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.
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.
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.
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.
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.