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.
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.
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.
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.
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.
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.
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.
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, 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.
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.
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.
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, 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.
Tayo Oviosu, the journey from Software Engineer to Pagatech
Our focus for this week’s profile is Tayo Oviosu, founder and CEO of notable payment solutions provider, Pagatech.
Global trends in recent times have shown a shift towards a cashless and digital economy, especially as it becomes more obvious that operations in physical branches of commercial banks can be summarily shut down when circumstances demand it.
Our focus for this week’s profile is Tayo Oviosu, founder and CEO of a notable payment solutions provider, Pagatech, the startup that blazed the trail for others in the space. Though there are now over 200 fintech players, Paga still holds its ground.
Eyitayo David Oviosu was born on September 10, 1977, and acquired both his primary and secondary education in Nigeria. He left for the United States of America in 1994 and bagged his first degree in Electrical Engineering from the University of Southern California in 1998. He later earned a Masters in Business Administration from the Graduate School of Business, Stanford University from 2003 to 2005.
Schooling was not a smooth ride for Tayo as he had to work his way through, sometimes keeping as much as 5 jobs in order to stay afloat. He also had hard times with courses like Semiconductor Chip Design, which he admitted was one of his toughest courses, as he hardly aced it despite his love for the subject.
Attempting to break a rock
Fresh out of school, he opted to take the same Semiconductor Chip Design as a career option in Biomorphic VLSI, a startup of 8 employees, hoping to get better at it with more practice. The young Tayo worked weekdays and weekends trying to get a hang of the task before him.
“I was allowed to design a digital imaging chip that got sent to Taiwan for fabrication. I had tested this thing numerous times in the lab; I was confident it was going to work. Then the fabricated chip comes back and it doesn’t work. I was devastated, we spent a lot of money shipping between Los Angeles and Taiwan,” he once recounted.
Having caused the company to spend so much for nothing, he was fired from the job.
“I got called into my boss’ office and he told me he had to let me go. I cried right there. This was my first job out of college and barely 3 months in,” he said.
Though unhappy at the time, he later came to appreciate how the job loss pointed him in the right career path and pushed him out of a line where he would have continued struggling to keep up. In the subsequent months, he survived on the unemployment benefits he collected from the state of California, before getting a job in a mail-room and then a call center.
He eventually got a job as a Software Engineer for another startup in Los Angeles, before he moved to Deloitte Consulting in the CRM and Technology practice as a Senior Consultant.
After his MBA, he worked as Manager Corporate Development with Cisco Systems in San Jose California, where he was responsible for strategy, acquisitions, and private equity investments in a few segments and led Cisco’s investment expansion in Africa with investment opportunities. He became Vice President at Travant Capital Partners in Lagos upon his return to Nigeria and remained there till 2009.
Moving towards a cashless economy
In 2009, Tayo founded Pagatech as a mobile payments solution focused on digitizing cash amidst new emerging economies. Even while working at the call center, Tayo had always thought that he would return to Nigeria at some point to help make it great again. For Tayo, founding Pagatech was all about addressing two challenges – the excessive use of cash, and limited financial access in Nigeria. He wanted to help Nigerians pay retailers, make purchases, and pay utility bills without having to handle so much money.
Such innovation was not common at the time, as Nigeria was still very far from toeing the lines of a cashless economy.
Having worked for over a decade, Tayo had saved up some money and had the support of friends, which became instrumental in launching Paga. “I was also creative in terms of how I spent the money. I pooled together people to work in different aspects, most of them friends who were doing it as a favor. Everyone who helped us in the early days got paid below the market rate. Some of them stayed on to work with Paga when we could afford to pay them at market rates,” he recalled.
For the first 6 months, Tayo bootstrapped from his personal funds before setting out to raise funds from investors. It was a journey where he first had to show investors how feasible the business idea was before letting them in.
Some of the initial investors who took the risk to put their funds in were Goodwell Alitheia Capital, Tayo’s former bosses, both in Nigeria and Los Angeles, and some friends and relatives – the result of lots of goodwill built over the years.
Pagatech reached its first 1 million users within 2 years and since then, the number of its users has grown into tens of millions processing billions of dollars in transactions. Pagatech has also partnered with the apex bank (Central Bank of Nigeria) on the Shared Agent Network Expansion Facilities initiative (SANEF) to grow the reach of agents providing financial services to 500,000 in order to ramp up inclusion for all Nigerians.
Tayo Oviosu has now become an angel investor in other startups.
