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Top 10 highest earning CEO’s in Nigeria

The figures only refer to their annual remunerations as the highest-paid directors.

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The responsibility of piloting a firm’s affairs and ensuring profitability often rests squarely on the shoulders of the Chief Executive Officer (CEO). Agreed, running a company is never a task that can be accomplished by just one person. But that notwithstanding, CEOs are the ones at the helm of affairs. As such, they take most of the blame for the lows, just as much as they take the credit for the highs.

It goes without saying that CEOs are also the highest-paid staff of every company. In Nigeria, the CEOs of the major companies are remunerated handsomely for their efforts. However, just as much as these companies have ranks in terms of asset size and profitability, so also do their CEOs’ earnings have ranks.

This article, therefore, looks at the highest-paid CEOs of companies listed on the Nigerian Stock Exchange. The focus here is on how much they earned in 2019.

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Do note that the figures given here do not include what the CEOs might earn in dividends as shareholders of their respective companies. The figures only refer to their annual remunerations (executive compensation) as the highest-paid directors.

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Ferdinand Moolman

Ferdinand Moolman, MTN Nigeria, N586 million

Ferdinand Moolman is Chief Executive Officer (CEO) of one of Nigeria’s biggest, non-oil foreign direct investment – MTN Nigeria Communications Plc. He was promoted to the position of CEO on December 1, 2015, as part of a major reshuffling of the telco’s operating structure which was aimed at strengthening operational oversight, leadership, governance, and regulatory compliance.

Before then, he was the Chief Financial Officer (CFO), a position he occupied immediately he was transferred from MTN Iran cell where he was the Chief Operating Officer (COO).

It makes a lot of sense that the CEO of the biggest company listed on the Nigerian bourse should be the highest-paid CEO in Nigeria.

Moolman earned N586 million in 2019, 2.5% up from the N571 million he took home in 2018.


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Austin Avuru

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Austin Avuru, Seplat, N440 million

Augustine Avuru, the co-founder and CEO of Seplat Petroleum Development Company Plc, is the highest-paid director in his company, and second highest in Nigeria for the year 2019.

Prior to becoming the Chief Executive Officer of Seplat in May 2010, he was Managing Director at Platform Petroleum Limited, a company he founded. He had spent over a decade at Nigerian National Petroleum Commission (NNPC), holding different positions including that of wellsite geologist, production seismologist, and reservoir engineer.

He had also worked as an exploration manager and technical manager with Allied Energy Resources in Nigeria, a pioneer deepwater operator, where he spent ten years before starting Platform Petroleum Limited in 2002. He is also a director of MPI, which is listed on NYSE Euronext Paris.

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Avuru received N440 million as his remuneration in 2019, a shortfall of N44 million when compared to his 2018 earnings.

Recall that Seplat had announced Roger Brown as the incoming CEO that will take over when Avuru retires on July 31, 2020.

READ ALSO: Covid-19: Guinness Nigeria warns investors its results will be bad


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Segun Agbaje

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Segun Agbaje, GTBank, N400 million

Segun Agbaje joined Guaranty Trust Bank as a pioneer staff in 1991 and rose through the ranks to become the Managing Director and Chief Executive Officer in 2011 after Tayo Aderinokun, the previous CEO, passed on.

As CEO, Agbaje took N400 million home in remunerations for the year 2019. This shows an increase of N16 million from his N384 million remuneration in 2018, and given the impressive results that the bank showed for the year, we can say that it was duly justified.

He was recently elected an independent member of the Board of PepsiCo, the American owners of popular beverage drinks Pepsi and Moutain Dew. As Nairametrics reported, Agbaje will officially assume his duties as a board member and audit committee member at PepsiCo by mid-July.


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Yaw Nsarkoh

Yaw Nsarkoh, formerly with Unilever Nigeria Plc, N330 million

Yaw Nsarkoh has had a long career within the Unilever Group, occupying top positions like the African Regional Brand Manager, Production Manager for Unilever Ghana, among others.

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He headed several regional headquarters of the global manufacturing company, especially in Africa. He also served as a Strategic Assistant to Unilever’s President for Asia, Africa, Central, and Eastern Europe.

He resigned from his position as Managing Director in December 2019, to take up new roles within the Unilever group across Europe. He was succeeded by Carl Raymond Cruz in January 2020. Prior to his departure, he earned N303 million in 2019, 8% less than the N330 million he earned in 2018.


