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Wigwe is an Alumnus of Harvard Business School Executive Management Programme. The list below makes up the highest paid CEO’s in Nigeria and the amount they made home in 2019. He is also a member of the Institute of Directors and the Nigerian Bar Association. His GTB prides itself as “the biggest and most profitable bank in Nigeria” and one of the biggest companies on the shores of West Africa. This video will surely motivate you. The last rating of such was drawn up in 2016. Jordi Borrut Bel Managing Director/ CEO, Nigerian Breweries Plc. Kennedy Uzoka – Group MD of United Bank for Africa Plc. Your email address will not be published. UK Eke is a Paul Harris Fellow of The Rotary Club International, a Member of the Institute of Management Consultants, Fellow of the Institute of Chartered Accountants of Nigeria and recipient of Nigeria’s National Honour of Member of the Order of the Federal Republic (MFR). LEADERSHIP Friday unveils some of Nigeria’s highest paid CEOs and the stories behind their rise to the top, based on authoritative reports, between 2009 and 2012. The list of highest-paid CEOs in 2019 includes familiar names like Tesla's Elon Musk, Apple's Tim Cook, and Chewy's Sumit Singh. He’s been in business since 1992 as an attorney, specialising in corporate and petroleum law assignments. It makes a lot of sense that the CEO of the biggest company listed on the Nigerian bourse should be the highest-paid CEO in Nigeria. Roger Brown has been appointed to replace Mr. Avuru. But the bank reportedly slashed the CEO’s emolument to N38m per annum, perhaps, as a measure against financial stress. Nsarkoh has been Director at Unilever Nigeria Plc since January 1, 2014. He is also an alumnus of the Said Business School, University of Oxford. Being a successful and influential Chief Executive Officer (CEO) takes hard work, guts, sacrifice and a more-than-average knowledge of how the business environment works. Representing a … These executives oversee multi-billion Naira corporations, so it makes sense for them to command such grand compensations. Prior to this appointment, Mr. Amangbo has been an Executive Director of the bank since 2005 and has over twenty four (24) years cognate banking experience all of which has been with Zenith Bank. According to a Nigerian mainstream newspaper, Thisday Newspaper, 10 highest paid CEOs in Nigeria jointly earned N3.5 billion ($8. Highest Earning CEOs in 2018. Although, to get a high paying job in Nigeria is difficult for some class of people and also maintaining these large salary structures might seem a herculean task for most Nigerian companies, it is still achievable. He worked previously with PriceWaterHouse (now PriceWaterHouseCoopers) as a Senior Consultant in the Financial Services Group. Uzoka has worked at UBA for more than twenty years, a career that has seen him heading different critical departments and portfolios, examples of which include Head of Strategy and Business Transformation, and Head of Resources. But the bank reportedly slashed the CEO’s emolument to N38m per annum, perhaps, as a measure against financial stress. Below is top 10 list of highest paid CEOs in Nigeria:-. Borrut earned a salary of ₦190milllion in 2018. He was appointed to the Board of Dangote Cement in 2010 as a Non-Executive Director, and became its Acting Group Chief Executive in January 2018. Jordi Borrut Bel is the CEO of the nation’s biggest brewer, Nigerian Breweries Plc. He left Guaranty Trust as an Executive Director to co-lead the transformation of Access Bank Plc in March 2002 as Deputy Managing Director. CEO, Ecobank Nigeria, Jubril Aku According to a Banks’ Financial Transparency report, as at 2009, the bank ranked second on the list of highest paid bank CEOs in Nigeria, with N88m per annum as salary for its CEO. He spent over 10 years at Guaranty Trust Bank where he managed several portfolios including Financial institutions, Corporates and Multinationals. Nairametrics will review the compensation of some of the notable earners and compare this with their performance. CEO, Zenith Bank, Godwin Emefiele The CEO and group managing director of Zenith Bank Plc, Godwin Emefiele, is also one of the highest paid CEOs of Nigerian companies. Top on the list is Oando Plc Group Chief Executive, Wale Tinubu who earned a 67 percent increase in his executive compensation compared to the previous year, bringing his income to a total of ₦568 million. The position of chief executive officer places enormous responsibility on the shoulder of these great men. 10. (adsbygoogle = window.adsbygoogle || []).push({}); To successful drive a firm to profitability and growth especially in nation state like Nigeria characterized by inconsistency in legislation and modalities is a daunting task. She is the highest paid director in Nigeria’s banking sector, with an annual remuneration of N177m. 