Top 5 most paid CEOs in Nigeria in 2022
We’ll discuss the top 5 CEOs in Nigeria in terms of remuneration in this article. Companies that are successful don’t just appear out of nowhere; behind every successful business you’ll ever hear of are individuals. Because they are frequently commended when the business is doing well and frequently scolded if the contrary is true, CEOs are typically the highest-paid employees in the corporation. Chief Executive Officers are those individuals who make choices, implement policies, and manage the financial and human resources available to them in order to ensure the success of the company (CEOs).
The majority of top CEOs operate the businesses that they founded. Others, however, had to climb the ladder to reach this coveted position. Beyond the authority it confers, the position of chief executive officer (CEO) also comes with a wonderful financial remuneration package. With a salary of $280 million in 2019, Sundar Pichai, the CEO of Alphabet, the parent company of Google, ranked among the highest-paid CEOs in both the US and the rest of the globe. That is equivalent to 1,085 times the average annual salary of an employee at the same company (Alphabet), or around $258,000.
Even while compensation for employees in comparable roles in Nigeria is less than Pichai’s, managing businesses in Nigeria is still a rewarding job in and of itself. According to the official monthly wage, some of the highest-paid CEOs in Nigeria may hold titles like president, chief executive, and managing director, and they make nearly five times as much as the president of Nigeria. The official monthly pay of President Muhammadu Buhari is around N1,171,568. His expected compensation for four years was N56,235,280.
Why are CEOs paid so well?
These excellent guys are given a tremendous deal of responsibility when they hold the post of CEO. Being the CEO involves them in every division of the business. In other words, the CEO performs nearly every task within the company because his or her actions affect the company’s development or demise.
Some of the largest businesses in Africa are either owned by Nigerians or have operations there. Each year, these top companies generate billions in profits. Some of the smartest businesspeople you will ever meet are the chief executive officers of some of the largest firms in Nigeria. This is due to the difficult business environment in Nigeria, which makes it impossible for dull and slothful investors and businesspeople to survive.
- Michel Puchercos – Dangote Cement (N531m)
At the moment, Michel Puchercos leads Dangote Cement as managing director and CEO. On February 1st, 2020, he was given the role. The Dangote Cement Director made N531 million in December 2021 compared to N448 million in December 2020, according to BusinessDay.
He has over twenty (20) years of experience in the cement industry and has held a number of positions at Lafarge, including President and CEO of Lafarge Halla Cement from January 2009 to March 2016, Director of Strategy and Systems at Lafarge Gypsum from September 1998 to March 2003, and Chief Executive Officer of Bamburi Cement in Kenya, Hima Cement in Uganda, and Chairman of Mbeya Cement in Tanzania from June 2005 to December 2008.
From April 2016 to December 2019, he held the positions of Group Managing Director and Country CEO of Lafarge Africa Plc, a business listed on the Premium Board of the Nigerian Stock Exchange. Both the Ecole Polytechnique and the Ecole Nationale du Génie Rural, des Eaux et des Forêts are institutions he graduated from in 1976. (1981).
- Roger Brown – Seplat (N475m)
After joining Seplat in 2013 as its CFO, Roger Brown was promoted to CEO in August 2020. He has a background in finance and is a member of the Association of National Accountants of Nigeria in addition to being a trained chartered accountant with the Institute of Chartered Accountants of Scotland. Brown received a salary of N475 million in 2021, a decrease from the N484 million he received the year before.
With more than 25 years in the financial industry, Mr. Brown has a strong focus on emerging markets and a wealth of experience negotiating energy and infrastructure deals on the African continent. He was the Managing Director of Oil and Gas EMEA for Standard Bank Group before to joining the company.
- Khaled Abdel Aziz El Dokan – LAFARGE Cement (N391m)
At Lafarge Africa PLC, Khaled Abdel Aziz El Dokani serves as managing director and CEO. He made N391 million in December 2021 compared to N334 million in December 2020, according to reports. Khaled Abdelaziz El Dokani was appointed as the new Group Managing Director/Chief Executive Officer as a result of Michel Puchercos’ retirement from the Company as Group Managing Director and Chief Executive Officer.
In 2004, he joined LafargeHolcim. He served as country CEO of Iraq between 2018 and 2019, Qatar between 2016 and 2018, Saudi Arabia between 2013 and 2016, vice president for business development and strategy in North America between 2010 and 2013, and chief financial officer of Lafarge Algeria between 2004 and 2010 before accepting this position.
- Karl Toriola -MTN (N368m)
Karl Toriola, a Nigerian engineer in the field of communications, is the CEO of MTN Nigeria at the moment. He made N368 million in December 2021 compared to N567 million in December 2020, according to reports. According to Nairametrics, Ferdinand Moolman, who is currently the Chief Risk Officer for MTN Group Ltd, pocketed N586 million in 2018, which is roughly 2.5% more than the amount he received in 2017, when he served as the Chief Executive of MTN Nigeria, and N571 million in 2018.
Previously, Toriola served as the chairman of MTN/Areeba Guinea, a non-executive director for Jumia Africa, a non-executive director for American Towers Uganda, and a non-executive director for MTN subsidiaries in Francophone West Africa. Additionally, he is the only Nigerian among the top 5 CEOs or corporate directors in the nation in terms of pay.
- Ravindra Singhvi – Dangote Sugar (N289.7m)
The CEO and Group Managing Director of Dangote Sugar Refinery Plc is Ravindra Singh Singhvi. He was the Ag. Managing Director until being named the Group Managing Director on October 30, 2020. On August 13th, 2018, Mr. Singhvi became the Chief Operating Officer of Dangote Sugar Refinery Plc.
Singhvi received N289.7 million in compensation in 2021, a substantial increase from the N134.6 million he received the year before. On August 13th, 2018, he became the Chief Operating Officer of Dangote Sugar Refinery Plc.
He has more than 40 years of track record in senior manufacturing and process roles in India’s sugar, cement, petrochemicals, and textiles industries. Mr. Singhvi is a Chartered Accountant with experience in General Management and Company Secretaryship.
Mr. Singhvi was the Managing Director & CEO of NSL Sugar Limited in Hyderabad, India, and the Managing Director of EID Parry (1) Limited in Chennai, India, two of the top three sugar-producing businesses in that country, prior to joining Dangote Sugar Refinery Plc.
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