DESPITE a turbulent economic climate, Nigeria’s top executives saw a dramatic rise in earnings in 2024.
The combined base salary of the country’s 10 highest-paid Chief Executive Officers (CEOs) surged by about 134 percent, growing from N8.28 billion in 2023 to N19.35 billion in 2024. On average, top Nigerian CEOs now earn close to N2 billion in base pay annually.
The data comes from the 7th edition of the report titled “CEO Remuneration in 2025: Examining the Performance and Compensation Nexus,” released by Proshare Research.
The report highlights that most of the highest-paid CEOs are concentrated in the energy, telecommunications, and financial services sectors—industries that continue to dominate Nigeria’s GDP.
Seplat Energy’s Roger Brown topped the salary chart with a base salary of N3.91 billion, followed by MTN Nigeria’s Karl Toriola with N3.14 billion, and Aradel Holdings’ Adegbite Falade with N2.44 billion. Notably, Adaora Umeoji of Zenith Bank made history as the first and only female to feature in the top 10 highest-paid CEOs, placing 10th with a base salary of N874 million.
When total compensation—which includes benefits, allowances, and dividend earnings—is considered, the list reveals further insights. Only 34.75 percent of CEOs in publicly listed Nigerian companies hold a significant ownership stake in their firms. Of these, only 69.39 per cent received dividend payments in 2024, largely due to economic constraints and sector-specific challenges that left many companies unable to pay dividends.
Throughout the year, business leaders contended with inflation climbing to 32.51 per cent by the end of 2024 (up from 24.52 per cent the previous year), a steep depreciation of the naira (N1,485.62/$ in 2024 from N771.94/$ in 2023), and soaring borrowing costs, with the Monetary Policy Rate averaging 25.54 per cent, up from 18.38 per cent in 2023.
Roger Brown maintained his lead in total compensation, with his earnings increasing by over 400 per cent. Despite not receiving dividend payouts due to losses, telecom CEOs Karl Toriola and Olusegun Ogunsanya of Airtel Africa still ranked among the top four in total compensation. Aradel Holdings’ Falade, who joined the rankings for the first time, took the third spot following his company’s successful listing and market performance. Umeoji, the only woman on the list, ranked eighth by total compensation.
Overall, the total pay for the top 10 CEOs rose to N21.17 billion in 2024 from N14.19 billion the year before—a growth of about 50 percent—signaling a cautiously optimistic business outlook despite tough conditions.
A broader review of executive pay shows a mixed alignment between compensation and performance. Companies like Zenith Bank and Dangote Cement reported strong returns on equity (ROE) of 25.63 percent and 23.14 percent, respectively, with relatively modest CEO pay.
In contrast, firms like MTN Nigeria and Airtel Africa posted major losses and negative ROEs, yet maintained high executive compensation—raising questions about the link between pay and value creation.
Custodian Investment stood out with an ROE of 39.8 percent, achieving strong profitability with modest earnings and CEO pay—an indicator of efficient management and well-aligned incentives. On the flip side, Oando posted a negative ROE of 63.2 percent despite reporting profits, hinting at deeper structural challenges that impact shareholder value.
Among the CEOs, Adaora Umeoji of Zenith Bank continued to shine. She earned a total compensation of N1.24 billion in 2024 and was named the Most Efficient CEO, generating N1,068 in profit for every naira she was paid—the highest among her peers. She also ranked as the Most Equitable CEO, with a CEO Pay-to-Staff Cost ratio of 0.61 percent, indicating a relatively balanced approach to executive pay within the company.
However, her achievement stands against a stark backdrop: the persistent gender gap in executive leadership. Female CEOs in Nigeria generally earn less, with total pay ranging from N26.8 million to N1.24 billion. Their compensation is also skewed heavily toward salaries, with limited gains from ownership or equity. While some, like those in banking, hold significant shares, dividends often account for a small part of their earnings.
The gap extends beyond boardrooms. According to the IMF, women make up 70 percent of Nigeria’s extremely poor population, despite representing only 49.3 percent of the general population. Women’s labor force participation is 56 percent, compared to 80 percent for men, and when they do work, women earn an average of 45 percent less than their male counterparts in similar roles.
As Umeoji breaks new ground, her inclusion in the top 10 highlights progress—but also underscores the deep-rooted inequality in Nigeria’s economic and corporate space. For now, she remains a lone figure in the ranks of the highest-paid CEOs in the country.(Proshare)