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These bunch of people is the movers and shakers of every company and of course, live large … He was appointed Group Managing Director/CEO effective January 1, 2014. Sola David-Borha, CEO, Stanbic IBTC. The chief executive of Africa’s leading energy solutions providers Oando plc, Mr. Adewale Tinubu comes second on the list of highest paid Nigerian CEOs with an annual pay package of N568 million. According to recent reports, as its group chief executive officer, Akinfemiwa’s annual salary is N64m (N175, 342 per day). Tinubu currently sits on the boards of many companies in different capacities such as Director, MD, and Chairman. Adewale Tinubu is the Group Chief Executive of Oando PLC, Africa’s leading indigenous energy solutions provider listed on the Nigerian and Johannesburg Stock Exchanges. He studied Chemical Engineering at the University of Science and Technology in Kumasi, Ghana, and also holds a Postgraduate Diploma in Management from Henley Management College, Henley-on-Thames, United Kingdom. He was the sixth highest-paid CEO in 2019. Alarcon who has been under the employ of Nestle globa since 1999, took home about ₦210million in 2018. Prior to joining Guaranty Trust Bank plc, he worked with Ernst & Young, San Francisco, USA. degree in Accounting from the University of Nigeria, Nsukka. ... Ferdinand Moolman is the chief executive officer of MTN Nigeria Communications Plc, and he earned N586 million in 2019. Save my name, email, and website in this browser for the next time I comment. With his over nineteen years’ banking experience, Mr. Segun Agbaje is the CEO of tier one lender, GTBank, also one of the most compensated Nigerian CEOs, with an interesting annual emolument of about ₦384 million in 2018 as compared to ₦224million paid in 2017.Agbaje had a stint at Ernst & Young in America before joining GTBank in 1991 as one of the company’s pioneer staff members. Meet The Top 5 Highest Paid CEOs In Nigeria And The Huge Money They Make. Borrut Bel was appointed a member of the Board of Directors and the Managing Director/CEO of the Company effective the 22nd of January, 2018. Amangbo holds a B.Eng. Well their earnings range from tens to hundreds of millions per annum. Public companies listed in the  Nigerian Stock Exchange (NSE) publish their annual report, which usually contains the compensations paid to their executives. Facebook. Julius Berger Nigeria is a leading Nigerian company offering holistic services covering the planning, design, engineering, construction, operation and maintenance of buildings, infrastructure and industry projects in Nigeria. Jordi Borrut Bel, CEO of Nigeria’s biggest brewer, Nigerian Breweries Plc. CEO/MD of Nigerian Breweries Plc, Jordi Borrutn Bel’s earnings experienced a quantum leap from N190 million in 2018 to N271 million in 2019, an increase of about 42%. He subsequently joined Guaranty Trust Bank as a pioneer staff in 1991 and rose through the ranks to become an Executive Director in January 2000, and Deputy Managing Director in August 2002 . These companies have over the years built a solid reputation in their various industries and sector. Despite the turbulent and unpredictability of oil market in recent times, Nigeria is still in top 10 best economies in Africa. He has a Master’s in Business Administration from the Federal University of Technology in Owerri. Mr. Amangbo is the former Group Managing Director/CEO of Zenith Bank and he earned a total annual package of ₦125 million in 2018. Shamsi has moved to a new role within Mondelēz International, the parent company of Cadbury Nigeria. This pay makes Mr. Segun Agbaje the highest paid bank CEO in Nigeria. Mr. Ferdinand Moolman is the highest paid chief executive officer (CEO) in Nigeria with a total remuneration N585.94 million for the year 2019. Kennedy Uzoka of Uba Bank – N119 million. He is a graduate of engineering from Manchester University; class of 1997, and assumed his position as CEO of Nestle Nigeria on October 1st, 2016. One of the biggest annual take homes in the country. Jordi Borrut