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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5. 6 Dr Samba Seye (Total Energies)- N544 million

Dr. Seye is the Managing Director of TotalEnergies Marketing Nigeria Plc. With over 25 years in the oil and gas industry, he joined Seplat in 2013 as CFO, became CEO in 2020. In 2023 he was paid N544 million an increase from N291 million earned in 2022.

He holds a Doctorate in Engineering from the University of Sciences and Techniques of Lille, France, where he served as an assistant lecturer from 1990 to 1993.
Seye began his industry career at Shell, working in various capacities before joining Total Marketing and Services in 2014 as a Project Manager in the Strategy Department.
In 2015, he was appointed Deputy Executive Vice President for West Africa, a role he held until 2016, when he became Vice President of Specialties and General Trade for Total MS Africa. In 2017, he was promoted to Executive Vice President for West Africa, Total MS Africa.
In addition to his executive roles, Dr. Seye has been a member of the TotalEnergies SE Ethics Committee since 2019.

Total Energies and Marketing Plc has released its full-year 2023 financial result posting a profit after tax of N12.912 billion amidst economic headwinds. The group’s profit after tax dropped by 19.89% to N12.912 billion from N16.118 billion reported in 2022. This was based on increasing inflation which the economy continues to struggle with.

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