Here are 12 highest paid CEOs of quoted Nigerian companies in 2021

The financial fortunes of most Chief Executive Officers (CEOs) often rise and fall with the companies’ performance. In a bid to ensure that value is delivered to the organisation, and shareholders, the board uses compensation contracts to align executives’ actions with company success.

BusinessDay analyses the 2021 financial results of the biggest companies quoted firms on the Nigerian Exchange Limited (NGX) to examine how firms encourage competitive staff compensation, especially to their chief executives, who are in charge of pivoting the organisation to success.

CEOs are the ones at the helm of affairs and therefore, receive criticisms for poor performances as well as credit for stellar company performances, which is why they receive the highest paycheck at the end of the year.

Michel Puchercos (Dangote cement)

Dangote cement topped the list with the most amount paid to its highest paid director which stood at N531 million in December 2021 from N448 million in December 2020.

Michel Puchercos was appointed to the board of Dangote Cement in 2020, as the Group Managing Director.

He has more than 20 years’ experience in the cement industry, having served in various capacities at Lafarge including as the President & Chief Executive Officer of Lafarge Halla Cement from January 2009 to March 2016, Director of Strategy and Systems at Lafarge Gypsum from September 1998 till March 2003, and also as Chief Executive Officer of Bamburi Cement, Kenya, Hima Cement, Uganda and Chairman, Mbeya Cement, Tanzania from June 2005 till December 2008.

He served as the Group Managing Director and Country CEO of Lafarge Africa Plc from April 2016 till December 2019.

Roger Brown (Seplat Plc)

Roger Brown is the managing director of one of Nigeria’s leading crude oil exploration companies, Seplat Energy plc. As expected, being at the helm of affairs of a major energy company availed the CEO a compensation totalling N475 million per annum, a slight decrease compared to N484 million earned in 2020.

Khaled Abdel Aziz El Dokan (LAFARGE Cement)

LAFARGE Cement ranked third with the sum of N391 million to the highest paid director in December 2021 from N334 million in December 2020.

The resignation of Michel Puchercos from the Company as the Group Managing Director and Chief Executive Officer led to the appointment of Khaled Abdelaziz El Dokani as the new Group Managing Director/Chief Executive Officer.

Khaled Abdelaziz El Dokani holds a Bachelor of Commerce degree from Alexandria University, Egypt. He joined LafargeHolcim in 2004. Prior to taking over this position, he was country CEO of Iraq in 2018-2019, Qatar in 2016-2018, Saudi Arabia between 2013-2016, vice president for Business Development and Strategy North America from 2010-2013, and CFO in Lafarge Algeria between 2004 – 2010.

Karl Toriola (MTN)

MTN ranked fourth with the sum of N368 million to its highest paid director in December 2021 from N567 million in December 2020.

Karl Toriola is a Nigerian telecommunications engineer who is currently serving as MTN Nigeria Chief Executive.

His past experience in a non-executive capacity on boards of directors including serving as Chairman, MTN/Areeba Guinea; Non-Executive Director, Jumia Africa; Non-Executive Director, American Towers Uganda; and Non-Executive Director, MTN subsidiaries in Francophone West Africa.

Ebenezer Onyeagwu (Zenith)

Zenith ranked fifth with N246 million as the highest paid director in December 2021 compared to N230 million in December 2020.

Ebenezer Onyeagwu is a vastly experienced banker and financial expert, trained in reputable institutions of learning in Nigeria, the United Kingdom and United States of America.

Onyeagwu is a graduate of Accounting from Auchi Polytechnic where he obtained the Ordinary National diploma in 1984 and Higher National Diploma in 1987. He qualified as a Chartered Accountant in 1989 while he was still undergoing the compulsory National Youth Service Corp (NYSC) post-graduation and was named a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) in 2003.

He is an alumnus of the prestigious University of Oxford, England, from where he obtained a Postgraduate Diploma in Financial Strategy, and certificate in Macroeconomics. He also undertook extensive executive level business education in Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, the Harvard Business School of Harvard University in the United States and Lagos Business School of the Pan African University, Nigeria.

