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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11. 1 Ebenezer Onyeagwu (Zenith Bank) – N2.1 billion

Ebenezer Onyeagwu is the former Group Managing Director and CEO of Zenith Bank in 2023. He was appointed in June 2019. Onyeagwu earned a remuneration pf N2.16 billion as the highest paid director in Zenith bank. This was a jump from N285 million in 2022.

He holds a degree in Accounting from Auchi Polytechnic and is a Chartered Accountant, qualifying in 1989 and becoming a Fellow of the Institute of Chartered Accountants of Nigeria in 2003.
He furthered his education at the University of Oxford with a Postgraduate Diploma in Financial Strategy and studied Macroeconomics. Additionally, he completed executive education programs at Wharton Business School, Columbia Business School, Harvard Business School, and Lagos Business School.
Joining Zenith Bank in 2002, Onyeagwu progressed rapidly from Senior Manager to General Manager, overseeing areas such as risk management, treasury functions, and corporate relationships.

Zenith Bank Plc, one of Nigeria’s largest banks, for the fiscal year 2023, reported gross earnings of N2.13 trillion. This represented a growth of 125.4% year on year and is the highest gross earnings ever reported in the company’s history.

The bank also reported a net interest income of approximately N736.18 billion, more than double what was reported in the previous year.

Note: The individuals featured in this compilation have been carefully selected based on the highest remuneration across varying industries represented in the article. It is important to note that none of the individuals listed have solicited their inclusion. While this list aims to be comprehensive, it is by no means exhaustive; there are several other CEOs/MDs who were paid high renumerations and emoluments but this list has been streamlined to the highest paid across some key industries.

This compilation is exclusive to Nairametrics and may be updated periodically to reflect changes and advancements in the field. Feedback will be appreciated.

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