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The year 2024 marked a pivotal moment for some of Nigeria’s biggest companies, with remarkable growth and strategic leadership steering them to new heights.
During this period, several MDs and CEOs took on the reins of their respective organizations, ushering in fresh leadership that would define the direction of these companies in the years to come.
These leaders were not only tasked with managing vast portfolios but also with navigating through global challenges, volatile markets, and the ever-evolving demands of their industries.
According to Nairametrics’ latest research, Nigeria’s top 10 highest-paid Managing Directors (MDs) and Chief Executive Officers (CEOs) collectively earned a staggering N11.6 billion in 2024, a significant jump from N7.9 billion in 2023
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In this special spotlight, Nairametrics breaks down their 2024 earnings, leadership profiles, and the companies they led.
Folasope Babasola Aiyesimoju-UACN
- Position: Group Chief Executive Officer
- 2024 Compensation: N401.4 million
- 2023 Compensation: N128.8 million
- % Change: + 211.6%
About the CEO:
Folasope ‘Fola’ Babasola Aiyesimoju has led UAC of Nigeria Plc since April 2019.
With a background in finance, he previously held roles at Kohlberg Kravis Roberts, Standard Bank Group, Ocean and Oil Holdings, and ARM Investment Managers.
He is known for his strategic investment acumen and entrepreneurial leadership, notably founding Themis Capital Management and co-founding Foodpro Limited.
Mr. Aiyesimoju currently serves on the boards of several companies and is recognized for his commitment to unlocking value in Sub-Saharan Africa’s investment landscape.
About the Company/Performance Highlight:
- Sector: Conglomerate/Diversified
- Total Assets (2024): N157.7 billion
- 2024 Revenue: N197 billion (YoY: + 63.4%)
- 2024 Profit Before Tax: N25.545 billion (YoY: + 107%)
Segun Agbaje – Guaranty Trust Bank
- Position: Group Chief Executive Officer
- 2024 Compensation: N471 million
- 2023 Compensation: N457 million
- % Change: +3.06%
About the CEO:
Segun Julius Agbaje, with over 30 years’ experience in investment, commercial, and international banking, holds a Bachelor of Science in Accounting and an MBA from the University of San Francisco, USA, and is also an alumnus of Harvard Business School.
Before assuming his current role, Mr. Agbaje served as the Managing Director and CEO of Guaranty Trust Bank Plc from June 2011 to July 2021.
Under his leadership, the bank experienced transformative growth, expanding its customer base from under 3 million to over 24 million and increasing its profit before tax from N45.5 billion in 2010 to N238.1 billion in 2020.
About the Company/Performance highlights
- Sector: Banking
- Total Assets (2024): N14.796 trillion
- 2024 Revenue: N2.148 trillion (YoY: +129.6%)
- 2024 Profit Before Tax: N1.266 trillion (YoY: +107.8%)
- Interest expenses grew 148% to N283.22 billion, driven by a 115% rise in deposit costs.
- Customer deposits rose 35% YoY to N10 trillion. ‘
Wassim Elhusseini-Nestle Nigeria Plc
Position: Managing Director / Chief Executive Officer
- 2024 Compensation: N831 million
- 2023 Compensation: N428.36 million
- % Change: +94% YoY
- CEO compensation nearly doubled amid financial recovery
About the CEO:
Wassim Elhusseini has led Nestlé Nigeria Plc as MD/CEO since September 1, 2020, navigating the company through a volatile economic climate and delivering a significant turnaround in 2024.
Prior to his appointment in Nigeria, he held senior roles across the Middle East and North Africa within the Nestlé Group, including Sales Director and Country Manager positions.
Elhusseini holds a bachelor’s degree in public administration from the American University of Beirut and has completed executive programs at Harvard, Cambridge, Wharton, and London Business School.
Outside of corporate leadership, he is a classically trained pianist with a diploma in Music Performance (Piano) from ABRSM.