Michael Puchercos, formerly with Lafarge Africa Plc, N272 million

For the financial year ended December 31st, 2019, Michael Puchercos earned N272 million, marking an 18.7% increase when compared to the N229 million he earned in 2018.

Before his appointment as Lafarge Africa Plc’s CEO, he worked in various capacities within the cement industry for two decades. He was the President & Chief Executive Officer of Lafarge Halla Cement; Director of Strategy and Systems at Lafarge Gypsum; Chief Executive Officer of Bamburi Cement and Hima Cement; and Chairman of Mbeya Cement in Tanzania.

He resigned from Lafarge in January 2020 to join competitor brand, Dangote Cement Plc and was succeeded by Mr. Khaled Abdelaziz El Dokani, the former country CEO of Lafarge Holcim Iraq.


Jordi Borrut Bel, Nigerian Breweries Plc

CEO, Nigerian Breweries Plc, Jordi Borrut Bel

Jordi Borrut Bel, Nigerian Breweries Plc, N271 million

Jordi Borrut Bel is the Chief Executive Officer and Managing Director of Nigerian Breweries Plc. Mr Bel is an experienced manager and has served in Heineken’s different subsidiaries across different countries. He was Managing Director at Brarudii SA, Manager-Project Distribution at Heineken Slovensko AS, Brand Manager at Heineken France SAS and Director-Sales & Distribution at Heineken España SA. His last position prior to coming to Nigerian was that of the Managing Director of Heineken Burundi.

Bel’s earnings experienced a quantum leap from N190 million in 2018 to N271 million in 2019, an increase of about 42%. He was the sixth highest-paid CEO in 2019.


Nestle Nigeria

Mauricio Alarcon

Mauricio Alarcon, Nestle Nigeria Plc, N218 million

Seventh on the list is Mauricio Alarcon, the Chief Executive Officer of Nestle Nigeria Plc. Alarcon was appointed CEO in 2016, after a progressive 17 years career with the Nestle brand. He started as Area Sales Manager with Nestle Mexico and later became a Senior Brand Manager.

He worked as Marketing Advisor at Nestle Headquarters in Switzerland, Country Manager at Nestle Cote d’Ivoire and later became Managing Director of Nestle Atlantic Cluster between June 2016 and September 2016, overseeing Senegal, the Gambia, Guinea, and Cote d’Ivoire.

Alarcon earned N218 million in 2019, a slight increase from the N210 million in 2018 he earned in 2018, placing him 7th place in the list.


Expatriates

Lars Richter

Lars Richter, Julius Berger Nigeria Plc, N217 million

Presently, Lars Richter occupies the position of Managing Director & Director at Julius Berger Nigeria Plc, a position he was appointed to in 2018.

Before this appointment, he had garnered over 16 years’ experience in the construction industry, with 10 years spent in Nigeria, in different positions including Division manager, Project manager, and Project engineer.

Richter places 8th on this list, with an income of N217 million in 2019. This is quite a significant reduction from the N319 million he received in 2018 although there is no obvious justification for this.


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Emeka Emuwa

Emeka Emuwa, Union Bank of Nigeria, N172 million

Emuwa earned an annual net income of N172 million in 2019, the same as he did in 2018. He was appointed CEO of Union Bank of Nigeria in November 2012, after a progressive 25-year banking career at CitiBank across several African countries.

He started out as a Management Assistant at Citibank Nigeria Limited and was later promoted to the position of Country Head, Cameroon. At this time, he was also overseeing all the bank’s activities in the Central African region, including Congo and Gabon.

He occupied strategic positions in the company across several countries like Tanzania, Ghana, Niger, and Nigeria, serving as the CEO between 2005 and 2012, before he took up the appointment with Union Bank Plc.


Imrane Barry

Imrane Barry, Total Nigeria Plc, N163 million

Total Nigeria Plc has Imrane Barry as its Managing Director. Imrane is not new to the Total group as he had previously served as Managing Director of Total Uganda in 2013, Total Cameroon SA in 2015 and Total Nigeria Plc in 2018. He also worked with other Total affiliates in Kenya and Ivory Coast, at SEP-Congo as the Technical and Transport Director, and in Paris as the Strategy and Development Senior Officer.

