Only Two Nigerians In Top 10 Highest Paid MD/Ceo’s in Nigeria-Nairametrics
Fred Omotara, Lagos
The Managing Director or Chief Executive Officer is the highest position in any organization and is usually faced with the responsibility of making the hardest decisions in the company.
They are mostly praised when the company is doing well and often criticized if the reverse is the case, no wonder they are usually the highest-paid employees in the company. Due to the sensitivity of the role, companies go a long way in attracting the best hands for the job, hence incentivising them with competitive salaries.
According to a research for the year 2021 by Nairametrics, only two Nigerians make the list of top 10 MD/Ceo’s when based on salaries.
The research, according to Nairametrics, was sourced from the published audited accounts of the companies.
The 10 most paid MD/Ceo’s in Nigeria are:
(1) Michel Puchercos, Group Managing Director/CEO, Dangote Cement) – N531 million.
Mr Michel Pucheros, who was formerly with Lafarge Africa, earned a sum of N531 million from Dangote Cement in the year 2021. He is the Group Managing Director and Chief Executive Officer of the most capitalized manufacturing company on the Nigerian Stock Exchange.
He was appointed to the position effective January 2020, after resigning from Lafarge Africa in the same year.
(2) Roger Brown (Seplat Energy) – N475 million
Roger Brown assumed the role as the Chief Executive Officer of Seplat Energy on 1st August 2020, following the retirement of Austin Avuru. Roger Brown earned a sum of N475 million as salary in 2021, a decline compared to N484 million received in the previous year.
(3) Mr. Karl Toriola (MTN Nigeria) – N368 million
Karl Toriola received a sum of N368 million as remuneration in 2021, this is a decline compared to the N567 million earned by the former MD, Ferdinand Moolman in 2020. It is worth noting that Karl Toriola is the only Nigerian on the top five list for 2021.
(4) Mr. Ravindra Singhvi (Dangote Sugar) – N289.7 million
Mr Ravindra Singh Singhvi is the Group Managing Director/CEO of Dangote Sugar Refinery Plc. Prior to his appointment as the Group Managing Director on the 30th of October 2020; he was the Ag. Managing Director.
Singhvi earned a sum of N289.7 million as remuneration in 2021, a significant increase compared to N134.6 million received in the previous year.
(5). Mr Khaled Abdel Aziz El Dokani (Lafarge Africa) – N288.6 million
Khaled El Dokani, MD/CEO, Lafarge Nigeria
Khaled is the MD/CEO of Lafarge Africa, a position he occupied from January 2020 after the former MD, Mr. Michel Puchercos resigned from his position. Khaled received a sum of N288.62 million as salary for the 2021 financial year compared to N221.22 million received in the previous year.
(6) Mr. Ebenezer Onyeagwu (Zenith Bank) – N246 million, is the second Nigerian to make the top 10 list of highest paid MD/Ceo’s in Nigeria for the year 2021.
(7) Hans Essaadi/ Jordi Borrut Bel (Nigerian Breweries) – N243.1 million sits at number seven on the top 10 list, while Baker Magunda (Guinness Nigeria) at N243 million comes at number eight; Carl Cruz (Unilever Nigeria) at N231.6 million is at number nine and Wassim Elhusseini (Nestle Nigeria) at N206.4 million completes the top ten list at number 10.