 trillion in December 2022 to N2.48 trillion in December 2023.
Hans Essaadi is the Managing Director and Chief Executive Officer. He was appointed on August 2, 2021. He earned a salary of N486 million in 2023, a rise from his pay of N320 million in 2022.
- Essaadi, an industry veteran with 33 years of experience, was appointed CEO designate in May and succeeded Jordi Borrut Bel, who served from January 2018 to July 2021.
- Prior to his appointment, Essaadi was the Managing Director of AlHaram Beverages, HEINEKEN’s operation in Egypt.
- He started his career with the HEINEKEN Group as a Sales Representative in 1991, advancing through various senior roles in Sales, Export, and Marketing.
- His international career with HEINEKEN began as Country Manager in Puerto Rico, followed by a role as General Manager of Brau Union International in Austria. He then served as General Manager of Sirocco in the UAE, and later as Managing Director of HEINEKEN Malaysia Berhad from 2013 to 2018 before his tenure in Egypt.
Nairametrics reported that Unilever Nigeria posted a pre-tax profit of N21.9 billion in 2023, a 151% increase from the N8.7 billion in 2022.
The company’s audited financial statements for 2023 showed a revenue of N103.9 billion, up 51.3% from N68.6 billion in 2022. Profit after tax in 2023 was N16.4 billion, a 205% rise from the N5.4 billion recorded in 2022.
Dr. Seye is the Managing Director of TotalEnergies Marketing Nigeria Plc. With over 25 years in the oil and gas industry, he joined Seplat in 2013 as CFO, became CEO in 2020. In 2023 he was paid N544 million an increase from N291 million earned in 2022.
- He holds a Doctorate in Engineering from the University of Sciences and Techniques of Lille, France, where he served as an assistant lecturer from 1990 to 1993.
- Seye began his industry career at Shell, working in various capacities before joining Total Marketing and Services in 2014 as a Project Manager in the Strategy Department.
- In 2015, he was appointed Deputy Executive Vice President for West Africa, a role he held until 2016, when he became Vice President of Specialties and General Trade for Total MS Africa. In 2017, he was promoted to Executive Vice President for West Africa, Total MS Africa.
- In addition to his executive roles, Dr. Seye has been a member of the TotalEnergies SE Ethics Committee since 2019.
Total Energies and Marketing Plc has released its full-year 2023 financial result posting a profit after tax of N12.912 billion amidst economic headwinds. The group’s profit after tax dropped by 19.89% to N12.912 billion from N16.118 billion reported in 2022. This was based on increasing inflation which the economy continues to struggle with.
Arvind Pathak was appointed Group Managing Director of Dangote Cement Plc on 1 March 2023. With over 36 years of experience in the cement industry, he was paid a salary of N609 million in 2023 a drop from the N706 million paid to Michel Puchercofs, his predecessor.
- Pathak is a seasoned business leader who previously served as MD and CEO of Birla Corporation Ltd.Before his current role, Mr. Pathak was the Chief Operating Officer and Deputy Group Managing Director of Dangote Cement Plc until 2021.
- He also served as CEO of Reliance Cement from 2008 to 2015 and was the Regional CEO of Associated Cement Company Limited.
- Pathak holds a degree in Electrical Engineering (1980) and a postgraduate degree in Industrial Engineering and Management (1982). He has received training from various international management colleges and was a Fulbright scholar
Dangote Cement led in revenue for 2023, reporting N2.208 trillion out of the total N3.074 trillion revenue, marking a 36.4% YoY growth. The Group’s profit for 2023 rose by 19.2% to N455.6 billion, compared to N382.3 billion in 2022.
It continued its strong performance in Q1, with revenue surging by 101% YoY to N817.350 billion, representing about 73% of the three companies’ revenue in Q1. This highlights its continued market dominance.
Roger Brown joined Seplat as Chief Financial Officer in 2013. Following Mr. Avuru’s retirement, Brown was appointed CEO and assumed the role on the 1st August 2020. He earned a remuneration of N746 million a rise compared to N500 million paid to Avuru in 2022.
- With a background in finance, he is a qualified Chartered Accountant with the Institute of Chartered Accountants of Scotland and also a member of Association of National Accountants of Nigeria.
- Brown has over 25 years’ experience in the financial sector, primarily focused on emerging markets with extensive experience in structuring energy and infrastructure transactions on the African continent. Before joining the Company, he was Managing Director of Oil and Gas EMEA for Standard Bank Group.
According to Seplat Energy Plc full year 2023 financial result the group’s profit after tax grew by 83% to N81.330 billion from N44.433 billion reported in 2022. The company reported a pre-tax profit of N125.5 billion, marking a substantial 44.75% increase from the N86.7 billion recorded in FY 2022. It recorded a N696 billion revenue up by 72.54% from N403.9 billion in 2022.
Engr. Lars Richter, is the CEO of Julius Berger and a distinguished German national. Appointed to the board of Julius Berger Nigeria Plc on October 16, 2018.In 2023 he earned a remuneration of N888 million a significant hike from N418 million recorded in 2022.
- Graduating from the esteemed Technical University of Berlin and the Technical University of Darmstadt in Germany, Dr. Richter commenced his professional journey with Bilfinger Berger AG in 2002.
- He began his tenure with Julius Berger Nigeria Plc in November 2009.
- He serves as a Member of the Board of Directors at PrimeTech Design and Engineering Nigeria Ltd., contributing his expertise to furthering engineering innovation. Additionally, he holds a position on the Shareholder’s Advisory Council of Julius Berger International GmbH, where he advises on international strategies and operations.
- Richter holds a Doctorate in Civil Engineering, and his professional qualifications and affiliations include membership in the Council for the Regulation of Engineering in Nigeria (COREN) and being a Fellow of the Nigerian Institute of Quantity Surveyors (FNIQS).
Nairametrics reported that Julius Berger’s revenue growth of 1.17% YoY in 2023 below its five-year compound annual growth rate of 11% might create doubt about the company’s ability to sustain the growth.
Moreover, profit growth in 2023 was striking surpassing its five-year growth rate driving earnings per share to N7.96, representing an impressive 61% YoY increase.
9. 2 Karl Toriola (MTN Nigeria) – N1.6 billion
[Nairametrics]