He was appointed Deputy Executive Vice-President of Total Africa & Middle East in 2012,

Before joining Total, Imrane worked in several capacities in Engineering and Construction Companies in Guinea Conakry, Cote d’Ivoire and Gabon.

Imrane took home N163 million as remunerations in 2019, 41% more than his 2018 earnings of N115 million.

 


Note that these figures were sourced from the companies’ FY 2019 audited financial statement. As such, the figures represent these CEOs’ income for the year 2019. As was explained in the article, a couple of the CEOs no longer occupy their positions, but since there has not been a full year financial statement explaining what their successors might be earning, these figures are the most recent.

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

2 Comments

2 Comments

  1. Ukwenu Samuel

    July 10, 2020 at 3:37 pm

    This kind of information is really nice after reading the information I begin to feel like a CEO.please can you suggest books to read to know more on finance thank you.

  2. Rotimi

    July 13, 2020 at 10:22 am

    How much is Ruth Okwumbu of Nairametrics earning per Annum??

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FEATURED

Nigerians borrow N3.34 trillion in one year – CBN

The document stated that the credit was stimulated by the policy on Loan-to-Deposit Ratio (LDR).

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Exchange Rate Unification: CBN devalues official rate to N380/$1, Nigerian banks have written off N1.9 trillion impaired loans in past 4 years, CBN sandbox operations, Stirling Trust Company Limited

The total gross domestic credit in Nigeria increased from N15.56 trillion in May 2019 to N18.90 trillion as at June 2020. This was disclosed by the Central Bank of Nigeria via a communique issued on Thursday.

The document, which included the personal statements of members of the apex bank’s Monetary Policy Committee (MPC), stated that the credit was stimulated by the policy on Loan-to-Deposit Ratio (LDR).

Drivers of the credit

Kingsley Obiora, Deputy Governor, CBN, explained that the credits were driven especially by demands from the manufacturing sector, consumer credit, general commerce, information and communication, and agriculture, among others. He said:

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“Under the circumstances, the financial system has maintained a sound and stable position, following effective interventions by the CBN.

“Short-term interest rates continue to suggest some surfeit in the system with average Open Buy Back (OBB) and inter-bank call rates rising to 5.75 and 11.31 percent in June 2020, from 5.22 and 5.80% in May 2020, respectively.

“Non-performing loans (NPLs) decreased to 6.4% at the end of June 2020, compared to 9.4 percent in the corresponding period of 2019, reflecting recoveries, write-offs and disposals.”

He, however, added that despite the improvements, the economy continued to face significant headwinds to a robust recovery, as the number of COVID-19 cases exceeded 36,000 cumulatively, and continued to rise.

“The headline inflation rate increased slightly to 12.56% in June from 12.40% in May, with food inflation at 15.18%.

“Furthermore, 87% of households owning non-farm businesses have highlighted difficulties in raising money for their enterprises,” he added.

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Obiora stated that it was clear that the economy faced an uncertain path, with long-lasting consequences for the livelihoods of many.

The decisive efforts of governments and central banks across the world have provided a strong foundation for the current recovery. However, it would be remiss to assume that the crisis is now over, especially as there remain many unknowns regarding the virus.

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CBN says 22 banks to restructure over 35,000 loans due to COVID-19

This is seen as part of measures by the apex bank to curb the rise in non-performing loans.

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CBN, Aishah Ahmad,

The Central Bank of Nigeria (CBN) has disclosed that 22 Nigerian banks submitted requests to restructure 35,639 credit facilities of businesses that were impacted by the coronavirus pandemic, as of July 20, 2020.

This represents 41.92% of the total industry loan portfolio and has partly reflected in improved industry risk profile, as non-performing loans ratio declined from 6.6% in April 2020 to 6.4% in June 2020.

The disclosure is part of the personal statement made by the CBN Deputy Governor, Financial System, Aisha Ahmad, during the last Monetary Policy Committee (MPC) on July 20, 2020.

She said that the net interest margin remained quite robust despite lower interest income, due to much lower industry interest expense, as deposit rates continued to decline.

This is seen as part of measures by the apex bank to curb the rise in non-performing loans in the system due to the impact of the coronavirus pandemic and low oil prices.

