Here’s a look at what some of Nigeria’s highest-paid CEOs earn – all the CEOs listed here work in the banking and oil industries, according to a Leadership Newspapers report in AllAfrica.
Both industries are required to provide some degree of transparency in Nigeria, which is why this information is available to the public.
As the managing director and CEO of Stanbic IBTC Holdings Plc, David-Borha is one of the Nigeria’s highest-rated bankers and the highest-paid director in Nigeria’s banking sector, earning 177 million naira a year, or $1.12 million.
David-Borha rose through the ranks in banking, overseeing corporate finance, corporate banking, projects and structure finance, asset management and private banking before she became CEO of Stanbic.
Mobil Oil Nigeria is one of Nigeria’s major petroleum products marketing companies. As its CEO, Tunji Oyebanji earns 85 million naira, or $540,000.
He is credited with helping turn the company’s fortunes around and helping it grow. Mobil runs more than 200 retail outlets in Nigeria and owns three plants where lubricants, petroleum jelly and insecticides are manufactured.
The managing director and CEO of Guaranty Trust Bank, Olusegun Agbaje helped found the bank in 1990 with Tayo Aderinokun, who died in 2011. Agbaje’s annual take-home pay is 77 million naira – $485,000. The bank promotes itself as “the biggest and most profitable bank in Nigeria” and one of the largest companies on the shores of West Africa, according to Leadership Newspapers in AllAfrica.
Wale Tinubu is the second-highest paid CEO in the oil sector, earning 69 million naira, or $430,000.
He is CEO of a company hailed as Africa’s leading indigenous energy solutions provider. It’s listed on the Nigeria and Johannesburg stock exchanges.
Tinubu has won several awards including being named Africa’s Business Leader of the Year by the African Business Magazine and the Commonwealth Council for contributions to the development of the African oil and gas industries in 2010. He won the same award in 2011 from the African Investor.
Forte Oil (formerly African Petroleum) is a major indigenous marketer of refined petroleum products in the 36 Nigerian states. CEO Akinfemiwa earns 64 million naira, or $403,000.
Akinfemiwa worked in banking before going into oil. He served as the CEO of Sky Bank and his expertise covers strategic planning and management, corporate banking, project financing, leadership and advisory services. He also served as managing director and CEO of Prudent Bank.
Forte Oil is a public liability company with more than 500 dealer-assisted and dealer-developed retail outlets in Nigeria.
Phillips Oduoza is CEO of United Bank for Africa and one of the highest-paid CEOs in banking. He earned 57 million naira, or $359,000 as of 2010 when stepped into the role after serving as deputy managing director from 2005. He also worked as an executive director of the now-defunct Standard Trust Bank.
Jubril Aku has been managing director at Ecobank since March 2010 after serving as acting treasurer at Citibank, Tanzania and as country treasurer at Citibank Nigeria.
In Ecobanks’ financial transparency report 2009, it said it paid its CEO 88 million naira – $554,000 – but the bank reported lowering the CEO’s pay to 38 million naira – $239,000 – perhaps as a measure against financial stress, Leadership Newspapers reported, according to AllAfrica.
Aku’s academic ability earned him First Bank of Nigeria’s prize for the Best Graduating Student in Banking and Finance at Ahmadu Bello University, where he graduated in 1986.
