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Top earners: Executive Compensation of CEOs of Nigeria’s biggest companies

Have you ever wondered how much exactly some of Nigeria’s top CEOs earn per annum?



Yaw Nsakoh

Have you ever wondered how much exactly some of Nigeria’s top CEOs earn per annum? Well, you had best believe that their total annual emoluments range from tens to hundreds of millions.

These men (and women) do a lot of work, overseeing their multi-billion-Naira corporate entities, to earn the big bucks. But how much do they really earn as executive compensation, and who are the top earners?

Just like you, we got curious and decided to dig into the annual reports of companies quoted on the Nigerian Stock Exchange (NSE).

Follow this link for last year’s version (for banks).

Hope you enjoy and get inspired to start earning as much money as they do.


Peter Amangbo, Group Managing Director of Zenith Bank Plc

Mr Amangbo is Zenith Bank’s Group Managing Director/CEO who earns a total annual package of ₦88 million.

He is an accomplished banker with over twenty years’ cognate experience. Most of this professional experience has been with Zenith Bank Plc, where he was an Executive Director prior to taking up his current position. He also worked as a Senior Consultant at Price WaterHouse Coopers (CWP).

Amangbo studied at the University of Benin, where he graduated with a degree in Electrical and Electronics Engineering. He also graduated from the University of Warwick, Coventry with a Master’s in Business Administration (MBA). He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA).

Yaw Nsarkoh, MD of Unilever Nigeria Plc

Mr Nsarkoh is the MD of one of Nigeria’s leading manufacturing companies who takes home a total annual package of ₦219,513,000. The business executive has had a long career with Unilever, heading several regional headquarters of the global manufacturing company, particularly in Africa. He has also served as a Strategic Assistant to Unilever’s President for Asia, Africa, Central and Eastern Europe. Other top positions he has occupied at the company include African Regional Brand Manager, Production Manager for Unilever Ghana etc.

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He studied Chemical Engineering at the University of Science and Technology in Kumasi, Ghana. He also holds a Postgraduate Diploma in Management from Henley Management College, Henley-on-Thames, United Kingdom.

Austin Avuru, CEO of Seplat Petroleum Development Company Plc

Mr Augustine Ojunekwu Avuru (popularly known as Austin Avuru) heads one of Nigeria’s leading crude oil exploration companies. He co-founded this company. As expected, being at the helm of affairs of such a big corporation has availed him of many privileges and compensations including earning fat salaries that total ₦476 million per annum.

Avuru has a degree in Geology, having graduated from the University of Nigeria, Nsukka, in 1980. He also studied for a Postgraduate Diploma in Petroleum Engineering at the University of Ibadan, graduating in 1992. He is a Fellow of the Nigerian Association of Petroleum Explorations, an organisation of which he was once the President.

Prior to founding Seplat, he worked with the Nigerian National Petroleum Corporation (NNPC), where he worked in various capacities for twelve years, including in positions such as Production Seismologist, Reservoir Engineer etc.

In 1992, Avuru went on to have a ten-year stint at Allied Energy Resources. There, he worked as Technical Manager and Exploration Manager.

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Peter Ndegwa, Managing Director/Chief Executive Officer of Guinness Nigeria Plc

Mr Ndegwa is the immediate past MD/CEO of Guinness Nigeria Plc who earned an annual salary of ₦186 million. His exit from the company was announced in May, a move that will enable him take up a new position in Guinness’ parent company, Diageo.

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He has a Bachelor’s degree in Economics from the University of Nairobi. He also studied Accountancy at the London School of Economics.

He has over ten years’ professional experience, including his experience at PricewaterhouseCoopers (PWC). He has worked at East African Breweries Limited, Ghana Breweries Limited etc. He became the Managing Director and Chief Executive Officer of Guinness Nigeria in September, 2015.

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Kennedy Uzoka, Managing Director/CEO of United Bank for Africa Plc (UBA)

Mr Uzoka is the Group Managing Director of United Bank for Africa Plc (UBA) who earns ₦138 million per annum.

Azuka has worked at UBA for more than twenty years, a career that has seen him heading different critical departments and portfolios, examples of which include Head of Strategy and Business Transformation, and Head of Resources. He also supervised the bank’s businesses in New York and London.

He holds a degree in Mechanical Engineering from the University of Benin, as well as Master’s in Business Administration from the University of Lagos. He also has an AMP from Harvard Business School.

Segun Agbaje, Managing Director of Guaranty Trust Bank plc

With his nineteen years’ banking experience, Mr Agbaje is one of the most compensated Nigerian CEOs, with an interesting annual emolument of about ₦224 million.

