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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10.

Karl Olutokun Toriola is Chief Executive Officer at MTN Nigeria Communications. He was appointed CEO on 19 March 2021, providing enough time for an orderly handover by Ferdinand Moolman. In 2023 Toriola earned a remuneration of N1.6 billion a considerable increase from N850 million in 2022.

With 29 years of dynamic experience in telecommunications, I have navigated diverse cultures and operational landscapes, rising through the ranks to lead significant ventures across multiple countries.
He is also affiliated with professional bodies including the Nigerian Society of Engineers (FNSE), the Council of Registered Engineers of Nigeria (COREN), and the Institute of Directors (IoD). Joining MTN in 2006, Karl has held pivotal roles that have shaped the Group’s operational strategies and market presence.

In 2023, MTN Nigeria Plc reported a loss before tax of N177.8 billion compared to a pre-tax profit of N518.8 billion a year earlier. The losses resulted in a wipe-out of shareholders’ funds.

The company attributed the losses to a massive foreign currency loss of N740 billion up from N81 billion reported in 2022-marking its first-ever loss since it became a quoted company in Nigeria.

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