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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4. 7 Hans Essaadi (Nigerian Breweries)- N486 million

Hans Essaadi is the Managing Director and Chief Executive Officer. He was appointed on August 2, 2021. He earned a salary of N486 million in 2023, a rise from his pay of N320 million in 2022.

Essaadi, an industry veteran with 33 years of experience, was appointed CEO designate in May and succeeded Jordi Borrut Bel, who served from January 2018 to July 2021.
Prior to his appointment, Essaadi was the Managing Director of AlHaram Beverages, HEINEKEN’s operation in Egypt.
He started his career with the HEINEKEN Group as a Sales Representative in 1991, advancing through various senior roles in Sales, Export, and Marketing.
His international career with HEINEKEN began as Country Manager in Puerto Rico, followed by a role as General Manager of Brau Union International in Austria. He then served as General Manager of Sirocco in the UAE, and later as Managing Director of HEINEKEN Malaysia Berhad from 2013 to 2018 before his tenure in Egypt.

Nairametrics reported that Unilever Nigeria posted a pre-tax profit of N21.9 billion in 2023, a 151% increase from the N8.7 billion in 2022.

The company’s audited financial statements for 2023 showed a revenue of N103.9 billion, up 51.3% from N68.6 billion in 2022. Profit after tax in 2023 was N16.4 billion, a 205% rise from the N5.4 billion recorded in 2022.

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