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Friday, December 1, 2023

Top 7 Highest Paying Companies in Nigeria 2023

Are you looking for the highest paying companies in Nigeria? You’ve come to the right place. We’ve got a list of companies where you can get paid well.

Nigeria is a country with a growing economy and a large workforce. As a result, there are a number of companies in Nigeria that offer high salaries to their employees. 

From Oil producing companies to banking sectors, these companies are offering competitive salaries and benefits to attract top talent.

So whether you’re a job seeker looking for your next career move or simply curious about the Nigerian job market, read on to discover which companies are leading the way in terms of pay and perks.

1. Seplat Energy

Seplat Energy, the esteemed Nigerian independent oil and gas exploration and production company, has earned a reputation for being the nation’s highest paid company

The average staff payroll at Seplat Energy indicates that most employees earn above N14.69 million annually, which translates to an average monthly take-home pay of N1.22 million. 

Seplat Energy has experienced growth in its workforce over the years. In 2022, the company’s staff strength increased by 12%, reaching a total of 596 employees. 

According to research by Glassdoor, the average salary for a graduate trainee at Seplat Energy is NGN 7 million per year, equating to 583,000 monthly.

2. TotalEnergies Plc 

TotalEnergies Plc, formerly known as Total E&P Nigeria Limited, is an oil and gas exploration and production company headquartered in Lagos, Nigeria. It is a subsidiary of TotalEnergies, a French multinational energy company.

In terms of salary-spend, TotalEnergies Plc increased its salary-spend by 12.02% from N8.71 billion to N9.76 billion in 2022. This makes it the second highest paying company in Nigeria. 

The average staff payroll at TotalEnergies Plc is N3.5 million per year. More than half of the employees in TotalEnergies Plc are amongst the highest paid in the company.

3. MTN Nigeria 

MTN Nigeria is a subsidiary of the South African multinational telecommunications group. It is the largest mobile network operator in Nigeria. The company has over 70 million subscribers and employs over 1,600 people.

A total of N33.93 billion was spent on salaries by MTN Nigeria employees in 2022. It is estimated that 1,070 employees earned an average annual salary of N12.5 million or more (Source: Nairametric)

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4. Okomu Oil Palm Plc

Okomu Oil Palm Plc is a leading producer of palm oil and rubber in Nigeria. The company have a staff strength of about 390 people. 

In 2022, Okomu Oil Palm Plc spent N45.08 billion on salaries. This represents a 10% increase from the previous year. The average salary at Okomu Oil Palm Plc is N26 million per

5. Ardova Plc

Ardova Plc is an integrated energy company that was formed in 2019 through the merger of Forte Oil Plc and Conoil Plc

With a staff strength of 168 employees, the average staff member at Ardova Plc earns around 20 million Naira per year.

A total of 3.3 billion Naira was allocated to salaries by the company in 2022. Approximately 10% of the company’s employees earn more than N25 million annually.

6. Nigeria Breweries

Nigerian Breweries was founded in 1945 by a group of British businessmen. The company was the first brewery in Nigeria and quickly became the country’s leading beer producer. 

In 2022, Nigerian Breweries spent N38.76 billion on salaries. This represents an increase of 10% from the previous year. The company also spent N1.3 billion on shared-based payments, N2.15 billion on training and recruitment, N1.06 billion on medical expenses, and N3.66 billion on other undefined personnel expenses.

A cursory review of the company’s financials showed that 84.7% of the company’s workforce collects N5 million and above in salary.

7. Access Holding

Access Holding is a Nigerian conglomerate interested in banking, insurance, telecommunications, and real estate. It represents the only bank in the top-five list of highest paying companies. 

The average salary at Access Holding is N10 million per year. However, the top 10% of earners at the company make more than N18 million per year.

Salary expenditures for Access Holding in 2022 amounted to N105.6 billion. Further analysis showed that about 10% of employees earn N18 million and above annually. This group of employees was mostly senior executives and managers.

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The top 7 highest paying companies in Nigeria are known for offering competitive salaries and benefits packages to attract and retain top talent.

In addition to high salaries, many of these companies offer perks such as health insurance, pension plans, and flexible work arrangements.

The data is extracted from Nairametric

You may also want to read about the Benefits of Working at SHELL Company

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Top 20 companies based on average salary per staff
Top 20 companies based on average salary per staff. Source: Nairametrics

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