Top 10 highest-paying NGX companies by employees salaries in 2025

Companies listed on the Nigerian Exchange paid out significant sums in employee wages and salaries in 2025, with the ten highest-spending firms collectively disbursing approximately N2.13 trillion in staff compensation during the year.

The data was compiled by Nairametrics Research from the audited financial statements and annual reports of companies listed on the Nigerian Exchange.

Wages and salaries figures used in this analysis reflect amounts disclosed under that specific line item in company financial statements.

Pension contributions and other employee-related costs disclosed separately are not included.

Six of the top 10 companies are financial institutions, with the remaining spots taken by firms from the industrial goods, construction, oil and gas, and telecommunications sectors.

For financial institutions, revenue performance is assessed using gross earnings, while non-bank companies are evaluated on revenue, reflecting differences in how income is structured across sectors.

While nominal salary costs rose sharply across most firms, part of the increase reflects inflationary wage adjustments and naira depreciation pressures, particularly for firms with dollar-linked compensation structures.

Here are the top 10 companies that paid the highest wages and salaries in 2025 

Note: Average wage per employee is computed by dividing total wages and salaries by the disclosed workforce figure for each company. Monthly figures are derived by dividing the annual average by 12. Salary band figures are annual unless otherwise stated. 

MTN Nigeria Communications Plc (N88.84 billion)

MTN Nigeria Communications Plc paid a total of N88.84 billion in staff salaries in 2025, up from N71.77 billion in 2024, a 23.80% increase.

With a workforce of 2,001 employees, this works out to an average annual salary of N44.40 million per employee, or roughly N3.70 million per employee every month. The 2024 average was N37.54 million annually, or N3.13 million per month.

MTN Nigeria’s total wage bill represented 1.71% of its revenue of N5.20 trillion in 2025, meaning the company spent N1.71 for every N100 it earned on staff salaries. Profit after tax rose to N1.11 trillion in 2025, from a loss position of N400.44 billion in 2024.

Salary band data shows that 32.9% of MTN’s employees – 659 out of 2,001 – earned above N29.5 million annually in 2025, meaning their monthly take-home exceeded N2.46 million. That proportion was 17.5% in 2024.

At the other end, only 6 employees out of 2,001 – 0.3% of the workforce – fell in the lowest disclosed band of N3 million to N4.5 million annually, equivalent to N250,000 to N375,000 per month. This suggests that the vast majority of MTN’s employees earned above N4.5 million a year in 2025.

Seplat Energy Plc (N96.81 billion)

Seplat Energy Plc paid N96.81 billion in staff salaries in 2025, up from N71.72 billion in 2024, a 34.98% increase. Its workforce stood at 1,506 employees, producing an average annual salary of N64.28 million per employee, the highest average in the entire ranking.

In monthly terms, that is approximately N5.36 million per employee every month. The 2024 average was N49.60 million annually, or N4.13 million per month.

Seplat’s wage bill represented 2.34% of its revenue of N4.14 trillion in 2025, meaning the company spent N2.34 for every N100 it earned on staff salaries. Profit after tax rose to N241.58 billion from N207.87 billion in 2024, a 16.22% increase. Seplat is the only company in the top 10 that denominates its staff salaries in US dollars.

The most common salary range in 2025 was $80,001 to $200,000 per year, which based on the naira equivalents disclosed in Seplat’s financial statements translates to roughly N121.4 million to N303.4 million annually, or approximately N10.1 million to N25.3 million per month.

A total of 780 employees, representing 51.8% of the workforce, earned within this range in 2025, up from 425 in 2024.

At the top end, 79 employees – representing 5.2% of the workforce – earned above $300,000 a year, down from 176 in 2024.

At the lower end, 306 employees – 20.3% of the workforce – earned less than $80,000 annually (below N121.4 million, or roughly N844,000 per month).

Stanbic IBTC Holdings Plc (N110.09 billion)

Stanbic IBTC Holdings Plc paid N110.09 billion in staff salaries in 2025, up from N81.72 billion in 2024, a 34.71% increase. With 3,374 employees on its payroll, the average annual salary per employee was N32.63 million, which translates to approximately N2.72 million per employee every month.

The 2024 average was N25.20 million annually, or N2.10 million per month.

Stanbic IBTC’s wage bill represented 9.68% of its gross earnings of N1.14 trillion in 2025, meaning the company spent N9.68 for every N100 it earned on staff salaries.

Profit after tax rose to N380.80 billion from N225.31 billion in 2024, a 69.01% increase.

Of all the companies in the top 10, Stanbic IBTC has the highest concentration of employees in the upper salary range. In 2025, 88.4% of its staff – 2,984 out of 3,374 employees, or nearly nine in ten – earned N6 million or more annually, meaning their monthly pay was at least N500,000.

At the lower end, just 7 employees – 0.2% of the workforce – fell in the lowest disclosed band of N3,000,001 to N4,000,000 annually, equivalent to N250,000 to N333,333 per month. Not a single employee earned below N3 million for the year.

