Top 10 highest paid CEOs in Nigeria 2025

Listed Nigerian corporates delivered mixed but generally stronger financial performances in 2025, with several major firms posting revenue expansion, profitability rebounds and stronger operational recovery.

From oil and gas to telecoms, cement, banking, consumer goods and breweries, executive pay reflected the size of these companies, the complexity of their operations, and in many cases, their financial performance during the year.

These support the wide disparity in executive compensation across sectors, with energy and telecom executives earning materially more than peers in manufacturing and banking.

CEO pay reflects total annual emoluments disclosed in each company’s audited financial statements, including salary, bonuses, allowances, pension contributions and other disclosed compensation, excluding non-cash share-based adjustments where separately reported.

Where CEO transitions occurred, remuneration figures represent total compensation for the office and may cover both former and current chief executives.

Given the distinct reporting structure of financial institutions, the performance figure is captured as gross earnings, while non-bank companies are assessed using revenue. Based on the data reviewed, the top 10 CEOs collectively received about N13.8 billion in 2025.

Here are the top 10 CEOs who received the highest pay in 2025. 

Girish Sharma, Guinness Nigeria Plc (N324 million)

Girish Sharma, Managing Director/CEO of Guinness Nigeria Plc, received N324 million in 2025, compared with N756 million in 2024. Although his compensation declined year-on-year, the company recorded a strong financial rebound during the period.

Guinness Nigeria posted revenue of N471.2 billion in 2025, up from N299.5 billion in 2024, representing a 57.34% increase. Profit after tax also recovered strongly to N41.5 billion, compared with a loss of N54.8 billion in 2024.

Sharma brings strong consumer goods experience to the role. He holds an MBA in Marketing from the University of Kent and has completed executive leadership programmes at Harvard, Stanford and Cambridge. Before joining Guinness Nigeria, he was CEO of Tolaram’s joint venture with Colgate-Palmolive, where he helped deliver strong revenue growth. He also served as Chief Operating Officer of Dufil, where he oversaw the expansion of Indomie into a household brand in Nigeria and Ghana.

Adaora Umeoji, Zenith Bank Plc (N367 million)

Adaora Umeoji, Group Managing Director/CEO of Zenith Bank Plc, received N367 million in 2025, up from N174 million in 2024. Her compensation increased significantly in a year when Zenith Bank remained one of Nigeria’s biggest and most profitable lenders.

Zenith Bank recorded gross earnings of N4.19 trillion in 2025, compared with N3.97 trillion in 2024, representing a 5.57% increase. Profit after tax stood at N1.04 trillion, slightly above the N1.03 trillion recorded in 2024.

Umeoji’s emergence as CEO marked a historic moment for the bank, as she became the first woman to lead Zenith Bank. She has nearly three decades of banking experience, including over 20 years in executive management at Zenith Bank. She is also the Chairperson of Zenith Bank UK and a non-executive director of Zenith Bank Ghana.

Her academic profile spans several leading institutions, including Harvard Business School, Oxford, Columbia Business School, MIT Sloan, Wharton and the University of Salford. She also holds degrees in sociology, accounting and law, as well as an MBA and a doctorate in business administration.

Beyond banking, she is known for philanthropy through the Pink Breath Cancer Care Foundation and the Adorable Foundation.

Yusuf Haliru Binji, BUA Cement Plc (N371 million)

Yusuf Haliru Binji, Managing Director/CEO of BUA Cement Plc, received N371 million in 2025, compared with N281 million in 2024. His pay rose in a year when BUA Cement delivered one of the strongest profit jumps among major listed industrial companies.

BUA Cement’s revenue increased to N1.18 trillion in 2025, up from N876.5 billion in 2024, representing 34.57% growth. Profit after tax surged to N356.0 billion, compared with N73.9 billion in 2024, reflecting a 381.72% increase.

Binji holds a degree in Chemical Engineering from Ahmadu Bello University, Zaria, and a master’s degree in Chemical Process Engineering from University College, University of London. He has over 28 years of experience across companies, including Cement Company of Northern Nigeria, BUA International and Obu Cement, giving him deep industry knowledge in cement manufacturing and operations.

Segun Agbaje, Guaranty Trust Holding Company Plc (N485 million) 

Segun Agbaje, Group Chief Executive Officer of Guaranty Trust Holding Company Plc, received N485 million in 2025, despite softer profitability relative to the prior year.

GTCO posted gross earnings of N2.15 trillion in 2025, almost unchanged from N2.148 trillion in 2024. However, profit after tax declined to N865.7 billion, compared with N1.02 trillion in 2024, representing a 14.94% decline.

Agbaje has over 30 years of experience in investment, commercial and international banking. He holds a bachelor’s degree in Accounting and an MBA from the University of San Francisco, and is also an alumnus of Harvard Business School. Before becoming Group CEO of GTCO in 2021, he served as Managing Director/CEO of Guaranty Trust Bank from 2011 to 2021.

During his time leading GTBank, the bank’s customer base grew from less than 3 million to over 24 million, while profit before tax rose significantly. As GTCO’s Group CEO, he now oversees the group’s banking businesses as well as its expansion into payments, asset management and pension fund administration.

Lolu Alade-Akinyemi, Lafarge Africa Plc (N711 million)

Lolu Alade-Akinyemi, Group Managing Director/CEO of Lafarge Africa Plc, received N711 million in 2025, up from N515 million in 2024. His compensation increased as Lafarge Africa crossed the N1 trillion revenue mark.

