5 Highest Paying Salary Companies in Nigeria in 2022

Nigeria’s vast economic growth and diversification has given rise to professionals and job seekers on the lookout for high-paying remuneration and incentives. As individuals pursue their career goals and seek financial stability, knowing which companies offer lucrative compensation becomes vital.

Also, businesses are keen on maintaining market dominance in terms of offering competitive salaries to their workforce. These companies have consistently offered competitive salaries, elevating them to prominent positions in the Nigerian job market.

It is important to recognize that salary levels can be influenced by factors such as industry trends, market conditions, company performance, employee skills, job roles, amongst others. Let us dive into the exploration of the top five companies in Nigeria

Seplat Energy – N38.91 million

Seplat Energy, Nigeria’s leading energy supplier listed on both the London and Nigerian Stock Exchanges occupies the first position after incurring an average annual cost of N38.91 million for its employees in 2022 in contrast to the N32.4 million in the previous year.

The company gave out a sum of N 23.19 billion towards personnel expenses which clearly reveals a surge compared to the N17.27 billion recorded in the previous year.

The upstream Nigerian oil company surprisingly witnessed a growth in staff strength, with the number of employees rising by 12% to 596 from 532 in the previous year despite the significant increase in salaries and personal costs.

A breakdown of the data from the company’s audited results shows that 43.5% of the employees earned above N14.69 million annually. This translates to an average monthly take-home of N1.22 million.

Seplat Energy’s expenditure on housing allowances amounted to N1.44 billion in the year under review, representing an 18.3% decrease compared to the N1.76 billion spent in 2021.

TotalEnergies – N30.48 million

Multinational energy company, TotalEnergies comes second as the second highest-paying company for the year 2022, with an annual average personnel cost of N30.48 million. This is in contrast to a total of N25.3 million from the previous year. The increase in the figure depicts the company’s commitment to providing competitive salaries to its employees.

The company experienced a reduction in their strength from 436 employees in the previous year to 429 in 2022 although witnessed a 12.02% rise in salary spend, from N8.71 billion to N9.76 billion.

The increase in salary payment can be attributed to promotions within the company, as the number of junior staff reduced from 15 to 11, while the managerial staff increased by 6.7% to 159 individuals.

A close look at the company revealed that more than half of TotalEnergies’ employees ranked among the highest paid within the company, with 225 individuals earning above N15.5 million annually.

MTN Nigeria – N26.91 million

MTN Nigeria, the country’s mobile telecommunications giant, secured the third position on the list with an average of N26.91 million paid out to employees in 2022.

Despite the fact that the company recorded a reduction in the average salary to that of N34.42 million in 2021, the number of employees earning the highest annual salaries increased tremendously from 612 staff members to 1,070. This increase shows a substantial rise in salary levels and/or promotions within the company.

MTN Nigeria staff strength reduced by 1.41% from 1,699 employees in the previous year to 1,675 in 2022, notwithstanding the company recorded a total employee cost of N45.08 billion, signifying a 6.82% decrease compared to the N48.38 billion spent in the previous year.

Nigerian Breweries – N19.12 million

The largest brewing company in the country, Nigerian Breweries comes fourth on the list of highest-paying jobs in the country. Nigerian Breweries recorded an average annual personnel cost of N19.12 million in 2022 an increase from the previous year’s average of N18.1 million.

The company spent N51.34 billion towards personnel costs which is a bit higher than the N51.01 billion spent in the previous year.

The number of employees reduced from 2,740 in 2021 to 2,685 showing the company’s commitment to providing competitive salaries, as 84.7% of its workforce belonged to the higher-paid staff category earning N5 million and above.

The company’s personnel expenses includes shared-based payments of N1.3 billion, training and recruitment expenses of N2.15 billion, medical expenses of N1.06 billion, and other unspecified personnel expenses totaling N3.66 billion.

Access Holdings – N17.1 million

Access Holdings, the only bank featured in the top five highest paying salary companies, ranks fifth on the list. Access Holdings incurred an average of N17.1 million in personnel costs in 2022, this represents an increase from the N14.05 million recorded in 2021.

There was a reduction in the staff strength  from 6,875 to 6,824 during the review period, notwithstanding, the financial institution’s total personnel cost surged by 20.7% from N96.6 billion in 2021 to N116.6 billion in 2022.

Relating to salary, Access Holdings restructure resulted in the payment of N105.6 billion in salaries, compared to N91.1 billion in the previous year. The staff composition also shows that 545 employees held managerial positions, while 6,279 employees worked in other capacities below the management level.

Further analysis revealed that approximately 10% of the employees earned N18 million and above annually in 2022.