About the Company/Performance Highlights:
- Sector: Consumer goods/Food product-diversified
- 2024 total assets: N858.69 billion
- 2024 Revenue: N958.82 billion (+75.25% YoY)
- 2024 Loss Before Tax: N221.58 billion (+113% YoY)
- 75.25% revenue growth in 2024, driven by strong domestic sales
- Strategic leadership and market focus supported Nestlé’s rebound
Dame (Dr.) Adaora Umeoji, OON (Zenith Bank)-N874 million
- Position: Group Managing Director / Chief Executive Officer
- 2024 Compensation: N874 million
- 2023 Compensation: N2.1 billion (predecessor)
- % Change: -58.4% YoY
- CEO compensation declined compared to the predecessor, possibly due to the mid-year appointment
About the CEO:
Dame (Dr.) Adaora Umeoji, OON, assumed the role of GMD/CEO of Zenith Bank Plc on June 1, 2024, becoming the first woman to lead Nigeria’s largest bank by assets.
A seasoned banker with over two decades of experience. She joined the board in 2012 and served as Deputy Managing Director (2016–2024).
Renowned for her academic rigor and strong leadership acumen, Umeoji holds multiple advanced degrees, including an MBA, an LL.M, and a Doctorate in Business Administration. She is also an alumna of Harvard Business School’s Advanced Management Program and has earned executive certifications from Columbia, MIT, and Wharton.
About the Company/ Performance Highlights:
- Sector: Banking
- Total Assets (2024): N29.958 trillion
- 2024 Revenue: N3.971 trillion
- 2024 Profit Before Tax: N1.32 trillion (YoY: +66.6%)
- Profit after tax crossed the N1 trillion mark, rising 52.5% YoY
- Pre-tax profits surged 66.6%, underscoring strong fundamentals and strategic growth
Dr. Samba Seye – TotalEnergies Marketing Nig Plc
- Position: Managing Director / Chief Executive Officer
- 2024 Compensation: N1.06 billion
- 2023 Compensation: N544 million
- % Change: +94.9% YoY
About the CEO:
Dr. Samba Seye has led TotalEnergies Marketing Nigeria Plc since September 2021. He holds a Doctorate Degree in Engineering from the University of Sciences and Techniques of Lille, France, and began his career as an assistant lecturer.
He later transitioned into the energy industry with Shell and subsequently joined Total in 2014 as a Project Manager in the Strategy Department. Known for his strategic leadership and regional expertise, Dr. Seye has held key executive roles including Deputy Executive Vice President, West Africa, and Executive Vice President, West Africa. He is also a member of the TotalEnergies SE Ethics Committee.
About the Company/ Performance Highlights:
- Sector: Downstream Oil & Gas
- Total Assets (2024): N471.1 billion
- 2024 Revenue: N1.04 trillion (YoY: +63.83%)
- 2024 Profit Before Tax: N42.2 billion (YoY: +140.35%)
Hans Essaadi – Nigerian Breweries Plc
- Position: Managing Director / Chief Executive Officer
- 2024 Compensation: N1.144 billion
- 2023 Compensation: N486 million
- % Change: +135.6% YoY
About the CEO:
Hans Essadi has been the Managing Director/CEO of Nigerian Breweries Plc since August 2021. With a background in the beverage industry, Essadi has held senior leadership roles across Europe, the Middle East, Africa, and Asia with the Heineken Group.
His previous positions include Managing Director of HEINEKEN Malaysia, Al Ahram Beverages Company (Egypt), and Sirocco FZCO (Gulf Region). Essadi is known for his strategic leadership in driving growth, expanding market presence, and achieving operational excellence despite rising costs.
About the Company/ Performance Highlights:
- Sector: Consumer Goods/Beverages
- Total Assets (2024): N1.1 trillion
- 2024 Revenue: N1 trillion (YoY: +81%)
- 2024 Pre-tax loss: N182.9 billion( +26.0% YoY)
Arvind Pathak (Dangote Cement Plc) – N1.58 billion
- Position: Managing Director / Chief Executive Officer
- 2024 Compensation: N1.58 billion
- 2023 Compensation: N609 million
- % Change: +159.44%
About the CEO:
Arvind Pathak has led Dangote Cement Plc since 2023. With a background in engineering and industrial management, he previously served as Chief Operating Officer and Deputy Group Managing Director of Dangote Cement.
