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Tuesday, October 3, 2023

Top 10 Highest-Earning CEO in Nigeria and their Salaries

Every dream of a worker is to become a CEO. To be the one in charge, to make the big decisions, to be the one who gets the credit. But what does it really take to become a CEO? And how much do they really make?

It goes without saying that CEOs are the highest-paid staff of every company. In Nigeria, the CEOs of major companies are paid handsomely for their efforts.

It is essential to understand that CEO salaries are often a reflection of their performance and the value they bring to the organization. Additionally, the CEO’s influence in the industry, their leadership skills, and their ability to drive growth and innovation play a significant role in their earning potential.


In this article, we will explore the top 10 highest-earning CEOs in Nigeria. From telecommunications giants to cement industries, these captains of industry have not only achieved remarkable financial success but have also left an indelible mark on their respective sectors.

Karl Olutokun Toriola is the highest-paid CEO in Nigeria. He is the CEO/MD of MTN Nigeria, one of the largest telecommunications companies in Africa.

Toriola has a long and successful career in the telecommunications industry. He started his career at Ericsson in 2000, and he has held a variety of positions at MTN since 2011. He earned a total salary of N850 million, 

  • Origin: Nigeria
  • University: Obafemi Awolowo University
  • Position: CEO/MD MTN Nigeria
  • Salary: N850 million
  • Career: Ericsson, Econet, Airtel, Lagos State University, MTN Nigeria
  • Linkedin Profile: Click here 

Michael Puchercos, Dangote Cement, N736 million

Michel Puchercos is the CEO/MD of Dangote Cement, the largest cement company in Nigeria. He is a French national with a long and successful career in the cement industry.

Puchercos has held various leadership positions in the cement industries, including CEO of Lafarge Halla Cement in South Korea and CEO of Bamburi Cement in Kenya. He earned a total salary of N736 million

  • Origin: France
  • Education: Ecole Polytechnique, National School of Rural Engineering, Waterways & Forests
  • Position: CEO/MD Dangote Cement
  • Salary: N736 million
  • Career: DGA, Lafarge, Bamburi Cement, Dangote Cement
  • Linkedin Profile: Click here 

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Baker Mugunda, Guinness Nigeria Plc, N505 million

Baker Magunda is the CEO of Guinness Nigeria Plc, the largest brewer in Nigeria. He is a Ugandan national and has a long and successful career in the brewing industry.

He started his career as Market Development Manager at Coca-Cola in 1996, and he has held a variety of leadership positions, including CEO of SABMiller Uganda and CEO of Diageo East Africa. He earned a total salary of N505 million. Baker resigned from his role as the CEO of Guinness Nigeria Plc in October 2022

  • Origin: Uganda
  • Education: Makerere University, Heriot-Watt University
  • Position: CEO of Guinness Nigeria Plc
  • Salary: N505 million
  • Career: Coca-Cola, East African Breweries Ltd, Diageo
  • Linkedin Profile: Click here 

Roger Brown, Seplat Energy Plc, N475 million

Roger Brown is the CEO of Seplat Energy Plc, an independent oil and gas company in Nigeria. He is a British national and has a long and successful career in the financial and oil & gas industry.

He started his career at Price Water Cooper (PwC) in 1994 & Standard Bank in 2001 before finally joining Seplat. He earned a total salary of N475 million

  • Origin: United Kingdom
  • Education: University of Edinburgh, London Business School
  • Position: CEO of Seplat Energy Plc
  • Salary: N475 million
  • Career: Price Water Cooper (PwC), Standard Bank, Seplat Energy Plc
  • Linkedin Profile: Click here 

Khaled El Dokani, Lafarge Africa Plc Nigeria, N452 million

El Dokani was born in Egypt and holds a medical degree from Alexandria University. He began his career in the pharmaceutical industry, but later switched to the building materials sector.

He joined LafargeHolcim in 2004 and held a variety of positions in the Middle East and Africa, including CEO of Lafarge Egypt and CEO of LafargeHolcim Africa Middle East. He earned a total salary of N452 million

  • Origin: Egypt
  • Education: Alexandra University, Egypt
  • Position: CEO of Lafarge Africa Plc Nigeria
  • Salary: N452 million
  • Career: ECC Solution, Lafarge Africa Plc Nigeria
  • Linkedin Profile: Click here 

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Segun Agbaje, Guaranty Trust Holding Company, N445 million

Segun Agbaje is a highly respected business leader who has played a significant role in the growth of Guaranty Trust Holding Company (GTCO). He joined GT Bank as a pioneer staff in 1991 and rose through the ranks to become the CEO. 