Bel, CEO of Nigeria’s biggest brewer, Nigerian Breweries Plc. Adewale Tinubu is Nigeria’s highest paid CEO as of today, he is the Chief Executive Officer of Oando PLC, a top highest paid ceos in Nigeria and Sub-Saharan energy company. The CEO position makes them involved in all departments of the company. Mr. Adewale Tinubu (CEO Oando Plc) Group Managing Director of United Bank for Africa Plc (UBA) Kennedy Uzoka earned ₦139 million in 2018. Emeka Emuwa of Union Bank earns N166 million. These top firms annually rake up billions on profit. Degree (Electrical and Electronics Engineering) from University of Benin and an MBA from the University of Warwick, Coventry in the United Kingdom. Borrut earned a salary of ₦190milllion in 2018. Your email address will not be published. Nigeria boasts a slew of successful CEOs in almost every sector – banking, oil and gas, sports, health and manufacturing. Eke is one of the most accomplished bankers in Nigeria. Makoju has worked in several world-class corporations including Shell BP, Blue Circle (UK) and WAPCO (now Lafarge Africa), which he led as Managing Director/CEO for a decade before taking up the appointment as Managing Director/CEO of the National Electric Power Authority. Mr. Ferdinand Moolman is the highest paid chief executive officer (CEO) in Nigeria with a total remuneration N585.94 million for the year 2019. These prominent persons certainly deserve your attention: Segun Agbaje is GTBank … In this video, you will get to see the list of highest earning CEO’s and the amount they earn per year according to 2018 Financial Reports of companies in Nigeria. Borrut Bel was, until his appointment to his current position in Nigerian Breweries Plc, the Managing Director of Brarudi SA, and the Heineken Operating Company in Burundi. is a foremost indigenous major marketer of refined petroleum products with strong presence in the 36 states of the federation and Abuja. Some of the biggest companies in Africa are either Nigerian owned firms or operates in the country. The managing director/CEO of Guaranty Trust Bank (GTB), Olusegun J.K. Agbaje, is rated as one of the country’s highest paid CEOs. The report showed that 10 highest paid CEOs in Nigeria drive some of the Nigeria’s most delicate private sectors like Telecommunications, banking and oil & gas. Chairman and Managing Director of GTBank plc, Segun Agbaje, saw his annual compensation take a significant leap from ₦224 million in 2017 to ₦384 million in 2018. Sola David-Borha, Stanbic IBTC earns N117 million. Your email address will not be published. By Gabs October 17, 2020 2 Mins Read. Some of these companies include Ocean and Oil Holdings Limited, Avante Capital, West African Refinery Company (WARCO) Sierra Leone, Ocean and Oil Services, etc. Highest Earner: MTN’s Fredy Moolman topped the chart with a total executive compensation (comps) of N571 million for the year ended December 2018. He holds a degree in Mechanical Engineering from the University of Benin, as well as Master’s in Business Administration from the University of Lagos. Borrut Bel was appointed a member of the Board of Directors and the Managing Director/CEO of the Company effective the 22nd of January, 2018. Your email address will not be published. As the managing director and CEO of Stanbic IBTC Holdings Plc, David-Borha is one of the Nigeria’s highest-rated bankers and the highest-paid director in Nigeria’s banking sector, earning 177 million naira a year, or $1.12 million. Pinterest. One of the largest foods and beverage companies in Africa is Nestle Nigeria plc. There, he also functioned as a sub-team leader on FSB International Bank’s Business Transformation Project in 2001. He went on to acquire his Masters degree in Business Administration from the University of Lincolnshire and Humberside, with specialisation in Information Technology. 918 million) for the year 2019. He also served as Special Adviser (Electric Power) to the President of the Federal Republic of Nigeria, under two separate administrations. Tinubu top the list of 2018 highest paid CEOs of quoted firms in … The chief executive officers of top companies in Nigeria are not only smart people but they are also some of the best paid people in the country. CEO, Forte Oil Plc, Akin Akinfemiwa Forte Oil Plc. Akinfemiwa is the Group Managing Director of Forte Oil and he earns about ₦191 million per annum.. Akinfemiwa’s career started in the early 2000s when he took on the role as a Business Process Analyst at FSB International Bank Plc. Prior […] Mr. Lars Ritcher who is the CEO of the engineering company is on the list of best paid CEOs in Nigeria. The chief executive officer of top Cement and building materials manufacturer in Nigeria, Lafarge earns handsomely with a total pay of N282.380 million annually. Ever wondered how much top CEOs and company executives in Nigeria make every year? He is also a Harvard Business School alumnus. 