Who Are the Highest Paid MDs and CEOs in Nigeria 2024?

If we want to talk about economic uncertainty and market volatility, the year 2024 is one. Despite this Nigeria’s corporate leaders, that is, the MDs and the CEOs still posted record earnings and not just for their companies. 

The country’s top Managing Directors (MDs) and Chief Executive Officers (CEOs) collectively took home a jaw-dropping N11.6 billion in 2024, according to data compiled by Nairametrics. 

That’s a notable jump from N7.9 billion in 2023, reflecting both impressive corporate performance and the high stakes of executive leadership in a challenging environment.

These CEOs weren’t just steering their companies they were navigating inflation spikes, forex instability, and sector-specific disruptions, all while chasing growth and profitability. 

Here are some of Nigeria’s highest-paid corporate leaders in 2024 and what made their year remarkable.

Roger Thompson Brown – Seplat Energy

2024 Pay: ₦3.9 billion
Sector: Oil & Gas

At the top of the list is Roger Brown, CEO of Seplat Energy. His earnings saw a major increase, reflecting a standout year for the company. With a strong background in finance and energy, Brown guided Seplat through significant growth, with profit before tax soaring by over 300%. Even amid industry headwinds, Seplat posted ₦1.6 trillion in revenue.

Karl Toriola – MTN Nigeria

2024 Pay: ₦3.1 billion
Sector: Telecommunications

Despite MTN Nigeria ending the year in the red due to currency-related losses, Karl Toriola’s leadership kept revenue climbing. A tech-savvy executive with years in Africa’s telecom sector, Toriola’s focus on digital services and fintech helped push revenue to ₦3.3 trillion.

Adegbite Falade – Aradel Holdings

2024 Pay: ₦2.43 billion
Sector: Oil & Gas

With a remarkable 326% year-on-year increase in compensation, Falade’s earnings reflect Aradel Holdings’ transformation under his leadership. The company’s profit soared and its acquisition of Shell’s local operations made headlines. Falade, with his strong track record in energy and strategy, was key to that expansion.

Arvind Pathak – Dangote Cement

2024 Pay: ₦1.58 billion
Sector: Industrial Goods

Dangote Cement’s boss, Arvind Pathak, oversaw a robust growth year, with revenues exceeding ₦3.5 trillion. His leadership pushed cement and clinker sales higher and helped maintain operational efficiency across the company’s sprawling operations.

Hans Essaadi – Nigerian Breweries

2024 Pay: ₦1.14 billion
Sector: Consumer Goods

Despite a loss before tax, Essaadi’s pay doubled, reflecting his role in managing one of Nigeria’s most recognizable brands through a difficult year. Rising input costs and forex pressures hurt margins, but revenue still grew strongly under his watch.

Dr. Samba Seye – TotalEnergies Nigeria

2024 Pay: ₦1.06 billion
Sector: Oil & Gas

Seye’s tenure at TotalEnergies has been marked by steady growth and profitability. With a technical background and strategic regional experience, he helped the company more than double its profit before tax to over ₦42 billion.

Dame (Dr.) Adaora Umeoji – Zenith Bank

2024 Pay: ₦874 million
Sector: Banking

The first female GMD of Zenith Bank took over mid-year and still made it to this elite list. Her leadership debut coincided with strong growth in Zenith’s bottom line, posting over ₦1.3 trillion in pre-tax profit.

Wassim Elhusseini – Nestlé Nigeria

2024 Pay: ₦831 million
Sector: Consumer Goods

Elhusseini almost doubled his 2023 compensation, thanks to a strong revenue rebound. Though the company posted a loss due to high costs, Elhusseini’s strategic repositioning of Nestlé’s product lines contributed to its strong sales performance.

Segun Agbaje – GT Holdings

2024 Pay: ₦471 million
Sector: Banking

A stalwart of the banking sector, Agbaje continues to lead GT Holdings through significant expansion. Under his guidance, the bank recorded ₦1.26 trillion in profit before tax, cementing its place as a heavyweight in Nigerian finance.

Folasope Aiyesimoju – UAC of Nigeria

2024 Pay: ₦401.4 million
Sector: Conglomerate

Aiyesimoju’s compensation more than tripled this year, mirroring UAC’s impressive return to profitability. With a finance background and deep investment expertise, he led the company to over ₦25 billion in pre-tax profits.