The numbers are staggering. The lifestyles are quiet. Behind each salary is a career built over decades, often starting far from the corner office.
But where do these numbers come from? This ranking is based on an analysis of the latest publicly available financial reports and corporate disclosures filed by companies listed on the Nigerian Exchange (NGX) and other regulatory filings with the Securities and Exchange Commission (SEC). The figures represent total annual compensation packages for the 2024 financial year, including salaries, performance-based bonuses, stock options, retirement benefits, and other allowances. Only CEOs of companies with publicly disclosed compensation data were considered.
Financial organisations have a different reporting structure, therefore gross earnings are used to measure performance, whereas revenue is used for non-bank businesses. 
Here are the ten highest paid CEOs in Nigeria, ranked by annual earnings. Their backgrounds tell the real story.
1. Roger Thompson Brown – Seplat Energy
Annual Earnings: ₦3.90 billion
Industry: Oil & Gas
According to Seplat Energy’s 2024 annual report, Roger Thompson Brown earned ₦3.90 billion as the company’s CEO. He became CEO of Seplat Energy in August 2020. He joined the company as Chief Financial Officer in 2013, and during his time as CFO, he helped complete the dual listing of Seplat on the Nigerian and London Stock Exchanges, the first for a Nigerian corporate.
He is a qualified Chartered Accountant with the Institute of Chartered Accountants of Scotland. Before Seplat, he held the position of Managing Director of Oil and Gas EMEA for Standard Bank Group . He also worked at PricewaterhouseCoopers earlier in his career.
He holds 4.6 million shares in Seplat worth approximately $22 million . At 56 years old, he has over 30 years of experience focusing on emerging markets, particularly structuring energy and infrastructure transactions across Africa .
2. Karl Toriola – MTN Nigeria
Annual Earnings: ₦3.14 billion
Industry: Telecommunications
MTN Nigeria’s 2024 financial statements show Karl Toriola earned ₦3.14 billion as CEO of the country’s largest telecommunications company. Before this role, he served as Group Operations Executive and Vice President for West and Central Africa at MTN.
He also held positions as a Non-Executive Director at Jumia Group and American Towers Ghana. Toriola earned a Master of Science in Communication Systems from Swansea University in 1996 .
His career path shows a steady climb through the telecommunications sector, moving from technical roles into executive leadership across multiple African markets.
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3. Adegbite Falade – Aradel Holdings
Annual Earnings: ₦2.44 billion
Industry: Oil & Gas
Aradel Holdings’ 2024 annual report disclosed that Adegbite Falade earned ₦2.44 billion as CEO. He became CEO of Aradel Holdings in April 2021. He holds an MBA from Warwick Business School and an undergraduate degree from the University of Ibadan.
Before taking the top job at Aradel, he served as Group Chief Operating Officer at Oilserv Ltd. and held the position of GM for New Business, Acquisitions & Divestments at Oando Energy Resources, Inc. . He also worked as an Executive Director at Axxela Ltd., a natural gas distribution company.
Falade holds over 11 million shares in Aradel Holdings, valued at approximately $9 million . His background combines operational leadership with strategic deal-making in the energy sector.
4. Wale Tinubu – Oando Plc
Annual Earnings: ₦1.80 billion
Industry: Oil & Gas
Oando Plc’s 2024 financial report shows Wale Tinubu earned ₦1.80 billion as Group Chief Executive Officer. He is one of Nigeria’s largest integrated energy companies’ leaders. Born in 1967, he studied law at the University of Liverpool and earned a Master of Laws degree from the London School of Economics. He was called to the Nigerian Bar in 1990.
In 1994, he co-founded Ocean & Oil Group. Under his leadership, the company grew from a small oil trading firm into Oando PLC, now a publicly listed company and one of the largest indigenous energy firms in Sub-Saharan Africa .
He has received several national honors, including being named a Commander of the Order of the Niger (CON) in 2022. Through the Oando Foundation, he has helped over 500,000 Nigerian children access education . He is also the nephew of President Bola Tinubu.
5. Arvind Pathak – Dangote Cement
Annual Earnings: ₦1.58 billion
Industry: Industrial Goods
According to Dangote Cement’s 2024 annual report, Arvind Pathak earned ₦1.58 billion as CEO and Managing Director. He became CEO in March 2023. Before this appointment, he served as Deputy Group Managing Director at Dangote from 2019 to 2021 and Chief Operating Officer from 2018 to 2019.
