Nigeria's top CEOs enjoyed a sharp increase in their wages in 2024, despite a challenging economic environment.

Between 2023 and 2024, the combined base salary of the top 10 CEOs in the nation increased by 134%, from N8.28 billion to N19.35 billion.

Top Nigerian CEOs now receive base pay of nearly N2 billion a year on average. The information was taken from the seventh edition of Proshare Research's report, "CEO Remuneration in 2025: Examining the Performance and Compensation Nexus."

According to the survey, the majority of the highest-paid CEOs work in the financial services, telecommunications, and energy sectors—all of which still account for the majority of Nigeria's GDP.

With a base salary of N3.91 billion, Roger Brown of Seplat Energy topped the salary chart. Karl Toriola of MTN Nigeria came in second with N3.14 billion, and Adegbite Falade of Aradel Holdings came in third with N2.44 billion. Notably, Adaora Umeoji of Zenith Bank, who ranked 10th with a base salary of N874 million, became the first and only woman to be listed among the top 10 highest-paid CEOs.

The list provides additional information when total compensation—which includes dividend earnings, benefits, and allowances—is taken into account. In publicly traded non-Nigerian companies, only 34.75 percent of CEOs own a sizable portion of their companies. Of them, 69.39% received dividend payments in 2024, primarily as a result of sector-specific difficulties and economic limitations that prevented many businesses from paying dividends.

Business executives faced a number of challenges during the year, including rising borrowing costs (the Monetary Policy Rate averaged 25.54 percent, up from 18.38 percent in 2023), a sharp decline in the value of the naira (from N771.94/$ in 2023 to N1,485.62/$ in 2024), and inflation that increased to 32.51 percent by the end of 2024 (up from 24.52 percent the year before).

Roger Brown's salary increased by more than 400%, maintaining his lead in total remuneration. Telecom CEOs Karl Toriola and Olusegun Ogunsanya of Airtel Africa ranked among the top four in overall remuneration, despite not receiving dividends due to losses.

After his company's successful IPO and market performance, Falade of Aradel Holdings, who was new to the rankings, came in at number three. The sole female on the list, Umeoji, came in at number eight in terms of total pay.

The top 10 CEOs' combined compensation increased by 49.8%, from N14.19 billion to N21.17 billion in 2024, indicating a cautiously optimistic business view despite challenging circumstances.

A more comprehensive analysis of CEO salary reveals a patchwork of performance and compensation alignment. With low CEO compensation, companies such as Zenith Bank and Dangote Cement reported impressive returns on equity (ROE) of 25.63 percent and 23.14 percent, respectively.

Adaora Umeoji of Zenith Bank was a standout among the CEOs. Her 2024 salary totaled N1.24 billion, and she was recognized as the Most Efficient CEO, making the highest profit of any of her rivals at N1,068 per naira.

With a CEO pay-to-staff cost ratio of 0.61 percent, she was also named the Most Equitable CEO, demonstrating the company's generally balanced approach to executive compensation.

Top 10 highest paid CEOs in Nigeria in 2024 (Basic Salary)

Roger Brown Company: Seplat Energy Amount paid: N3.91 billion

Karl Toriola Company: MTN Nigeria Amount paid: N3.14 billion

Adegbite Falade Company: Aradel Holdings Amount paid: N2.44 billion

Olusegun Ogunsanya Company: Airtel Africa Amount paid: N2.25 billion

Jubril Adewale Tinubu Company: Oando Amount paid: N1.80 billion

Arvind Pathak Company: Dangote Cement Amount paid: N1.58 billion

Lars Richter Company: Julius Berger Amount paid: N1.15 billion

Hans Essadi Company: Nigerian Breweries Amount paid: N1.14 billion

Samba Seye Company: Total Energies Amount paid: N1.06 billion

Adaora Umeoji Company: Zenith Bank Amount paid: N874 million

Top 10 highest paid CEOs in Nigeria in 2024 (Total compensation)

Roger brown Company: Seplat energy Amount paid: N4.12 billion

Karl Toriola Company: MTN Nigeria Amount paid: N3.14 billion

Adegbite Falade Company: Aradel Holdings Amount paid: N2.77 billion

Olusegun Ogunsanya Company: Olusegun Ogunsanya Amount paid: N2.25 billion

Wole Oshin Company: Custodian Investment Amount paid: N1.97 billion

Jubril Adewale Tinubu Company: Oando Amount paid: 1.80 billion

Arvind Pathak Company: Dangote Cement Amount paid: N1.58 billion

Adaora Umeoji Company: Zenith Bank Amount paid: N1.24 billion

Llars Richter Company: Julius Berger Amount paid: N1.15 billion

Hans Essadi Company: Nigerian Breweries Amount paid: 1.14 billion

Highest-earning CEOs in oil industry

Legit.ng reported that the Nigerian oil and gas industry continues to display strong financial strength and leadership, with top oil companies reporting juicy performances in their 2024 financials.

The top oil firms, such as Seplat Energy, TotalEnergies Marketing Nigeria, Aradel Holdings, Eterna Plc, and MRS Oil Nigeria, have emerged as the highest-grossing oil firms, with their CEOs earning juicy pay.

Data shows that Seplat is one of Nigeria’s leading independent oil and gas exploration and production companies.