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Industry - July 15, 2022

Here are the 5 Highest-Paid MD/CEOs in Nigeria

One of the highest-paid people in the corporate world are the MD/CEOs, who are at the helms of affairs of organisations. The position, however, comes with the biggest responsibility of steering the organisation in the right direction.

Since they are at the helm of business affairs, they receive constructive and positive criticism. Just as their responsibilities are enormous, so also is their annual remuneration. This is, however, connected to the profitability of the company.

The higher the profit, the higher the salary, and vice versa. To encourage the MD/CEOs, the companies sometimes use compensation contracts. Here are some of the highest-paid MD/CEOs in Nigeria.

1. Michel Puchercos (Dangote cement)

Puchercos has doubled as the managing director and chief executive officer of Dangote Cement since his ascension into the position in 2020.

He has served in different capacities and companies within the cement industry, which spans more than 20 years.

Before starting his work in Dangote Cement, he handled different positions in Lafarge, such as the President and Chief Executive Officer of Lafarge Halla Cement, Director of Strategy and Systems at Lafarge Gypsum and the Group Managing Director and Country CEO of Lafarge Africa Plc.

With an annual remuneration of N531 million as of December 2021, Puchercos leads the list of the highest-paid MD/CEOs in Nigeria. This take-home of his is a significant increase compared to the N448 million he received in 2020.

2. Roger Brown (Seplat Energy Plc)

Following the retirement of Austin Avuru in 2020, Roger Brown was appointed as the managing director of Seplat Energy Plc, one of Nigeria’s leading crude oil exploration companies.

The finance expert with 25 years of experience receives N475 million per annum, a little lower than the N484 million in 2020.

The two years old MD/CEO is a qualified Chartered Accountant with the Institute of Chartered Accountants of Scotland and a member of the Association of National Accountants of Nigeria (ANAN).

3. Karl Toriola (MTN)

Karl Toriola is the only Nigerian MD/CEO on the top one to five lists. Before becoming the MD/CEO of MTN, he started as Chief Technical Officer in 2006.

In his 24 years of expertise, he has worked at Vmobile Nigeria, Ericsson Nigeria and AG Switzerland, MTN Group – WECA region, MTN Cameroon and MTN Nigeria.

Although he is not receiving up to N567 million his predecessor Ferdinand Moolman received in 2020, he is still among the highest paid, with N368 million per annum.

As a telecommunication engineer, Toriola is a fellow of the Nigerian Society of Engineers (FNSE), a member of the Council of Registered Engineers of Nigeria (COREN) and the Institute of Directors (IoD).


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4. Mr. Ravindra Singhvi

Ravindra Singhvi receives a total of N289.7 million in 2021 compared to N134.6 million in 2020. Before becoming the MD/CEO of Dangote Sugar Refinery Plc in 2020, he started his career in the company as a Chief Operating Officer.

Singhvi has also worked in different capacities and companies, such as the Managing Director and CEO of NSL Sugar Limited, India. He also has over 40 years of industry experience.

5. Khaled Abdel Aziz El Dokan (LAFARGE Cement)

The resignation of Michel Puchercos, the MD/CEO of Dangote, from Lafarge led to Khaled Abdelaziz El Dokani as the new Group Managing Director/Chief Executive Officer of Lafarge in 2020.

He receives the sum of N288.62 million yearly as of 2021 compared to N221.22 million received in 2020. Apart from his salary, he gets benefits worth N102.82 million, making his total salary N391.43 million in 2021 compared to N334.89 million in 2020.

He holds a Bachelor of Commerce degree from Alexandria University, Egypt.


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