2. Prior to his appointment as CEO, Akinfemiwa had a successful career in the banking sector. Since then, the situation may have changed, but the list below still gives an approximate idea of how wealthy these top CEO's are. Below is a comprehensive breakdown of highest-paid CEOs in Nigeria in 2018. Avuru is a Fellow of the Nigerian Association of Petroleum Explorationists, and was their president once upon a time. His last position prior to coming to Nigerian was that … Borrut earned a salary of ₦190milllion in 2018. Twitter. There are several banks in Nigeria and in all some have been standing the test of time for more than 20- 50 years. He has also undergone training at Harvard Business School, Stanford University, Lagos Business School, etc. Avuru earned a compensation totaling ₦483 million in 2018, an increase from ₦476 million which he earned in 2017. In other words, the CEO does virtually every duty in the firm as the growth or decline of a firm is determined by his or her decisions. CEO Elon Musk … Watch Top 10 Highest Paid CEOs In Nigeria Below:- This is because the challenging business environment in Nigeria make no room for survival of dull and lazy investors and entrepreneurs. The CEO and group managing director of Zenith Bank Plc, Godwin Emefiele, is also one of the highest paid CEOs of Nigerian companies. By 2002, Mr. Akinfemiwa had moved on to Oando Plc where he spent nearly a decade functioning in various capacities whilst developing himself as a reputable international oil marketer. Ghana Newss - 17/10/2020. He began his career with Deloitte Haskins & Sells and resigned from the company as a Senior Audit Consultant. Also earning very highly is the chief executive of one of Nigerian’s New generation Bank, Guaranty Trust Bank, Mr. Agbaje whose paycheck is N399.7 million per annum. This been the case, it is not by chance that her CEO, Mr. Mauricio Alarcon takes home N218.08 million every year. Amir Shamsi, former Managing Director of Cadbury Nigeria Plc earned ₦128million in 2018. Joseph Makoju of Dangote Cement Plc earned a total of ₦429 million in 2018. Agbaje has an MBA from the University of San Francisco. WhatsApp. Get the freshest lists straight into your inbox! 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The need to align CEO remuneration to corporate performance is a global issue of concern, and in Nigeria stakeholders from CEOs of companies themselves to corporate Boards and even regulators of listed companies need to lean in on the issue to ensure that value and vanity are kept far apart when it comes to running Nigeria's top corporations. With an annual pay of ₦217.07 million in 2019, Julius Berger’s Lars Richter was the highest-paid CEO in the construction and real estate sector. He has held various commercial positions, first as Distribution Project Manager in Slovakia and thereafter as Brand Manager at Heineken France followed by a Trade Marketing role at Group Commerce in Amsterdam. Akinfemiwa studied Mechanical Engineering at the University of Ibadan. Tinubu graduated with a degree in Law from the University of Liverpool in 1988. Emefiele succeeded the pioneer CEO of the bank, Jim Ovia, in August 2010. Moolman earned N586 million in 2019, 2.5% up from the N571 million he took home in 2018. Required fields are marked *. In 1994, he co-founded Ocean & Oil Group and guided its strategic development from an oil trading and shipping company to the fully diversified and integrated Oil & Gas Company . Annually in Nigeria, New firms are born as also some multinationals makes entry into the Africa largest market. He began his career in 1992 and soon garnered professional experience working in his family’s law firm where he specialised in corporate and petroleum law. Borrut Bel was appointed a member of the Board of Directors and the Managing Director/CEO of the Company effective the 22nd of January, 2018. Meet The Highest Paid CEOs In Nigeria Segun Agbaje is GTBank CEO whose salary reaches N204.2 million annually. (formally African Petroleum Plc.) Shamsi served as Managing Director and Director at Cadbury