“When I look at my journey so far, I realize that we are here sitting on the back of 34 people and 6 institutions who took a bet on us on. So I similarly want to find ideas to invest in. I don’t have a lot of money but I want to find people who I can make those kinds of investments and bets as well,” he said.
He has dreams of dual-listing Paga on the NSE and NASDAQ in the nearest future.
Leo Stan Ekeh, the whiz who launched Nigeria’s first locally manufactured computers
Ekeh can be put in the bracket of visionaries who were quick to see that ICT would define the world in no distant time.
Rated as one of the top tech CEOs in Nigeria according to Ventures Africa, Leonard Stanley Ekeh has earned a name for himself through his contributions to Africa’s ICT space. With his tech start-ups dating back to the 80s, Ekeh can be put in the bracket of visionaries who saw that ICT would define the world in no distant time.
This week on Nairametrics Founders Profile, the spotlight is on Leo Stan Ekeh, as he is now popularly known.
Leo Stan Ekeh was born in Imo state on February 22, 1956 to a Dietician mum and Nurse dad. He had his early education in Owerri, and upon graduation from Holy Ghost College, Owerri, he emigrated to India where he obtained BSc. Economics from Punjab University.
This step marked a turning point in his thought process, as he was exposed to the Indian economy which he described as ‘realistic’. He then shifted from his plans to own “the biggest transport company in Nigeria” and started thinking of more realistic business ideas, which would impact the Nigerian economy. He moved on to England where he bagged a Postgraduate degree in Risk Management at the Nottingham University.
His return to Nigeria saw him spearhead the creation of several tech companies.
Task System Limited
This was Ekeh’s first start-up in Nigeria. The ICT solutions company commenced operations in 1989 to focus on desktop publishing and computer graphics. Over the last three decades, the company extended operations from Lagos to Port Harcourt and Abuja, implementing several ICT projects across the Oil & Gas, Telecoms, Manufacturing, and Public sectors.
The company has computerized 95 percent of Print media, Publishing houses, and Advertising agencies in Nigeria; with several outstanding industry awards to its credit, including Best Partner Award for Compaq, Microsoft, Hewlett Packard (HP) etc.
Zinox Technologies Limited
ZInox Technologies is the brand which brought Ekeh to the forefront of Africa’s tech space and for which he is popular for. The company was founded in 2001 and became the first internationally certified branded computer OEM (Original Equipment Manufacturer) in West Africa.
In addition, Zinox is the first to receive Windows Hardware Quality Labs (WHQL) certification, and also the first computer hardware manufacturing company and ICT integration company in Nigeria to receive ISO 9001-2000.
Zinox creates business solutions that uses new technologies to streamline systems, efficiently align, integrate, and maximise productivity. Its products are renowned for their security and IT infrastructure. The company has helped to revolutionize the electoral processes in several African countries like Nigeria, The Gambia, and Guinea-Bissau.
Zinox is the only local OEM partner of Microsoft and Intel corporation in Nigeria. It was recently rated by International Data Corporation (IDC) as the No.1 brand in terms of computer sales amongst local and international brands in Nigeria.
Ekeh also launched Zinox Computers – Nigeria’s first internationally certified branded computers, which comes with a Naira sign and a power supply designed to be compatible with the country’s unstable power supply.
Buyright Africa Dotcom Limited
In 2008, Ekeh founded Buyright Africa Dotcom Limited at a time when credit card and e-payment infrastructures were still alien to Nigerians. The target of the start-up was to resolve funding issues for ICT projects and companies, through partnerships with strong international finance groups.
Within the next couple of years, Buyright Africa launched full operation to help Africans enjoy the benefits of emerging technologies and build technology strength that would allow her citizens, governments, and businesses compete favourably with other strong economies of the world.
Buyright Africa executes and funds ICT projects, equipment leasing, ownership scheme and other related ideas in Africa. It also offers ICT consultancy services and sales of ICT products, infrastructures, and digital tools to educational institutions and governments, through its partnership with international and local ICT companies.
Describing the vision, Mr. Mukoro Emomine, Managing Director of Buyright Africa said the company was out to work with manufacturers, in order to reduce the total cost of ownership of ICT equipment in Africa and also encourage usage.
Konga.com was founded in July 2012 by Sim Shagaya as a third-party online marketplace, and a first-party direct retail in various categories of consumer goods and products.
