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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6. 5 Arvind Pathak (Dangote Cement) – N609 million

Arvind Pathak was appointed Group Managing Director of Dangote Cement Plc on 1 March 2023. With over 36 years of experience in the cement industry, he was paid a salary of N609 million in 2023 a drop from the N706 million paid to Michel Puchercofs, his predecessor.

Pathak is a seasoned business leader who previously served as MD and CEO of Birla Corporation Ltd.Before his current role, Mr. Pathak was the Chief Operating Officer and Deputy Group Managing Director of Dangote Cement Plc until 2021.
He also served as CEO of Reliance Cement from 2008 to 2015 and was the Regional CEO of Associated Cement Company Limited.
Pathak holds a degree in Electrical Engineering (1980) and a postgraduate degree in Industrial Engineering and Management (1982). He has received training from various international management colleges and was a Fulbright scholar

Dangote Cement led in revenue for 2023, reporting N2.208 trillion out of the total N3.074 trillion revenue, marking a 36.4% YoY growth. The Group’s profit for 2023 rose by 19.2% to N455.6 billion, compared to N382.3 billion in 2022.

It continued its strong performance in Q1, with revenue surging by 101% YoY to N817.350 billion, representing about 73% of the three companies’ revenue in Q1. This highlights its continued market dominance.

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