Despite Nigeria’s tough economic environment in 2024, top executives in the country recorded a significant increase in earnings, with the combined base salary of the 10 highest-paid Chief Executive Officers (CEOs) rising by 134 percent—from N8.28 billion in 2023 to N19.35 billion in 2024.
On average, each of the top CEOs now takes home nearly N2 billion in base pay annually, according to the latest report by Proshare Research titled “CEO Remuneration in 2025: Examining the Performance and Compensation Nexus.”
The report shows that most of the highest-paid executives are in the energy, telecommunications, and financial services sectors—industries that continue to contribute heavily to Nigeria’s Gross Domestic Product (GDP).
Seplat Energy’s Roger Brown topped the list with a base salary of N3.91 billion. He was followed by Karl Toriola of MTN Nigeria, who earned N3.14 billion, and Adegbite Falade of Aradel Holdings with N2.44 billion. Zenith Bank’s Adaora Umeoji made history as the only female CEO to appear on the list, placing 10th with a base salary of N874 million.
The report also examined total compensation—covering allowances, bonuses, and dividend earnings. It noted that only 34.75 percent of CEOs in listed companies own significant shares in their companies, and among them, just 69.39 percent received dividend payments in 2024 due to economic headwinds and low dividend declarations across sectors.
In 2024, CEOs operated in a challenging business environment marked by rising inflation, which closed the year at 32.51 percent, naira depreciation (N1,485.62/$), and high borrowing costs, with the Monetary Policy Rate averaging 25.54 percent.
Roger Brown remained the highest-paid overall, with his total compensation growing by over 400 percent. Despite recording losses, telecom executives like Karl Toriola and Olusegun Ogunsanya of Airtel Africa still featured among the top earners. Adegbite Falade of Aradel, who joined the top 10 following his company’s strong market performance, ranked third overall. Adaora Umeoji moved up to eighth place by total compensation, earning N1.24 billion.
Overall, total CEO compensation rose from N14.19 billion in 2023 to N21.17 billion in 2024, reflecting a 50 percent growth—suggesting cautious optimism in the private sector despite the economic hurdles.
The report also reviewed how CEO pay compares with company performance. While some firms like Zenith Bank and Dangote Cement reported strong returns on equity (ROE)—25.63 percent and 23.14 percent respectively—with relatively moderate executive pay, others like MTN Nigeria and Airtel Africa reported negative ROEs but maintained high CEO salaries.
Custodian Investment stood out with the highest ROE of 39.8 percent, showcasing effective leadership and prudent compensation. On the other hand, Oando recorded a negative ROE of 63.2 percent despite showing profits, indicating deeper structural challenges.
Zenith Bank’s Adaora Umeoji was named Most Efficient CEO, generating N1,068 in profit for every naira she earned. She was also ranked Most Equitable CEO with a pay-to-staff cost ratio of 0.61 percent—signaling a balanced compensation structure within her organisation.
However, her rise draws attention to the wider gender gap in Nigeria’s corporate sector. Female CEOs in the country continue to earn less than their male counterparts, with total pay ranging from N26.8 million to N1.24 billion. Unlike many male executives, most of their earnings come from salaries, not dividends or equity stakes.
Outside boardrooms, the disparity remains sharp. IMF data shows that women make up 70 percent of Nigeria’s extremely poor population, despite comprising 49.3 percent of the general population. Their labour force participation stands at 56 percent, compared to 80 percent for men, and women in similar roles earn 45 percent less than men on average.
Umeoji’s presence in the top 10 is seen as a milestone for women in leadership, but it also underscores the persistent inequality in corporate Nigeria. For now, she remains the only woman among the country’s highest-paid CEOs.
