As Nigeria navigates economic reforms, volatile exchange rates, and shifting industry dynamics, CEO compensation offers a powerful lens into how companies reward leadership.
Executive pay not only reflects profitability and growth but also signals investor confidence and sectoral performance. Based on the 2024 financial disclosures of listed firms, the figures represent total CEO compensation, including base salary, performance bonuses, allowances, benefits, and dividends.
According to MarketForces Africa, these are the top 10 highest-paid CEOs in Nigeria, with their annual salaries stated in naira.
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10 Highest Paid CEOs in Nigeria
1. Roger Brown: CEO, Seplat Energy Plc
Annual Compensation: ₦3.90 billion
At the very top is Roger Brown of Seplat Energy, Nigeria’s foremost indigenous energy firm. Seplat is the country’s leading independent energy company, dual-listed on the Nigerian Exchange and the London Stock Exchange. With operations across oil exploration, production, and an expanding gas-to-power portfolio, the company is a key player in Nigeria’s energy security and transition efforts.
Brown joined Seplat in 2013 as Chief Financial Officer and rose to the position of CEO in 2020. With a career rooted in investment banking and corporate finance, he has been instrumental in major acquisitions, capital raising, and steering the company through volatile global oil markets. Under his leadership, Seplat has strengthened its gas business while maintaining its position as a resilient, growth-driven energy firm.
2. Karl Toriola: CEO, MTN Nigeria Plc
Annual Compensation: ₦3.14 billion
Karl Toriola leads Nigeria’s largest telecom operator. MTN Nigeria is the largest telecommunications company in Nigeria and a subsidiary of the MTN Group, Africa’s biggest mobile operator. With over 77 million subscribers, the company dominates the Nigerian telecoms market, providing mobile, data, and digital services that power much of the nation’s connectivity.
Toriola took over as CEO in March 2021 after serving in various leadership roles across MTN Group’s operations. He has more than two decades of experience in telecoms, having worked with MTN in several African markets and holding senior positions in engineering, operations, and strategy. Since assuming leadership, he has focused on expanding MTN Nigeria’s broadband reach, driving financial inclusion through mobile money services, and deepening the company’s digital transformation strategy.
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3. Adegbite Falade: CEO, Aradel Holdings Plc
Annual Compensation: ₦2.44 billion
Aradel Holdings (formerly Niger Delta Exploration & Production) may not be as popular as Seplat or MTN, but its profitability is undeniable. Aradel is a high-margin upstream player in Nigeria’s oil & gas industry. Adegbite Falade, CEO of Aradel Holdings Plc, is among Nigeria’s highly compensated executives, reflecting the company’s growing influence in the energy sector.
The company was formerly known as Niger Delta Exploration & Production Plc, and it is one of the few Nigerian firms with its own refinery, giving it a unique position in the downstream and midstream segments of the industry. Falade, an engineer and business leader, brings over two decades of experience across oil, gas, and power.
Before joining Aradel, he held senior positions at Oilserv Limited and Oando Plc, where he led projects that strengthened Nigeria’s energy infrastructure. At Aradel, his leadership has been instrumental in driving local content, expanding refining capacity, and aligning the company with Nigeria’s long-term energy transition agenda.
4. Wale Tinubu: CEO, Oando Plc
Annual Compensation: ₦1.80 billion
Wale Tinubu, Group Chief Executive of Oando Plc, ranks among Nigeria’s highest-paid CEOs, with his compensation reflecting the company’s size and complexity. Oando is one of Africa’s leading indigenous energy groups, with interests spanning petroleum exploration and production, trading, supply and distribution, and energy services.
As a publicly listed company on both the Nigerian Exchange and the Johannesburg Stock Exchange, Oando plays a critical role in Nigeria’s oil and gas value chain. Tinubu, a trained lawyer and entrepreneur, has led Oando for over two decades, transforming it from a small downstream player into a fully integrated energy conglomerate.
Under his leadership, Oando has executed major acquisitions, including the landmark purchase of ConocoPhillips’ Nigerian assets, and expanded its footprint across Africa. Despite the challenges of oil price volatility and regulatory hurdles, Tinubu has kept the company at the forefront of Nigeria’s energy sector.
5. Arvind Pathak: CEO, Dangote Cement Plc
Annual Compensation: ₦1.58 billion
Dangote Cement is Africa’s largest cement producer, with a market capitalization that makes it one of the most valuable firms on the Nigerian Exchange. Operating across 10 African countries, the company holds a dominant position in the continent’s construction and infrastructure sectors. Arvind Pathak oversees operations across multiple African countries.
Pathak, an industry veteran with decades of experience in cement manufacturing and management, previously served as CEO of Birla Corp in India before joining Dangote Cement. He has also worked with the Lafarge Group, bringing deep expertise in operations, strategy, and international expansion.
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6. Samba Seye: CEO, TotalEnergies Nigeria Plc
Annual Compensation: ₦1.06 billion
TotalEnergies is one of Nigeria’s largest multinational oil and gas firms, operating across the upstream, downstream, and marketing segments. The company plays a vital role in petroleum products supply, exploration, and distribution, while also investing in Nigeria’s shift toward cleaner and renewable energy.
Seye, a Senegalese national, has spent over two decades within the TotalEnergies Group, holding leadership roles across Africa and Europe. His career has spanned engineering, operations, and corporate leadership, preparing him to oversee the Nigerian subsidiary, one of the group’s largest markets worldwide. Since he was appointed CEO, he has focused on sustaining profitability, improving distribution efficiency, and positioning the company to play a leading role in Nigeria’s evolving energy landscape.
7. Adaora Umeoji: GMD/CEO, Zenith Bank Plc
Annual Compensation: ₦874 million
Adaora Umeoji made history in 2024 as the first female Group Managing Director of Zenith Bank. Zenith Bank is one of the country’s largest financial institutions and a tier-one bank with a strong presence across Africa and in international financial hubs.
