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.
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.
2. 9 Tim Kleinebenne (Unilever Nigeria)- N313 million
- 1. 10 Babatunde Fajemirokun (Aiico Insurance) -N233 million
- 2. 9 Tim Kleinebenne (Unilever Nigeria)- N313 million
- 3. 8 Segun Agbaje (Guaranty Trust Holding)-N457 million
- 4. 7 Hans Essaadi (Nigerian Breweries)- N486 million
- 5. 6 Dr Samba Seye (Total Energies)- N544 million
- 6. 5 Arvind Pathak (Dangote Cement) – N609 million
- 7. 4 Roger Brown (Seplat) – N746 million
- 8. 3 Lars Richter (Julius Berger) – N888 million
- 9. 2 Karl Toriola (MTN Nigeria) – N1.6 billion
- 10.
- 11. 1 Ebenezer Onyeagwu (Zenith Bank) – N2.1 billion
Tim Kleinebenne is the Managing Director of Unilever Nigeria, a position he took on in April 2023. He earned an annual remuneration of N313 million an increase from N198 million paid to Carl Cruz the former MD in 2022.
- Kleinebenne graduated in Business Economics from the University of Hamburg in Germany and is a highly experienced General Manager with 31 years of international experience in the Fast-Moving Consumer Goods industry at Unilever.
- His career at Unilever includes senior roles in sales and marketing, and he has over 10 years of experience as Managing Director of various Unilever businesses, including two that were publicly listed.
- Currently, Kleinebenne is the Managing Director of Unilever Côte d’Ivoire. He previously served as Managing Director of Unilever Ethiopia, where he established and grew the business into a leading local consumer goods manufacturer, and as Managing Director of Unilever Caribbean.
2. 9 Tim Kleinebenne (Unilever Nigeria)- N313 million
- 1. 10 Babatunde Fajemirokun (Aiico Insurance) -N233 million
- 2. 9 Tim Kleinebenne (Unilever Nigeria)- N313 million
- 3. 8 Segun Agbaje (Guaranty Trust Holding)-N457 million
- 4. 7 Hans Essaadi (Nigerian Breweries)- N486 million
- 5. 6 Dr Samba Seye (Total Energies)- N544 million
- 6. 5 Arvind Pathak (Dangote Cement) – N609 million
- 7. 4 Roger Brown (Seplat) – N746 million
- 8. 3 Lars Richter (Julius Berger) – N888 million
- 9. 2 Karl Toriola (MTN Nigeria) – N1.6 billion
- 10.
- 11. 1 Ebenezer Onyeagwu (Zenith Bank) – N2.1 billion
