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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8. 3 Lars Richter (Julius Berger) – N888 million

Engr. Lars Richter, is the CEO of Julius Berger and a distinguished German national. Appointed to the board of Julius Berger Nigeria Plc on October 16, 2018.In 2023 he earned a remuneration of N888 million a significant hike from N418 million recorded in 2022.

Graduating from the esteemed Technical University of Berlin and the Technical University of Darmstadt in Germany, Dr. Richter commenced his professional journey with Bilfinger Berger AG in 2002.
He began his tenure with Julius Berger Nigeria Plc in November 2009.
He serves as a Member of the Board of Directors at PrimeTech Design and Engineering Nigeria Ltd., contributing his expertise to furthering engineering innovation. Additionally, he holds a position on the Shareholder’s Advisory Council of Julius Berger International GmbH, where he advises on international strategies and operations.
Richter holds a Doctorate in Civil Engineering, and his professional qualifications and affiliations include membership in the Council for the Regulation of Engineering in Nigeria (COREN) and being a Fellow of the Nigerian Institute of Quantity Surveyors (FNIQS).

Nairametrics reported that Julius Berger’s revenue growth of 1.17% YoY in 2023 below its five-year compound annual growth rate of 11% might create doubt about the company’s ability to sustain the growth.

Moreover, profit growth in 2023 was striking surpassing its five-year growth rate driving earnings per share to N7.96, representing an impressive 61% YoY increase.

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