Hans Essaadi (Nigerian Breweries)

Nigeria’s biggest brewer, Nigerian Breweries Plc. paid N243 million to its highest paid director in December 2021 compared to N379 million in December 2020.

Hans Essaadi is a Dutch businessperson who has been at the helm of five different companies and is Chief Executive Officer, Director & MD at Nigerian Breweries Plc and Managing Director at Heineken Egypt.

He is also Member-Governing Council at Confederation of Malaysian Brewers Bhd. Hans Essaadi received an undergraduate degree from Hotelschool The Hague.

In his past career he was General Manager of Sirocco GmbH, General Manager of Brau Union International GmbH, MD & Non-Independent Executive Director at Heineken Malaysia Bhd, General Manager of Brau Union AG, Senior Brand Manager at Heineken Nederland BV, Senior Brand Manager at Vrumona BV and Sales Manager at Heineken Deutschland GmbH.

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Baker Magunda CEO of Guinness Nigeria Plc

Baker Magunda CEO of Guinness Nigeria Plc who joined Guinness Nigeria from Diageo owned Meta Abo Breweries in Ethiopia in May 2018. Magunda earned an annual salary of N243 million in 2021 a significant decrease from N255 million paid the brewer CEO in 2020. He had his first degree at Makerere University in Uganda and Makerere University Business School. He started his career as a Market Development Manager at Coca-Cola Sabco century bottling company from 1996 till 1999.

Wassim Elhusseini (Nestle)

Nestle paid N206 million to its most senior executive director in December 2021 compared to N161 million in December 2020.

Presently, Wassim Elhusseini is Chief Executive Officer, MD & Director at Nestlé Nigeria Plc.

In his past career Elhusseini held the position of Manager-Channel Category Sales Development at Nestlé Kuwait General Trading Co. WLL, Head-Sales at Nestlé Saudi Arabia LLC and Sales Director & Country Manager at Nestlé Middle East FZE.

Segun Agbaje (GTCo)

With his over nineteen years’ banking experience, Segun Agbaje is the CEO of tier one lender, GTBank, also one of the most compensated Nigerian CEOs, with an annual emolument of about N171 million in 2021 as compared to N399million paid in 2020.

Agbaje had a stint at Ernst & Young in America before joining GTBank in 1991 as one of the company’s pioneer staff members. He became an Executive Director in 2000, and then a Deputy Managing Director in 2002, before eventually becoming the CEO. Agbaje has an MBA from the University of San Francisco. He is also a Harvard Business School alumnus.

Kennedy Uzoka (UBA)

Uzoka is the Group Managing Director of United Bank for Africa Plc (UBA) who earned N143 million per annum in 2021, which was also the same amount earned in the previous year.

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. He also supervised the bank’s businesses in New York and London.

Herbert Wigwe (Access Bank)

Herbert Wigwe earned N120 million in annual salaries in 2021 the same amount earned in the previous year. He has a degree in Accounting from the University of Nigeria, Nsukka.

He also has a Master’s degree in Banking and International Finance from the University of North Wales, and another Master’s degree in Financial Economics from the University of London. He is also a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

Wigwe was appointed the General Managing Director of Access Bank in 2014. This was barely twelve years after he joined the bank in 2002. Prior to his time in Access Bank, he worked in Guaranty Trust Bank for over a decade.

Urum Kalu Eke (FBN holdings)

FBN Holdings latest financials is its September result which showed highest paid directors with a sum of N109 million in September 2021 from N100 million in September 2020.

Urum Kalu Eke was the Group Managing Director, FBN Holdings Plc, a position from which he retired in December 2021. Prior to this appointment he was an executive director with First Bank of Nigeria Limited. Previously, he had worked with Diamond Bank Plc where he rose to become an executive director.

He obtained a bachelor’s degree in political science from the University of Lagos in 1985, before completing an MBA in projects management technology from Federal University of Technology, Owerri in 2008.