In addition to his role in transforming GTCO into one of the leading banks in Nigeria and Africa, Agbaje is also a member of the board of directors of several other companies, including PepsiCo and the Nigerian Stock Exchange. He is also a Fellow of the Institute of Chartered Accountants of Nigeria and the Institute of Directors. He earned a total salary of N445 million

  • Origin: Nigeria
  • Education: University of San Francisco, USA
  • Position: CEO of Guaranty Trust Bank Holding Company
  • Salary: N445 million
  • Career: Ernst & Young, PepsiCo, Inc., Guaranty Trust Holding Company, 
  • Linkedin Profile: Nil

Lars Richter, Julius Berger Nigeria Plc, N408 million

Lars Richter was born in Germany and pursued his education in the field of engineering and business management.

He’s known for his successful leadership as the Chief Executive Officer (CEO) of Julius Berger Nigeria Plc. Richter started as Project Engineer at Julius Berger before rising to the top as CEO. He earned a total salary of N408 million

  • Origin: Germany
  • Education:  Technische Universität Berlin, Germany
  • Position: CEO of Julius Berger
  • Salary: N408 million
  • Career: Bilfinger, TU Darmstadt, Julius Berger Nigeria Plc
  • Linkedin Profile: Click here 
Highest Paid CEO in Nigeria
Highest Paid CEO in Nigeria

Hans Essaadi, Nigerian Breweries, N319 million

Hans Essaadi, a renowned leader in the brewing industry, is the CEO of Nigerian Breweries, Nigeria’s largest brewer. 

He started his career as a sale representative at Heineken Operating Company in 1991, and climbed the corporate ladder within the HEINEKEN Group, assuming senior roles in various units such as sales, export, and marketing. 

Having worked in the United Arab Emirates for several years as General Manager of Sirocco FZCO (Joint Venture Heineken and Emirates Group in the Gulf Region), he moved to Egypt in 2018 to work for Al Haram Beverages Company as Manager Director. He earned a total salary of N319 million

  • Origin: Netherlands
  • Education:  HoteSchool The Hague, Netherlands
  • Position: CEO of Nigerian Breweries
  • Salary: N319 million
  • Career: Heineken, Vrumona, Sirocco FZCO, Nigeria Breweries Plc
  • Linkedin Profile: Click here 

Ebenezer Onyeagwu, Zenith Bank, N285 million

Ebenezer Onyeagwu is a seasoned banker with over 30 years of experience in the industry. He began his career at the defunct Financial Merchant Bank in 1991 and moved to the erstwhile Citizens International Bank Limited where he held several management positions.

In 2002, he joined Zenith Bank, where he held a number of senior positions, including Managing Director of Zenith Bank (UK) Limited and Group Head of Treasury and Financial Markets. Ebenezer Nyeagwu was appointed Group Managing Director/CEO of Zenith Bank Plc in 2019.

He obtained a Higher National Diploma degree in Accounting at the Federal Polytechnic, Auchi, Edo State. He earned a total salary of N285 million. 

  • Origin: Nigeria
  • Education: Auchi Polytechnic, Nigeria
  • Position: CEO of Zenith Bank
  • Salary: N285 million
  • Career: Financial Merchant Bank, Zenith Bank
  • Linkedin Profile: Click here 

Wassim Elhusseini, Nestle Nigeria, N266 million

Wassim Elhusseini was born in Lebanon. He holds a Bachelor’s Degree in Public Administration from the American University of Beirut. His educational background makes him the most educated and decorated CEO in the top-earning CEOs in Nigeria

He began his career at Nestlé in 2002, where he held various positions in the Middle East and Africa. In 2016, he was appointed Sales Director of Nestlé United Arab Emirates. In 2020, he was appointed Managing Director of Nestlé Nigeria. He earned a total salary of N266 million. 

  • Origin: Lebanon
  • Education:  American University of Beirut
  • Position: CEO of Nestle Nigeria
  • Salary: N266 million
  • Career: Arabia Insurance Company, Nestle Nigeria
  • Linkedin Profile: Click here 

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