Nigeria Plc since February 1, 2017 and served as its Marketing Director and Head of New Categories. Prior to this time, he worked at FSB International Bank Plc as a Business Process Analyst. However, the company recently announced the appointment of Mrs. Oyeyimika Adeboye, as its new Managing Director. MTN is Telecommunications service provider operating in most African nations. Borrut earned about ₦190milllion in annual salary in 2018. UK Eke graduated with a degree in Political Science from the University of Lagos. He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN). READ ALSO: ‘I Try To Keep Fit But I Have Very Thick Skin’ – Plus Size Nollywood Actress, Eniola Badmus Cries Out #1.Ferdinand Moolman, MTN Nigeria CEO, Stanbic IBTC, Sola David-Borha As the managing director/CEO of Stanbic IBTC Holdings Plc, David-Borha is one of the country’s highly-rated bankers. They have been managed by good CEOs of which deserved to be made handsomely for their good job. Another top paid CEO in Nigeria is Mr. Ojenekwu Avuru who is the out gone CEO of Seplat, an independent indigenous Nigeria upstream exploration and production company. He also supervised the bank’s businesses in New York and London. A significant drop to 340million paid in 2017. He eventually co-found Seplat in 2010 and became their Pioneer Managing Director. Hard not to make the list of top earning chief executive is the CEO of Nigeria Breweries, Mr. Jordi Borrut Bel whose annual remunerations is pegged at N271 million. According to SplufikNigerians, Sola David-Borha who is the former CEO Stanbic IBTC is the highest paid Chief Executive Officer in Nigeria. He also has an AMP from Harvard Business School. Oando Plc, Nigeria’s indigenous oil company, paid a total of ₦568 million to its CEO, Wale Tinubu, in 2018. Baker Magunda, CEO/Managing Director of Guinness Nigeria Plc who joined the brewery heavyweight from Diageo owned Meta Abo Breweries in Ethiopia in May 2018 earned an annual salary of ₦461 million in 2018, a significant increase from the ₦186million he received in 2017. Far from reality, in every firm or coy, no employee works more than the chief executive officer. Baker gained his first degree in Economics at Makerere University in Uganda and Makerere University Business School. According to the recently released 2018 financial report of companies in Nigeria, the CEOs in the Oil & Gas industry are the richest. He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA). He also holds a holds a Masters degree in Banking and International Finance from the University College of North Wales and another in Financial Economics from the University of London. 0. Tagged as the sector whose CEO's received the lowest annual remuneration in 2019, the highest-paid CEO in the agricultural sector was Graham Hefer of Okomu Oil Palm who earned 11.55 million in 2019. His annual pay is N217.07 million. By. He joined the Heineken N.V. group in 1997 as a Sales Representative at Heineken Spain. Share. His yearly remunerations stood at N440 million. There exist companies in Nigeria that pay highest salaries. He has also served as a Strategic Assistant to Unilever’s President for Asia, Africa, Central, and Eastern Europe. The banker takes a whopping N117m Annually, which means she takes home N484,931 daily. This salary put Mr. Alarcon in the echelons of highest earning CEOs in the country. Avuru began his career at NNPC, where he spent 12 years, holding various levels of responsibilities such a Wellsite Geologist, Production Seismoloist and Reservoir Engineer. Nsarkoh has had a long career with Unilever, heading several regional headquarters of the global manufacturing company, particularly in Africa. Products with strong presence in the financial Services Group the Engineering company is on the table the. ₦429 million in annual salary in 2018 the same amount earned in the previous year Nigeria a! Of Seplat petroleum Development company Plc range from tens to hundreds of millions per.. Of Harvard Business School executive Management Programme an increase from ₦476 million which he earned a total annual package about. Unpredictability of Oil market in recent times, Nigeria is manage by Mr. Ferdinand Moolman is the third paid. Business known as mtn Nigeria Communications Plc, and Eastern Europe millions annum... Company of Cadbury Nigeria of millions per annum, perhaps, as sub-team. In 2010 and became their pioneer Managing Director of United Bank for 19. 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