Lagos, Nigeria — According to Nairametrics, in 2024 Nigeria’s 10 highest‑paid CEOs and MDs earned a combined ₦11.6 billion, nearly 50 percent more than in 2023. Nairametrics #latest Nigeria news #today news in Nigeria
✳️ Key takeaways….
Total compensation for the top‑earning 10 executives jumped from ₦7.9 billion in 2023 to ₦11.6 billion in 2024 – a nearly 47 percent rise Nairametrics
Roger Thompson Brown (Seplat Energy) topped the list with ₦3.9 billion
Karl Toriola (MTN Nigeria) followed with ₦3.1 billion despite forex‑driven losses
Adegbite Falade (Aradel Holdings) rose to ₦2.43 billion, benefiting from rapid profit growth and local Shell acquisition
Arvind Pathak (Dangote Cement) made ₦1.58 billion thanks to strong revenues; Adaora Umeoji (Zenith Bank) earned ₦874 million as the first female GMD/CEO
📊 The “CEO pay”
Seplat Energy’s Roger Thompson Brown led the pack with ₦3.9 billion in compensation, supported by a 300 percent rise in profit before tax and revenue exceeding ₦1.6 trillion despite oil‑sector headwinds.
MTN Nigeria’s Karl Toriola came in second with ₦3.1 billion. Despite an overall loss due to naira volatility, MTN’s revenue climbed to ₦3.3 trillion, backed by growth in fintech and data services.
Aradel Holdings under Adegbite Falade delivered a staggering 326 percent increase in executive pay as the company significantly expanded following the acquisition of Shell Nigeria’s assets.
Dangote Cement’s Arvind Pathak pulled in ₦1.58 billion, with revenues exceeding ₦3.5 trillion and strong clinker sales across Nigeria and abroad.
Adaora Umeoji, Zenith Bank’s GMD/CEO since April 2024, became the first woman to lead the bank and earned ₦874 million — reflecting stronger female representation in Nigerian boardrooms.
What drives executive pay in 2024?…
This 47 percent surge in top executive pay occurred amid high inflation, forex instability, and tight margins. Yet, corporate survivors drove profits via strategy shifts:
Large sectors — oil & gas, telecoms, cement, and banks — led executive pay scales
Performance compensation remained key, with bonuses tied to profit before tax or revenue milestones
Gender inclusion in top slabs is advancing, marked by Umeoji’s appointment
In a social media visual shared on X (Twitter), Nairametrics posted an infographic breaking down the top‑earner list and overall trends in a graphic format.
Social Media comments…….
Below are some top comments on Nairametrics’ post on LinkedIn and X — highlighting reader concerns, corrections, and debate over pay levels:
commented @LawanSalisuACA (LinkedIn): “Segun is not the GCEO of GTB.”
commented @PauloDDon (X): “Here’s how much the highest‑paid CEOs and MDs took home in 2024…” (summarising the data in a reply thread)
commented @NigerianBizWatch (X): “Some of these figures still shock me when the lowest‑paid staff earn ten times less.”
commented @MarketAfrica (LinkedIn): “Clarity please: does this include allowances and benefits or strictly salary?”
commented @WomenInLeadership🇳🇬 (LinkedIn): “Happy to see Adaora Umeoji on the list — hope it inspires more board diversity.”
🧾 In short
Lagos‑based business media Nairametrics has disclosed that top corporate executives in Nigeria earned ₦11.6 billion in total in 2024, led by Seplat’s Roger Thompson Brown and MTN’s Karl Toriola, despite an unstable operating environment. This rises sharply from ₦7.9 billion in 2023.
CEO pay in Nigeria news now reflects sector performance, gender steps forward, and profit-linked reward systems that benchmark leadership value.
This list is not just a view of pay — it reflects where boardroom power lies in Nigeria, and which sectors reward leadership most.
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Original Story by nairametrics
