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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3. 8 Segun Agbaje (Guaranty Trust Holding)-N457 million

Segun Agbaje is the Group Chief Executive Officer of Guaranty Trust Holding Company Plc (GTCO Plc), a leading African financial services group with a customer base across ten African countries and the United Kingdom. In 2023 his salary was N457 million an uptick from N4446 million paid in 2022.

With over 30 years of experience in investment, commercial, and international banking, Mr. Agbaje is recognized as one of Africa’s top CEOs.

He holds a Bachelor of Science in Accounting and an MBA from the University of San Francisco and is an alumnus of Harvard Business School.
Agbaje previously served as CEO and Managing Director of Guaranty Trust Bank Plc from June 2011 to July 2021, where he led significant growth, expanding the customer base from under 3 million to over 24 million and increasing profit before tax from N45.5 billion in 2010 to N238.1 billion in 2020.
In July 2021, he became Group CEO of GTCO Plc, overseeing the establishment of strategic non-banking businesses in payments, asset management, and pension fund administration. His vision and leadership have positioned GTCO Plc for continued success as Africa’s leading financial services group.

The GTbank Group reported a profit before tax of N609.3 billion, marking a 184.5% increase from the N214.2 billion recorded in the year ending December 2022. Additionally, the Group’s net loan book saw a rise of 31.5%, growing from N1.89 trillion in December 2022 to N2.48 trillion in December 2023.

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