He had a stint at Ernst & Young in America before joining GTBank in 1991 as one of the company’s pioneer staff members. He became an Executive Director in 2000, and then a Deputy Managing Director in 2002, before eventually becoming the CEO.
Agbaje has an MBA from the University of San Francisco. He is also a Harvard Business School alumnus.

Herbert Wigwe, General Manager and CEO of Access Bank Plc

Mr Wigwe earns about ₦85 million in annual salaries.

He has a degree in Accounting from the University of Nigeria, Nsukka. He also has a Master’s degree in Banking and International Finance from the University of North Wales, and another Master’s degree in Financial Economics from the University of London. He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).


Mr Wigwe was appointed the General Managing Director of Access Bank in 2014. This was barely twelve years after he joined the bank in 2002. Prior to his time in Access Bank, he worked in Guaranty Trust Bank for over a decade.

Urum Kalu Eke, Group Managing Director, FBN Holdings Plc 

Mr Urum is the GMD of FBN Holdings who receives an annual package of about ₦118 million. He assumed this office in January 2016.

With over three decades of professional experience, Eke is one of the most accomplished bankers in Nigeria. He began his career with Deloitte Haskins & Sells, and resigned from the company as a Senior Audit Consultant. He also worked at Diamond Bank for about 19 years, reaching the position of an Executive Director.

Eke studied Political Science at the University of Lagos. He also has a Master’s in Business Administration from Federal University of Technology in Owerri. He is also undergone training at Harvard Business School, Stanford University, Lagos Business School, etc.

Abdullahi A. Sule, Acting Managing Director at Dangote Sugar

Engr. Abdullahi Sule earns about ₦64 million in annual salaries. With over 30 years’ experience in areas covering oil & gas, steel production and sugar industry, perhaps he deserves just as much.

Abdullahi holds a BSc. in Mechanical Engineering and a Master’s in Industrial Technology.

Prior to his current position, he was the MD/CEO of African Petroleum (AP) Plc.

Jordi Borrut Bel, Chief Executive Officer of Nigerian Breweries

As the new CEO of one of Nigeria’s top brewers, Borrut stands to earn about ₦340 million in annual salaries. He assumed his new position in January this year.

Prior to this time, he was the Managing Director of Brarudi S.A, a Heineken subsidiary in Burundi. He has also held different top management positions of different companies across the world. He is an alumnus of Harvard Business School, the University of Nottingham, etc.

Onne van der Weijde, Group Managing Director of Dangote Group

Mr Weijde is the GMD of Dangote Group, who earns a total of ₦407.4 million per annum.

He is an experienced professional with many years of experience, working for different notable international corporate entities, including Holcim Indonesia and India. He studied at the University of Rotterdam and also holds a Master’s in Business Administration from the University of Bradford.

Wale Tinubu, Group Chief Executive of Oando Plc

Mr Tinubu earns a total of ₦340 million per annum.

He studied Law at the University of Liverpool, graduating in 1988. By 1989, he had earned a Master’s of Law from the London School of Economics. He has since garnered many years of professional experience, having started out working in his family’s law firm.

He currently sits on the boards of many companies in different capacities such as Director, MD, and Chairman. Some of these companies include Ocean and Oil Holdings Limited, Avante Capital, West African Refinery Company (WARCO) Sierra Leone, Ocean and Oil Services, Econet Wireless Nigeria, etc.

He is a member of many associations, including the Institute of Directors and also, the Nigerian Bar Association.

Akin Akinfemiwa, Group Chief Executive Officer of Forte Oil

Mr Akinfemiwa is the GMD of Forte Oil, who earns about ₦181 million per annum.

He studied Mechanical Engineering at the University of Ibadan and also studied at the University of Lincolnshire and Humberside for a Master’s in Business Administration, with specialisation in Information Technology. He is also an alumnus of the Said Business School, University of Oxford.

Mr Akinfemiwa has many years of experience in international petroleum products trading. These experiences prepared him for his current role at Forte Oil, where he oversees all strategic direction for the company and its subsidiaries.

Prior to this time, he worked at FSB International Bank Plc as a Business Process Analyst.

Michael Pucheros, GMD/CEO of Lafarge Africa Plc

Mr Michael receives annual compensations to the tune of  ₦257 million.

He is an accomplished professional with a very impressive resume, having begun his career in 1982 working at the French Ministry of Agriculture. In 1989, he joined a Lafarge subsidiary, Orsan, as a Director.

Mr Pucheros later left Orsan and proceeded to work for a number of other notable companies, particularly in the foods and chemicals industries, an example of which is Cana Group.