He also held leadership roles as CEO of Reliance Cement, MD/CEO of Birla Corporation Ltd, and Regional CEO of Associated Cement Company Limited.
He is known for his operational excellence and strategic expansion capabilities, with a leadership style grounded in global exposure, continuous learning, and efficiency.
About the Company/ Performance Highlights:
- Sector: Cement / Industrial Goods
- Total Assets (2024): N6.403 trillion
- 2024 Revenue: N3.581 trillion (YoY: +62.16%)
- 2024 Profit Before Tax: N732.537 billion (YoY: +32.44%)
- Strong growth in cement and clinker sales drove revenue to N3.581 trillion
Adegbite Falade – Aradel Holdings
Position: Managing Director / Chief Executive Officer
2024 Compensation: N2.43 billion
2023 Compensation: N569.62 million
% Change: +326.7% YoY
About the CEO:
Adegbite Falade has led Aradel Holdings since 2021.
He has a background in engineering and business administration. Mr. Falade previously held roles at Oilserv Group (MD & Group COO), Oando Energy Resources (COO), Oando Gas & Power (Executive Director), and Shell EP Africa (Petroleum Economics Lead).
He is known for his transformational leadership and deep expertise in stakeholder engagement, commercial strategy, and enterprise development across Nigeria’s energy landscape.
About the Company/Performance Highlights:
- Sector: Oil & Gas
- A successful completion of Renaissance’s acquisition of Shell Petroleum Development Company of Nigeria (SPDC))
- Total Assets (2024): N1.7 trillion
- 2024 Revenue: N581.2 billion
- 2024 Profit After Tax: N259 billion (YoY: +84.1%)
Karl Toriola (MTN Nigeria)
- Position: Chief Executive Officer
- 2024 Compensation: N3.1 billion
- 2023 Compensation: N1.6 billion
- % Change: +93.8%
About the CEO:
Karl Toriola became the CEO of MTN Nigeria in October 2020. An engineer by training, he previously served as CEO of MTN Cameroon and MTN Congo and held the role of Vice President for West and Central Africa at MTN Group. Toriola began his career at Ericsson Nigeria.
About the Company/ Performance Highlights:
- Sector: Telecommunications
- Total Assets (2024): N4.1 trillion
- 2024 Revenue: N3.3 trillion (YoY: +35.9%)
- 2024 Loss After Tax: -N400.4 billion (YoY: +192%)
- The reported loss was due to high FX loss and finance cost.
- Despite the loss, revenue saw strong double-digit growth, driven by data and fintech services.
Roger Thompson Brown-Seplat Petroleum Development Company
- Position: Chief Executive Officer
- 2024 Compensation: N3.9 billion
- 2023 Compensation: N1.65 billion
- % Change: +136.4%
About the CEO:
Roger Brown became CEO of Seplat Energy in August 2020, having previously served as the company’s Chief Financial Officer since 2013. A Chartered Accountant (Scotland) and member of ANAN, Brown brings over 25 years of experience in finance and Africa’s energy markets. Before joining Seplat, he was Managing Director for Oil & Gas (EMEA) at Standard Bank, where he advised on several major transactions across the continent.
About the Company/ Performance Highlights:
- Sector: Energy (Oil & Gas)
- Total Assets (2024): N3.3 trillion
- 2024 Revenue: N1.6 trillion (YoY: +129.6%)
- 2024 Profit Before Tax: N561.4 billion (YoY: +347.2%)
Note: The individuals featured in this compilation have been carefully selected based on the highest remuneration across varying industries represented in the article. It is important to note that none of the individuals listed have solicited their inclusion.
While this list aims to be comprehensive, it is by no means exhaustive; there are several other CEOs/MDs who were paid high renumerations and emoluments, but this list has been streamlined to the highest paid across some key industries.