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Also, as part of the drive to reduce non-performing loans, Nairametrics reported that the CBN had given approval to banks to debit bank accounts of chronic loan defaulters with other banks. They were given the power to debit loans and accrued interests due from bank accounts of loan defaulters across the banking system.

She also said, “The loan-to-deposit ratio (LDR), Global Standing Instruction, streamlining of access to Open Market Operations securities and other complementary measures have been strong tailwinds which have strengthened intermediation via increased lending to the key sectors such as manufacturing, agriculture and consumer markets (gross credit grew by an additional N300 billion from N18.6 trillion to N18.9 trillion between end April and end June 2020 respectively) and lower market lending rates, which have insulated the financial system from the worst impact of the pandemic.”

Aisha Ahmad explained that these efforts were supported by various ongoing CBN interventions to reduce the impact of the coronavirus pandemic on businesses and households.

Some of these interventions include the N50 billion SME and household facility, out of which N49.195 billion has been disbursed to over 92,000 beneficiaries; the N100 billion healthcare facility, and N1 trillion manufacturing and agricultural interventions alongside other significant interventions.

In her note, she said sustained credit to the real economy, particularly for SMEs and households, would be crucial to economic recovery, therefore maintaining banking industry liquidity would be paramount.

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COVID-19 Update in Nigeria

On the 13th of August 2020, 373 new confirmed cases and 10 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 48,116 confirmed cases.

On the 13th of August 2020, 373 new confirmed cases and 10 deaths were recorded in Nigeria, having carried out a total daily test of 3,337 samples across the country.

To date, 48,116 cases have been confirmed, 34,309 cases have been discharged and 966 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 341,421 tests have been carried out as of August 13th, 2020 compared to 338,084 tests a day earlier.

COVID-19 Case Updates- 13th August 2020,

  • Total Number of Cases – 48,118
  • Total Number Discharged – 34,309
  • Total Deaths – 966
  • Total Tests Carried out – 341,421

According to the NCDC, the 373 new cases were reported from 20 states- Lagos (69), Osun (41), Kaduna (40), Oyo (40), FCT (35), Plateau (22), Rivers (19), Kano (17), Ondo (17), Ogun (15), Abia (14), Gombe (12), Imo (9), Enugu (7), Kwara (6), Delta (5), Niger (2), Borno (1), Bauchi (1) and Nasarawa (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 16,256, followed by Abuja (4,632), Oyo (2,935), Edo (2,399), Rivers (1,991), Kaduna (1,706),Plateau (1,665), Kano (1,661),  Delta (1,626), Ogun (1,521), Ondo (1,373), Enugu (976), Ebonyi (908), Kwara (888), Katsina (746), Osun (719), Borno (698), Abia (677), Gombe (647),  and Bauchi (580).

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Imo State has recorded 494 cases, Benue (430), Nasarawa (372), Bayelsa (346),  Jigawa (322), Akwa Ibom (241), Niger (228), Ekiti (194), Adamawa (185), Anambra (156), Sokoto (154),  Kebbi (90), Taraba (78),  Zamfara (77), Cross River (73), Yobe (67), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

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DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
August 13, 2020481163739661034309128417
August 12, 202047743453956033943128447
August 11, 202047290423956633609127257
August 10, 202046867290950533346125717
August 9, 202046577437945333186124467
August 8, 202046140453942633044121547
August 7, 202045687443936632637121147
August 6, 202045244354930332430118847
August 5, 2020448904579271732165117987
August 4, 2020444333049101431851116727
August 3, 202044129288896820663225707
August 2, 202043841304888520308226457
August 1, 202043537386883420287225677
July 31, 202043151462879119565227077
July 30, 202042689481878519270225417
July 29, 202042208404873519004223317
July 28, 202041804624868818764221727
July 27, 202041180648860218203221177
July 26, 202040532555858217374223007
July 25, 2020399774388561116948221737
July 24, 2020395395918451216559221357
July 23, 2020389486048332016061220547
July 22, 202038344543813815815217167
July 21, 202037801576805415677213197
July 20, 2020372255628011215333210917
July 19, 2020366635567891115105207697
July 18, 202036107653778614938203917
July 17, 202035454600772314633200497
July 16, 202034854595769914292197937
July 15, 202034259643760613999195007
July 14, 2020336164637541013792190707
July 13, 202033153595744413671187387
July 12, 2020325585717401613447183717
July 11, 2020319876647241513103181607
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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