Prior to joining Dangote, he worked as Managing Director and CEO of Birla Corp from 2021 to 2022. He also held positions at Adani Enterprises and Reliance Cement earlier in his career . His background is deeply rooted in the cement and industrial goods sector across multiple countries.
6. Samba Seye – TotalEnergies Marketing Nigeria
Annual Earnings: ₦1.06 billion
Industry: Oil & Gas
TotalEnergies Marketing Nigeria’s 2024 financial statements disclosed that Dr. Samba Seye earned ₦1.06 billion as CEO. He has led the company since September 2021. He holds a Doctorate Degree in Engineering from the University of Sciences and Techniques of Lille, France.
He began his career as an assistant lecturer before transitioning into the energy industry with Shell. He joined Total in 2014 as a Project Manager in the Strategy Department. His compensation increased by nearly 95% from 2023 to 2024, rising from N544 million to N1.06 billion .
He has held key executive roles including Deputy Executive Vice President for West Africa and Executive Vice President for West Africa. He also serves as a member of the TotalEnergies SE Ethics Committee .
7. Adaora Umeoji – Zenith Bank
Annual Earnings: ₦874 million
Industry: Banking & Financial Services
Zenith Bank’s 2024 annual report shows Adaora Umeoji earned ₦874 million as Managing Director and Chief Executive Officer. She joined Zenith Bank in 2016. She also chairs the board of Zenith Bank UK and serves as a Director at Zenith Bank Ghana.
She holds a Master of Business Administration from the University of Calabar and a Master of Laws from the University of Salford . Her leadership spans multiple countries, overseeing Zenith Bank’s operations across Nigeria, the United Kingdom, and Ghana.
She is one of the few women on this list, representing a slow but important shift in executive leadership in Nigerian banking.
8. Wassim Elhusseini – Nestlé Nigeria
Annual Earnings: ₦831 million
Industry: Fast-Moving Consumer Goods (FMCG)
According to Nestlé Nigeria’s 2024 financial report, Wassim Elhusseini earned ₦831 million as CEO. He leads one of the country’s largest FMCG companies. Under his leadership, Nestlé has maintained its position as a dominant player in the food and beverage sector, producing everyday items found in millions of Nigerian homes.
His background spans multiple markets within the Nestlé group, bringing international experience to the Nigerian operation. The FMCG sector requires navigating supply chain challenges, currency fluctuations, and changing consumer habits, all of which fall under his responsibility.
9. Adebayo Alli – Guinness Nigeria
Annual Earnings: ₦756 million
Industry: FMCG & Beverages
Guinness Nigeria’s 2024 financial statements disclosed that Adebayo Alli earned ₦756 million as Managing Director. He served in this role until September 2024. Guinness Nigeria is a subsidiary of Diageo, the global beverage giant, and operates in the highly competitive alcoholic beverages market.
His tenure at Guinness Nigeria involved managing one of Nigeria’s most recognizable beverage brands, navigating regulatory challenges, and competing in a market with shifting consumer preferences.
10. Segun Agbaje – Guaranty Trust Holding Company (GTCO)
Annual Earnings: ₦471 million
Industry: Banking & Financial Services
GTCO’s 2024 annual report shows Segun Agbaje earned ₦471 million as Group CEO. He has been at the helm since June 2011. He joined Guaranty Trust Bank as a pioneer staff member in 1991 and rose through the ranks, becoming an Executive Director in January 2000 and Deputy Managing Director in August 2002.
Before GTBank, he worked at Ernst & Young in San Francisco, USA . His experience covers commercial banking, investment banking, treasury, corporate planning and strategy, settlements, and operations. Under his leadership, GTCO has focused on digital innovation and customer-centric solutions, rolling out several new products and services.
The company’s share price has climbed steadily since his appointment, reflecting increased investor confidence . He has also emphasized corporate social responsibility, with GTCO ramping up community engagement and sustainability initiatives.
SEE ALSO: How Tony Elumelu Became a Major Player in Africa’s Energy Sector
The Bottom Line
Seven out of ten CEOs on this list come from the oil and gas sector. Banking and FMCG fill the remaining spots. Telecommunications appears only once.
These numbers reflect 2024 compensation packages disclosed in publicly available annual reports filed with the Nigerian Exchange (NGX) and the Securities and Exchange Commission (SEC). The figures include salaries, bonuses, stock options, retirement benefits, and other allowances.
Some of these leaders started as accountants, lawyers, engineers, or lecturers. None of them started at the top.
The gap between their earnings and the average Nigerian worker’s salary is vast. That gap raises questions about income inequality, corporate governance, and what Nigeria values in its business leaders.
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