Top 10 highest paid MDs/CEOs in Nigeria 2023

The year 2023 will likely be remembered as a tumultuous one for Nigeria’s economy, with companies facing challenges such as exchange rate depreciation, rampant inflation, and weakening purchasing power.

Despite these obstacles, corporate Nigeria continued to provide services, pay salaries, contribute taxes, support local communities, and reward shareholders with dividends.

In navigating these economic challenges, the Managing Directors (MDs) and Chief Executive Officers (CEOs) of Nigeria’s listed companies played a crucial role. These executives were responsible for steering their organizations through both successes and difficulties, making decisions that often led to either praise or scrutiny.

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Nairametrics’ research reveals that the highest-earning MDs and CEOs amassed a combined total of N7.9 billion in 2023. This represents a significant increase from the N4.227 billion combined salaries in 2022, reflecting a notable rise of N3.749 billion.

Whilst some of the companies they oversee reported massive losses due to exchange rate depreciation, they did deliver higher revenue growth leveraging on adaptive marketing and operational strategies.

A review of revenue figures shows that around 30 leading Nigerian companies reported a combined revenue of N11.4 trillion in 2023, up from N9.1 trillion in 2022. This growth spans multiple industries, including consumer goods, industrials, technology, oil and gas, and agriculture.

Commercial banks also performed well, with the top 10 listed banks, including the FUGAZ group, reporting N11.6 trillion in gross earnings, driven largely by significant forex gains.

In the following sections, we explore the profiles and earnings of the highest-paid MDs and CEOs in Nigeria for 2023, offering insights into the strategies and achievements that contributed to their impressive remuneration.

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1. 10 Babatunde Fajemirokun (Aiico Insurance) -N233 million

Babatunde Fajemirokun is the Managing Director and CEO at AIICO Insurance PLC, a position he has held since August 14, 2019. In 2023, he earned N233 million, a notable increase from N213 million in 2022.

Fajemirokun’s journey at AIICO Insurance PLC began in May 2009 in the Life Insurance Division, where he was responsible for value-enhancing projects.

Before his appointment as CEO, he served as Divisional Head of Operations & Technology (2009-2013), Chief Operating Officer (2013-2017), and Group Chief Business Officer (2017-2019) across the business.
He began his career in academia in 2001 as a visiting lecturer at Glasgow Caledonian University. He worked with Accenture, Lagos (2003-2007), and Capgemini Consulting, UK (2008-2009), providing consulting services to financial services and government clients.
Babatunde also holds external positions as a Non-Executive Director at Food Concepts Plc and Xerox Corporation Nigeria.
He is a Fellow of the Society of Underwriting Professionals (FCII), a Chartered Insurer, and a member of the Chartered Insurance Institute UK. He has an MBA from the University of Chicago Booth School of Business (2013), a Master’s in Business Information Strategy from the University of Strathclyde (2002), and a Bachelor’s in Business Economics from Glasgow, UK (2000).

Under his leadership AIICO’s profit before income tax from continuing operations saw a substantial increase of 571%, rising from N1.79 billion in 2022 to N12.03 billion in 2023. The

AIICO’s net profit for the year surged by 159%, reaching N11.57 billion in 2023, up from N4.47 billion in the previous year. The N7.10 billion increase highlights the company’s strong financial health and successful strategic initiatives.

Note: AIICO Insurance Plc reached out to Nairametrics for clarification regarding the context of the remuneration of its MD/CEO.
According to the firm, the N233 million reported as salary for its highest paid director represents the combined compensation of the highest-paid directors within its entire group, including AIICO Insurance, AIICO Capital, and AIICO Multishield.
The company further clarified that its MD/CEO, Fajemirokun earned a compensation of N116 million in 2023, compared to N101 million in 2022.