The cement manufacturer recorded revenue of N1.07 trillion in 2025, compared with N696.8 billion in 2024, representing 53.04% growth. Profit after tax also rose sharply to N273.1 billion, up from N100.1 billion in 2024, a 172.72% increase.

Alade-Akinyemi became GMD/CEO of Lafarge Africa in July 2023 after previously serving as the company’s Chief Financial Officer and Supply Chain Director. He has over 25 years of experience across finance, supply chain, sales and business development, with previous roles at PZ Cussons, Coca-Cola and ExxonMobil.

He holds a degree in Economics from the University of Essex and an MBA from Edinburgh Business School, and has attended executive programmes at INSEAD, IMD and IVEY Business School. He also serves as Chairman of Ashakacem Limited and sits on the advisory board of the Climate Governance Initiative Nigeria.

Wassim Elhusseini, Nestlé Nigeria Plc (N874 million) 

Wassim Elhusseini, Managing Director/CEO of Nestlé Nigeria Plc, annual compensation rose to N874 million in 2025, compared with N831 million in 2024. His pay increased in a year when Nestlé Nigeria returned to profitability after a difficult 2024.

Nestlé Nigeria recorded revenue of N1.21 trillion in 2025, up from N958.8 billion in 2024, representing 25.97% growth. Profit after tax rebounded to N105.0 billion, compared with a loss of N164.6 billion in 2024.

Elhusseini joined Nestlé Kuwait in 2002 and built his career across sales, category development and country management roles in the Middle East. He later became Sales Director for Nestlé Middle East and played a role in the creation of the MENA region, covering 16 countries. He was appointed Managing Director of Nestlé Nigeria in September 2020.

Thibaut F. B. Boidin,Nigerian Breweries Plc (N1.29 billion) 

Nigerian Breweries Plc recorded CEO pay of N1.29 billion in 2025, compared with N1.14 billion in 2024. The year also featured a leadership transition, with Thibaut F. B. Boidin taking over as Managing Director/CEO after Hans Essaadi concluded his tenure.

The brewer recorded revenue of N1.47 trillion in 2025, up from N1.08 trillion in 2024, representing 35.32% growth. Profit after tax rebounded to N99.1 billion, compared with a loss of N145.0 billion in 2024.

Boidin was appointed Managing Director/CEO and board member of Nigerian Breweries effective July 1, 2025. He joined the HEINEKEN Group in 2017 as Deputy CEO of France Boissons before taking on transformation roles in France and Europe. Before his Nigerian appointment, he was Managing Director of HEINEKEN Romania. Earlier in his career, he served as an officer in the French Armed Forces and later held senior roles at companies including Elis and Veolia.

Arvind Pathak, Dangote Cement Plc (N1.66billion)

Arvind Pathak, Group Managing Director/CEO of Dangote Cement Plc, received N1.659 billion in 2025, compared with N1.583 billion in 2024. His compensation placed him among the highest-paid executives in Nigeria’s listed companies.

Dangote Cement recorded revenue of N4.31 trillion in 2025, compared with N3.58 trillion in 2024, representing 20.28% growth. Profit after tax doubled to N1.01 trillion, from N503.2 billion in 2024, reflecting 101.67% growth.

Pathak is a seasoned cement industry executive who became Group Managing Director/CEO of Dangote Cement in January 2023. He previously served as Deputy Group Managing Director and Group Chief Operating Officer at Dangote Cement, and also held leadership roles at Birla Corp, Adani Enterprises and Reliance Cement. He holds a postgraduate degree in Business Administration and Management from the Indian Institute of Management Mumbai and an engineering degree from the Indian Institute of Technology, Banaras Hindu University.

Karl Toriola, MTN Nigeria (N2.91billion)

Karl Toriola, CEO of MTN Nigeria, received N2.907 billion in 2025, compared with N3.143 billion in 2024. Although his pay declined year-on-year, he remained one of the highest-paid CEOs among listed Nigerian firms.

MTN Nigeria recorded revenue of N5.20 trillion in 2025, up from N3.358 trillion in 2024, representing 54.92% growth. The company also returned to profit, recording N1.11 trillion in profit after tax, compared with a N399.4 billion loss in 2024.

Toriola first joined MTN Nigeria as Chief Technical Officer in 2006 and later held several senior roles across MTN Group, including in the West and Central Africa region and MTN Cameroon. He has over 24 years of experience across telecoms and technology, with previous roles at Vmobile Nigeria, Ericsson Nigeria and Ericsson Switzerland. He holds a degree in Electronic and Electrical Engineering from Obafemi Awolowo University and a master’s degree in Communication Systems from the University of Wales, Swansea.

Roger Brown, Seplat Energy Plc (N4.79 billion) 

Roger Brown, Chief Executive Officer of Seplat Energy Plc, topped the list with N4.79 billion in CEO pay for 2025, compared with N3.91 billion in 2024.

Seplat Energy recorded revenue of N4.14 trillion in 2025, up from N1.65 trillion in 2024, representing 150.39% growth. Profit after tax also rose to N241.6 billion, compared with N207.9 billion in 2024, reflecting 16.22% growth.

Brown joined Seplat as Chief Financial Officer in 2013 and became CEO in August 2020. A qualified chartered accountant, he has over 25 years of experience in finance, emerging markets, energy and infrastructure transactions. Before joining Seplat, he was Managing Director of Oil and Gas EMEA at Standard Bank Group. His background in M&A, debt and equity capital markets has been central to Seplat’s growth and expansion in Nigeria’s energy sector.