He is an alumnus of the Ecole Polytechnique (1976) and the Ecole Nationale du Génie Rural, des Eaux et des Forêts (1981).

Mauricio Alarcon, Managing Director of Nestle Nigeria Plc

Mr Alarcon is compensated to the tune of about ₦104.8 million per annum. He assumed his position in the company on October 1st, 2016.

He is a graduate of engineering from Manchester University; class of 1997. And since 1999, he has been under the employ of Nestle global.

Please note that the CEOs featured on this list were chosen randomly. Information about their annual compensations were sourced from their companies’ 2017 full year financial reports.

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs.He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor.Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan.If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.



  1. Godwin Opurum

    June 20, 2018 at 8:34 am

    I don’t know how you sourced the information on the remuneration of the CEO of Nigerian Breweries since you told us he joined in January 2018 and that you got the data from the 2017 Annual Report when he was the CEO.

    • Emmanuel Abara Benson

      June 20, 2018 at 9:17 am

      I trust you are fine, Godwin.

      Let’s examine the sentence below-

      “As the new CEO of one of Nigeria’s top brewers, Borrut stands to earn about ₦340 million in annual salaries.” This does not imply that this is how much Borrut earned in 2017. Instead, he stands to earn this amount, or a close range; based on the fact that his predecessor earned ₦340 in 2017.

      I hope this is clear now.

      Do have a good day.

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DEVALUATION: CBN updates website to official rate of N360/$1

The central bank of Nigeria has devalued its official exchange rate from N307/$1 to N360/$1.



CBN website states oil price is still $61, Naira under pressure as Nigeria records poor export earnings, 4 key sectors the CBN plans to pump money into

Just as Nairametrics reported, the Central Bank of Nigeria has devalued its official exchange rate from N307/$1 to N360/$1. The apex bank has now reflected this change on its website signaling a confirmation. The bank is yet to issue a press release to this effect.

The CBN has now officially devalued by 15% moving from N307/$1 to N360/$1. Depreciation at the “market-determined” I&E window is 5% having moved from N360/$1 to N380/$1

Devaluation: Nairametrics reported yesterday that the Central Bank of Nigeria (CBN) sold dollars to banks at N380/$1 in a move signifying a devaluation of the currency. Banks trading at the Investor and Exporter (I&E) window bought dollars at N360/$1 from the CBN on Friday, March 20, 2020. The I&E window is the official market where forex is traded between banks, the CBN, foreign investors, and businesses. The central bank typically buys or sells in the market as part of its intervention program.

The CBN has updated its website with the official exchange rate.

Nairametrics also got hold of a letter from the CBN to banks informing them of the new exchange rate for dollars flowing from the International Money Transfer Operators (IMTOs). According to the CBN, IMTOs will sell to banks at N376/$1 while banks will sell to the CBN at N377/$1. The CBN will sell to BDC’s at N378/$1 while the BDC’s will sell to end-users at “no more than” N380/$1.


Single Exchange Rate: A report yesterday also suggested that the CBN also planned to move to a single exchange rate policy for determining the price of the dollar. A senior central bank official who does not want to be identified, said, ‘Today we allowed the rate at the importer and exporters (I&E) window to adjust in response to market developments.’

The central bank has now made an apparent u-turn after it had initially that the “market fundamentals do not support naira devaluation at this time” detailing reasons why it did not need to devalue.

Falling oil price: Oil prices fell to under $20 on Friday before climbing back up to settle at $23 per barrel. Nigeria’s Bonny light trades at $26 while the benchmark Brent crude trades at $29 per barrel. In response to the crash in oil price, Nigeria’s announced a cut to its 2020 budget by N1.5 trillion as it faced the reality of a potential drop in its revenues. Nairametrics also has information that state governments are getting jittery about their ability to sustain salary payments as a reduction in their federal allocation “FAAC” is anticipated.

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Career tips

Investment options for salary earners

Investment options for the salary earners
#Investing #Entrepreneurs #Investment #Salary #Wages



Investment options for salary earners - bank loan

Recently, one of the readers of my articles asked to know what investment options are open to salary earners. A salaried individual is like everyone else except that he or she has a fixed monthly income. This implies that their investments and expenses have to be managed strictly according to their fixed monthly income.

Since salary is assumed to be the only source of income for the salaried, it is advisable that such an individual fortify himself financially before investing so that adverse investment performance will not have untold effect on him and his family. Therefore, if you are a salaried prospective investor, you need to:

READ: Where to invest N500,000 right now

Get life insurance

Most families in Nigeria are single income families so much such that if anything bad happens to the income earner, the family gets shattered, at least financially. Again, given the risks inherent in capital market investments, it is only prudent to have a life insurance as a first step in one’s investment journey. It is very baffling to see many investors very deep into the market, yet they do not have life insurance.

