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(Business Day) In the Nigerian business world and globally, it is often expected that the fortunes of most Chief Executive Officers (CEOs) often rise and fall with the companies’ performance.

In a bid to ensure that value is delivered to the organization, and shareholders, the board uses compensation contracts to align executives’ actions with company success.

The Analysis of the 2018 financial results of listed companies shows that CEOs in oil & gas industry led the list of top earners.Public listed companies typically disclose the highest paid directors in the annual report, which mostly represents the emoluments paid to MD/CEOs.

Sit back, relax and enjoy as [b]factboyz looks into Top MD/CEOs who take the largest portion of the National Cake *winks*



1. Wale Tinubu Group CEO Oando Plc

Top on the list of executive compensation is Wale Tinubu CEO Oando Plc who earned a total of ₦568 million per annum in 2018 representing a 67 percent increase in his executive compensation compared to the previous year.Tinubu studied Law at the University of Liverpool, graduating in 1988. By 1989, he had earned a Master’s of Law from the London School of Economics. He has since garnered many years of professional experience, having started out working in his family’s law firm.He currently sits on the boards of many companies in different capacities such as Director, MD, and Chairman. Some of these companies include Ocean and Oil Holdings Limited, Avante Capital, West African Refinery Company (WARCO) Sierra Leone, Ocean and Oil Services, Econet Wireless Nigeria, etc. He is a member of many associations, including the Institute of Directors and also, the Nigerian Bar Association.


2. Augustine Ojunekwu Avuru, Managing Director/CEO Seplat Plc

Augustine Avuru is the managing director one of Nigeria’s leading crude oil exploration companies, Seplat Petroleum Development Corporation Plc. A firm he co-founded and is currently listed on both the London Stock Exchange and the Nigerian Stock Exchange. As expected, being at the helm of affairs of such a big corporation has availed him compensation totalling ₦483 million per annum a meager increase from ₦476 million earned in 2017.Avuru has a degree in Geology, having graduated from the University of Nigeria, Nsukka, in 1980. He also studied for a Postgraduate Diploma in Petroleum Engineering at the University of Ibadan, graduating in 1992. He is a Fellow of the Nigerian Association of Petroleum Explorations, an organization of which he was once the President. Prior to founding Seplat, he worked with the Nigerian National Petroleum Corporation (NNPC), where he worked in various capacities for twelve years, including in positions such as Production Seismologist, Reservoir Engineer, etc.


3. Baker Magunda CEO of Guinness Nigeria Plc

Baker Magunda CEO of Guinness Nigeria Plc who joined Guinness Nigeria from Diageo owned Meta Abo Breweries in Ethiopia in May 2018. Magunda earned an annual salary of ₦461 million in 2018 a significant increase from N186million paid the brewer CEO in 2017. He had his first degree at Makerere University in Uganda and Makerere University Business School. He started his career as a Market Development Manager at Coca-Cola Sabco century bottling company from 1996 till 1999.


4. Joseph Makoju Group CEO Dangote Cement Plc

Joseph Makoju of Dangote Cement Plc earned a total of ₦429 million per annum in 2018. He was appointed to the Board of Dangote Cement in 2010 and became its Acting Group Chief Executive in January 2018. Prior to his appointment, he has worked in several world-class corporations including Shell BP, Blue Circle (UK) and WAPCO (now Lafarge Africa), which he led as Managing Director/CEO for a decade before taking up the appointment as Managing Director/CEO of the National Electric Power Authority.  He also served as Special Adviser (Electric Power) to the President of the Federal Republic of Nigeria, under two separate administrations.


5. Segun Agbaje CEO GTBank plc

With his over nineteen years’ banking experience, Mr. Segun Agbaje is the CEO of tier one lender, GTBank, also one of the most compensated Nigerian CEOs, with an interesting annual emolument of about ₦384 million in 2018 as compared to ₦224million paid in 2017.Agbaje had a stint at Ernst & Young in America before joining GTBank in 1991 as one of the company’s pioneer staff members. He became an Executive Director in 2000, and then a Deputy Managing Director in 2002, before eventually becoming the CEO. Agbaje has an MBA from the University of San Francisco. He is also a Harvard Business School alumnus.


6. Yaw Nsarkoh, MD Unilever Nigeria Plc

Next on the list of top earners is Mr. Nsarkoh, MD Unilever Nigeria Plc, of one of Nigeria’s leading manufacturing companies who takes home a total annual package of ₦330million in 2018 a 50.6 percent increase from what he earned in 2017Nsarkoh has had a long career with Unilever, heading several regional headquarters of the global manufacturing company, particularly in Africa. He has also served as a Strategic Assistant to Unilever’s President for Asia, Africa, Central, and Eastern Europe. Other top positions he has occupied at the company include African Regional Brand Manager, Production Manager for Unilever Ghana, etc.He studied Chemical Engineering at the University of Science and Technology in Kumasi, Ghana. He also holds a Postgraduate Diploma in Management from Henley Management College, Henley-on-Thames, United Kingdom.


7. Mauricio Alarcon, Managing Director/CEO Nestle Nigeria Plc

Alarcon is compensated to the tune of about ₦210million per annum in 2018. He assumed his position in the company on October 1st, 2016. He is a graduate of engineering from Manchester University; class of 1997. And since 1999, he has been under the employ of Nestle global.


8. Akin Akinfemiwa Group CEO Forte Oil Plc

Akinfemiwa is the GMD of Forte Oil, who earns about ₦191 million per annum in 2018. He studied Mechanical Engineering at the University of Ibadan and also studied at the University of Lincolnshire and Humberside for a Master’s in Business Administration, with specialisation in Information Technology. He is also an alumnus of the Said Business School, University of Oxford. Prior to this time, he worked at FSB International Bank Plc as a Business Process Analyst.


9. Jordi Borrut Bel Managing Director/ CEO, Nigerian Breweries Plc.

Jordi Borrut Bel is the CEO of the nation’s biggest brewer, Nigerian Breweries Plc. Borrut earned about ₦190milllion in annual salary in 2018. A significant drop to 340million paid in 2017.Prior to his appointment in January 2018, he was the Managing Director of Brarudi S.A, a Heineken subsidiary in Burundi. He has also held different top management positions of different companies across the world. He is an alumnus of Harvard Business School.


10. Kennedy Uzoka Group Managing Director of United Bank for Africa Plc

Uzoka is the Group Managing Director of United Bank for Africa Plc (UBA) who earned ₦139 million per annum in 2018.Uzoka  has worked at UBA for more than twenty years, a career that has seen him heading different critical departments and portfolios, examples of which include Head of Strategy and Business Transformation, and Head of Resources. He also supervised the bank’s businesses in New York and London.He holds a degree in Mechanical Engineering from the University of Benin, as well as Master’s in Business Administration from the University of Lagos. He also has an AMP from Harvard Business School.


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The remaining two(2) with Mr.Yaw are the only non-Nigerians in this list.

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OP omitted my name, na wa for u oo op I say nawa for u.

My total annual income cannot even pay tithe for any of these guys.

By God's grace I shall join them soonest.

Mark my word!