In February 2018, Zinox acquired 99% of Konga.com shares just a few months after Konga laid off over half its staff. Three months later, Konga merged with Zinox’s retail outfit – Yudala to form the biggest e-commerce company in Africa. Under the new merger, the brand name Konga was retained.
Leo Stan Ekeh also founded Technology Distribution Limited, Task Direct Limited and ITEC Solutions, using them to drive IT solutions and distribution in West Africa.
He has also been involved with ICT Brokers, and ICT Connect. News recently made the rounds that Ekeh was the man behind the Healthplus takeover, but Ekeh distanced himself from such rumours,
“Till date, I do not have a kobo share in any of their investment vehicles, including a kobo share in Healthplus. Although, everyone has a right to invest in any company of his or her choice.”
CSR initiatives and recognitions
In line with his interest and devotion to the growth of IT in Nigeria, Ekeh launched the Computerize Nigeria Project in August 2000, to encourage development and sensitize Nigerians in the use of computers. He also launched the CANi Scheme, providing laptops to young Nigerians at a reduced price, with a repayment plan spread across 24 months.
Through his charity organisation, Leo Stan Ekeh Foundation, he has carried out other commendable humanitarian and philanthropic donations across the country.
He was bestowed with the ICON of Hope award by former President Olusegun Obasanjo on October 1, 2002; Nigerian Science & Technology Achiever of the Year 2003; and Officer of the Order of the Federal Republic of Nigeria (OFR) in 2004. Ekeh is also a member of the Nigerian Economic Summit Group, and holds Life Membership, Nigeria Institute of International Affairs.
He holds Honorary Doctorate in Business Administration from Imo State University, Owerri; Federal University of Agriculture, Makurdi; and Federal University of Technology, Owerri and University of Jos. He is a Fellow of the Lagos State Polytechnic, Lagos; Federal Polytechnic, Idah; and Federal Polytechnic, Nekede, Imo State.
Only 64 years old, Leo Stan Ekeh is still going strong and there is no telling what sector he might venture into next. He recently called for the declaration of a Tech Independence Day, and confidently said it is only a matter of time before Nigeria starts raising tech billionaires that would rival the likes of Jeff Bezos and Jack Ma.
Ekeh was worth $1 billion as of June, 2018 according to Business Insider by Pulse.ng.
Apple’s CEO’s package has totaled over $963.5 million since 2011
Tim Cook’s package has risen to close to a billion dollar in close to a decade.
Since 2011, when Tim Cook became CEO of Apple, his package has totaled over $963.5 million, according to an estimate from Equilar, an executive compensation firm.
Apple’s CEO collected his largest stock grant since 2011, which will reward him with large stacks of stocks through 2025, according to an SEC filing released yesterday.
Apple’s CEO will collect 333,987 units of restricted stock, that will vest as to one-third of the units, on an annual basis starting on April 1, 2023.
In a separate package, Cook will also vest 333,987 units of stock in 2023, which could double, if he meets targets related to Apple’s performance on the stock market.
If Apple continues to impress as it is presently, Cook will collect 1,001,961 shares of Apple by 2025, similar to the grant of 1 million shares he received shortly after he became CEO in 2011.
Why Apple is doing well?
- Recall, about two months ago, Nairametrics gave vital insights on why global investors and stock traders are placing more bets in growth stocks like Apple, thereby resulting in their astronomical rise in valuations, in spite of COVID-19.
- These companies also have good macros in their businesses, partly due to low debts, high-profit margins, and the fact that more people are isolated and mostly working remotely on their iPhones and Macbooks.
- Cook, 59, disclosed five years ago, that he plans to give most of his fortunes away. Already, he has gifted millions of dollars’ worth of Apple shares. His wealth could be lower, assuming he has made other undisclosed charitable gifts.
Although if the world’s most valuable tech company underperforms, it’s also possible that the CEO will get none of such rewards.
At Tuesday’s closing price of $114.09, the maximum number of shares Cook could receive are worth $114 million. That amount will rise or fall with Apple’s stock price.
“Tim has brought unparalleled innovation and focus to his role as CEO, and demonstrated what it means to lead with values and integrity,” Apple’s Board of Directors said in a statement.
”For the first time in nearly a decade, we are awarding Tim a new stock grant, that will vest over time, in recognition of his outstanding leadership, and with great optimism for Apple’s future as he carries these efforts forward,” it stated.
The stock grant suggests that Cook’s performance over the past decade is viewed highly by Apple’s board, which wants to make sure that he will be paid competitively through 2025, if he continues to be the CEO of Apple.