[Read Also: Understanding the risks in bond investing]


Life insurance is and should be a basic part of any financial plan. Life insurance is a protection for loved ones against financial hardship arising from the death of a breadwinner. This is even more important today than ever before with high cost of funeral expenses, college education and medical bills. So, the first investment option for a salaried individual is to get a life insurance.

Prepare for financial emergencies

Life is full of surprises, emergencies do happen, jobs are lost without notices, and even good investment opportunities emerge sometimes suddenly. There is, therefore, the need for a cash reserve to help weather the financial storms and emergencies when they come calling.

READ: SEC issues pre-notice on cancellation of certificates of 157 inactive CMOs

Cash reserves do not only provide for emergencies, they also help to ensure that investments are not liquidated prematurely or at inopportune times to cover unexpected expenses. There are no hard and fast rules on what the exact amount of the required cash reserve should be, but most financial experts and planners will advise that an amount that equals about six months of living expenses be set aside.

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So, as a salaried person, your next investment should be to have a cash reserve. A cash reserve should not necessarily be in a savings account or under the mattress; it could be in an interest-bearing money market account, money market mutual funds with low to zero luck-up period or another form of very liquid investment that is readily convertible to cash without loss of value.

[Read Also: Understanding the risks in bond investing]

Know your risk appetite

As a salaried and fixed income individual, your risk appetite is most likely going to be low as well as your risk tolerance, although your extended family profile could change all that. You need to know or understand your risk tolerance before you engage in any capital market investment.

Your risk tolerance will and should drive the type of investments you go into. Your risk tolerance depends on your psychological makeup, your current insurance coverage, presence or absence of cash reserve, family situation, and your age among others.

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READ: Here’s what will happen to Nigeria’s insurance sector in the short to medium term

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Talking about family situation, it is reasonable to think that a married individual whose children are still in school will be more risk averse than an unmarried person. On the other hand, older people have shorter investment time horizon within which to make up for any losses. the reason for this is because the older you get the less time you have to work to recoup on losses.

In that case the risk tolerance of an older man will be less than those for younger folks. Again, the more cash reserve and insurance coverage you have, the more your propensity to take risk. Now having known your risk tolerance based on the underlying factors, you can then define your investment objectives

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[Read Also: Important tips on how to profit in a bearish market]

Set your Investment objectives/goals

Having met those essentials above, you are now ready for a serious investment plan or program. A good investment plan starts with investment objectives. Investment objectives are the force that determines what you invest in. Investment objectives range from capital preservation, to capital appreciation and constant income generation.

Capital preservation as an investment objective implies that you, the investor, aim at minimising the risk of loss by maintaining the purchasing power of your investment. So, if you are risk averse or you will need money from your investment soon for children’s education or for building a house or you are nearing retirement, this should be your objective.

READ: CBN debits banks N216.1 billion for CRR compliance

Investors whose aims are to see their investment portfolios increase in real terms over a period of time are better suited for capital appreciation as an objective. This is better for investors that are more risk tolerant and those with more potential to recoup on losses along the way.

If you are already retired or nearing retirement, and therefore depend on your retirement plan supplemented by investment income, you need an investment that generates income rather than capital gains. In that case, your investment objective should be current income generation. It is always good to have investment goals stated in terms of risk and returns.

[Read Also: I-Invest generates over N2 billion transaction in less than 6 months]


Decide on asset allocation

Armed with the knowledge of your risk appetite and investment objective, you are now ready to decide on what to invest in, and how much to invest in any asset class. This takes you to asset allocation decisions. Asset allocation involves dividing an investment portfolio among different asset classes based on an investor’s financial requirements, investment objectives and risk tolerance.

A right mix of asset classes in a portfolio provides an investor with the highest probability of meeting his/her investment objectives. Asset allocation is the most important investment decision an investor can make in a portfolio because it demonstrates an investor’s understanding of his or her risk preferences and return expectations.

READ: How to build a profitable Mutual Fund Portfolio

It is good to strive for a diversified portfolio. Unfortunately, the Nigerian market does not provide a lot of asset classes for optimal diversification, but diversification can be achieved across sectors or industries within the few asset classes in the Nigerian stock market.

Decide on how to invest

There are different ways to invest in the capital market. You can invest directly by making the stock selections by yourself, thanks to the online stock trading platforms that abound the world over. This implies that you have what it takes to conduct the required research and analysis of the companies whose shares or stocks you wish to buy.

