Tuesday, August 04, 2020 / 05:40 AM / By
Proshare Research / Header Image Credit: EcoGraphics
Nigeria's Top Ten Income Earning Executives
Nigeria's top ten executive remunerations in 2019 were as follows;
Chart 1: Top Ten Highest Paid Business Executives in Nigeria and their Companies
Illustration 3: Top Ten Highest-Paid CEOs in Nigeria in 2019
Moolman was the highest-paid CEO in 2019. He earned an annual remuneration of N585.94m in 2019. His annual remuneration grew slightly by +2.61% in 2019, it increased from N571m in 2018 to N585.94m (see Chart 2).
Chart 2: MTN Nigeria Communications Plc Highest-Paid Director's Remuneration (N'm)
Source: MTN 2019 Audited Accounts
Oando's financial statement for the year ended 2019 was not ready as at the time this report was written. Based on Tinubu's remuneration received in 2018, he remains the second-highest paid executive amongst companies listed on the Nigeria Stock Exchange. His pay rose significantly by +67.1% in 2018, it increased from N340m in 2017 to N568m in 2018 (see Chart 3).
Chart 3: Oando Plc Highest-Paid Director's Remuneration (N'm)
Source: Oando 2019 Audited Accounts
Augustine Avuru, CEO of Seplat maintained his position as the third-highest-paid CEO in Nigeria. Unlike Moolman, CEO of MTN whose earnings increased in 2019, Avuru's annual remuneration was cut by -8.9%, it declined from N483m in 2018 to N440m in 2019 (see Chart 4).
Chart 4: Seplat Petroleum Plc Highest-Paid Director's Remuneration (N'm)
Source: Seplat 2019 Audited Accounts
Segun Agbaje climbed two places up the ladder to become the fourth highest-paid CEO in Nigeria. Agbaje retained his position as the highest-paid CEO in the banking sector. His annual remuneration rose slightly by +4.04%, it increased from N384.16m in 2018 to N399.7m in 2019 (see Chart 5).
Chart 5: GT Bank Highest-Paid Director's Remuneration (N'm)
Source: GT Bank Plc 2019 Audited Accounts
Unilever's Nsarkoh earnings declined by -8.33% in 2019. Despite the decline in earnings, his ranking improved on the highest-paid list of CEOs in Nigeria. He was the fifth highest-paid CEO in Nigeria, an improvement from the seventh position in 2018 (see Chart 6).
Chart 6: Unilever Highest-Paid Director's Remuneration (N'm)
Source: Unilever Nigeria Plc 2019 Audited Accounts
Lafarge Africa CEO, Mr. Michel Puchercos was the sixth highest-paid CEO amongst the companies listed on the Nigeria Stock Exchange. He received an annual remuneration of N282.38m in 2019. His remuneration declined by -9.6% in 2019, it fell from N312.33m in 2018 to N282.38m in 2019 (see Chart 7).
Chart 7: Lafarge Africa Highest-Paid Director's Remuneration (N'm)
Source: Lafarge Africa 2019 Audited Accounts
Jordi Borrut Bel, Nigerian Breweries Plc
Bel was the seventh highest-paid CEO in 2019. His annual remuneration rose significantly by +42%. His earnings increased from N190m in 2018 to N271m in 2019 (see Chart 8).
Chart 8: Nigerian Breweries Highest-Paid Director's Remuneration (N'm)
Source: Lafarge Africa Plc 2019 Audited Accounts
Nestle Plc CEO, Alarcon was the eight highest-paid CEO in Nigeria. Its CEO's remuneration has consistently been rising from 2015. His remuneration grew by +3.61% in 2019, it increased from N210.48m in 2018 to N218.08m in 2019 (see Chart 9).
Chart 9: Nestle Highest-Paid Director's Remuneration (N'm)
Source: Nestle Nigeria 2019 Audited Accounts
Dr. Lars Richter
Dr. Lars Richter took over from Engr. Wolfgang Goetsch as the new CEO of Julius Berger Plc in 2018. His annual remuneration in 2019 was -32% lower than his predecessor's remuneration of N319m in 2018. Richter was the ninth highest-paid CEO in Nigeria in 2019, receiving an annual remuneration of N217.07m (see Chart 10).
Chart 10: Julius Berger Highest-Paid Director's Remuneration (N'm)
Source: Julius Berger 2019 Audited Accounts
Guinness Plc, Magunda was the tenth highest-paid CEO in 2019. There was a cut in Magunda's annual remuneration by -58.13% in 2019, it decreased from N461m in 2018 to N193m in 2018.
The last edition of the CEO's remuneration report suggested that the reason for Magunda's high compensation could be possibly traced to the compensation structure that links the CEO's pay to performance metrics such as profit. The plausible reason for the drastic fall in Magunda's pay could be attributed to the decline in Guinness Plc profit in 2019 (see Chart 11).
Chart 11: Guinness Highest-Paid Director's Remuneration (N'm)
Source: Guinness 2019 Audited Accounts
Union Bank's CEO, Mr. Emeka Emuwa joined the list of the highest-earning CEOs in the country. He was the eleventh highest-paid CEO in Nigeria and the second-highest-paid CEO in the banking sector. Emuwa earned an annual remuneration of N172m in 2019 (see Chart 12).
Chart 12: Union Bank Highest-Paid Director's Remuneration (N'm)
Source: Union Bank 2019 Audited Accounts
Downloadable Versions of 2020 Report (PDF)
Previous Year's Report and Links
Related News from CEO Remuneration 2020 Report
1. Top 10 highest earning CEO's in Nigeria - Nairametrics - July 10, 2020
2. Tinubu, Avuru top list of highest paid CEOs of quoted Nigerian companies - BusinessDay - April 23, 2019