[Read Also: How I Would Invest My Mother’s Retirement Funds]

It also implies that you have what it takes to know when to sell or add to existing positions. Another method is to have someone “do the heavy lifting” for you. In this case, that someone, often times called fund manager or portfolio manager, does the research and analysis and selects shares that suit your investment preferences, investment objectives, risk tolerance and appetite as well as your investment time horizon.

This route is most suitable for investors that lack the knowledge and time for the required research and analysis. If you decide to go this route, mutual funds are the best bet for you.

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Business News

Atiku kicks as Buhari spends $3.7 billion in foreign debt service since 2015



Budget: FG completes just 31.7% of constituency projects, Nigerians react to President Buhari's signing of Finance Bill 

The Buhari led government has spent about $3.7 billion in foreign debt service since 2015, one of the highest from any democratically elected government. The highest single-year foreign debt service was in 2006 at $1.79 billion.

About 68% of Nigeria’s foreign-denominated debt servicing is in commercial Eurobonds issues over the last two years. The loans range between 5.1% and 9.2% per annum. Nigeria’s external debt stock stood at $27 billion in June 2019.

Rising debt service: The Buhari administration has so far spent about $1.1 billion in foreign debt service this year. In 2018, the government spent about $1.4 billion in debt service, more than 3 times the $444 million it spent servicing foreign debts in 2017. The rising cost of debt service is a direct attribute of the government’s reliance on foreign loans as a means of funding government expenditure.

Debt service since 2003. Source: CBN. Nairametrics Research (C)

Foreign Loans: Nigeria’s fallen revenue following the crash in oil price has allowed President Buhari to rely mainly on foreign loans to fund government expenditure. As of June 2015, Nigeria’s foreign loans were about $10.5 billion mostly made up of multilateral and bilateral loans.


However, by June 2019, total foreign-denominated loans were $27 billion with $10.8 billion made up of Eurobonds. Commercial loans which include Eurobonds and Diaspora bonds make now make up about 42% of total foreign borrowings.

[READ ALSO: Babatunde Fowler attributes FIRS success to technological innovation (Opens in a new browser tab)]

Critics of the government have complained about the government penchant for debts believing that it could put the future of younger Nigerians in jeopardy. Supporters of the government, however, believe the borrowing was necessary to invest in critical sectors of the economy particularly infrastructure.

Recently, Director-General of MAN, Segun Ajayi-Kadir expressed worry about Nigeria’s rising debt.

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“….the rising debt profile of Nigeria continues to be a cause for concern, especially the capacity of government to effectively service it and, at the same time, meet the bursting needs and aspiration of the citizenry going forward.” 

“Already, our budget projections for 2020 anticipates a debt service sum of 2.45trillion, an amount higher than the 2.14 trillion earmarked for capital expenditure. 

“And even though our debt-to-Gross Domestic Product (GDP) ratio, which currently stands at 28 percent, is still below the average in Africa, our revenue-to-GDP ratio remains low.”

The Finance Minister Zainab Ahmed however, believes the current debt profile is sustainable, comparing it to our GDP.

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“Currently, Nigeria’s debt is at N25 trillion; that is about $83 billion. And at $83 billion, we are just at 18.99%…so 19% debt to GDP. I hear people say Nigeria has a debt problem. We don’t have a debt problem. What we have is a revenue challenge and the whole of this government is currently working on how to enhance our revenues, to ensure that we meet our obligation to service government as well as to service debt.”

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[READ ALSO: Babatunde Fowler attributes FIRS success to technological innovation (Opens in a new browser tab)]

Former Vice President and defeated PDP Presidential aspirant, Atiku Abubakar during the week piled criticism on the government’s borrowing.

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“I have said it time and again. The business of government is too serious to be left in the hands of politicians. We must all ask questions because if they throw away the future, it is not going to be their future they are throwing away, it will be all our futures.

“The fact that Nigeria currently budgets more money for debt servicing (N2.7 trillion), than we do on capital expenditure (N2.4 trillion) is already an indicator that we have borrowed more money than we can afford to borrow. And the thing is that debt servicing is not debt repayment. Debt servicing just means that we are paying the barest minimum allowable by our creditors.

What this means: Nigeria’s rising foreign debt profile should be a worry to investors and businesses and must be watched closely. The country’s ability to repay these loans will continue to be harder as it increases especially now that it is costing about 9%. The immediate risk for investors is the exchange rate which could be the first to suffer should the government struggle to repay its loans.

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