Guaranty Trust Holding Company Plc (N110.39 billion)

Guaranty Trust Holding Company Plc paid N110.39 billion in staff salaries in 2025, up from N88.69 billion in 2024, a 24.47% increase.

With 5,976 employees, the average annual salary per employee was N18.47 million, equivalent to approximately N1.54 million per employee per month. The 2024 average was N15.28 million annually, or N1.27 million per month.

GTCO’s wage bill represented 5.13% of its gross earnings of N2.15 trillion in 2025, meaning the company spent N5.13 for every N100 it earned on staff salaries.

Profit after tax declined to N865.75 billion from N1.02 trillion in 2024, a 14.94% decrease.

GTCO did not publish a staff salary band breakdown in its 2025 annual report.

Julius Berger Nigeria Plc (N156.81 billion)

Julius Berger Nigeria Plc paid N156.81 billion in staff salaries in 2025, up from N154.08 billion in 2024, a 1.77% increase – the smallest year-on-year rise among the top 10. The company had 8,859 employees in 2025, down from 9,419 in 2024.

Average annual salary per employee was N17.70 million, or about N1.48 million per month. The 2024 average was N16.36 million annually, equivalent to N1.36 million per month.

Julius Berger’s wage bill represented 20.64% of its revenue of N759.87 billion in 2025, the highest salary-to-revenue ratio in the entire ranking, meaning the company spent N20.64 for every N100 it earned on staff salaries. Profit after tax rose to N30.17 billion from N15.51 billion in 2024, a 94.54% increase.

Salary band data shows that 45.3% of Julius Berger’s employees – about 4,017 staff – earned above N3 million annually in 2025, meaning their monthly pay exceeded N250,000.

At the lower end, 212 employees – representing 2.4% of the workforce – earned up to N500,000 for the full year, or roughly N41,667 per month, down from 907 employees in that band in 2024.

Zenith Bank Plc (N181.07 billion)

Zenith Bank Plc paid N181.07 billion in staff salaries in 2025, up from N137.69 billion in 2024, a 31.51% increase. The bank had 10,397 employees in 2025, and the average annual salary per employee was N17.42 million, which works out to approximately N1.45 million per employee per month.

The 2024 average was N14.85 million annually, or N1.24 million per month.

Zenith Bank’s wage bill represented 4.32% of its gross earnings of N4.19 trillion in 2025, meaning the company spent N4.32 for every N100 it earned on staff salaries. Profit after tax was broadly flat at N1.04 trillion, compared with N1.03 trillion in 2024, a 0.74% rise.

Salary band data shows that 53.2% of Zenith Bank’s employees – 5,528 out of 10,397 – earned N9 million or more annually in 2025, meaning more than half the workforce took home at least N750,000 per month. That share was 43.8% in 2024.

At the lower end, 89 employees – representing 0.9% of the workforce – fell in the lowest disclosed band of N300,001 to N2,000,000 annually, equivalent to N25,000 to N166,667 per month, down from 109 employees in that band in 2024.

Dangote Cement Plc (N259.52 billion)

Dangote Cement Plc paid N259.52 billion in staff salaries in 2025, up from N232.78 billion in 2024, an 11.49% increase. With 21,418 employees, Dangote Cement is by far the largest employer in the top 10.

The average annual salary per employee was N12.12 million, or approximately N1.01 million per month. The 2024 average was N10.75 million annually, equivalent to about N896,000 per month. At N12.12 million, Dangote Cement also records the lowest average annual salary per employee in the ranking.

Dangote Cement’s wage bill represented 6.03% of its revenue of N4.31 trillion in 2025, meaning the company spent N6.03 for every N100 it earned on staff salaries. Profit after tax more than doubled to N1.01 trillion from N503.25 billion in 2024, a 101.67% increase.

Salary band data shows that only 24.6% of its employees – about one in four – earned above N2 million annually in 2025, meaning three quarters of the workforce earned N2 million or less per year, or about N167,000 or less per month.

The most common salary range was N1 million to N1.25 million annually, which covered 8,583 employees – 40.1% of the entire workforce – earning between N83,334 and N104,167 per month.

At the lower end, 135 employees – representing 0.6% of the workforce – earned up to N250,000 for the entire year, or less than N20,833 per month.

FirstHoldCo Plc (N304.76 billion)

FirstHoldCo Plc paid N304.76 billion in staff salaries in 2025, up from N229.10 billion in 2024, a 33.02% increase. Its workforce grew from 9,948 to 10,909 employees during the year. The average annual salary per employee was N27.94 million, equivalent to approximately N2.33 million per month. The 2024 average was N23.03 million annually, or N1.92 million per month.

FirstHoldCo’s wage bill represented 8.87% of its gross earnings of N3.44 trillion in 2025, meaning the company spent N8.87 for every N100 it earned on staff salaries. Profit after tax declined to N139.48 billion from N677.01 billion in 2024, a 79.40% decrease.

Salary band data shows that 76.4% of FirstHoldCo’s employees – 8,338 out of 10,909, or more than three in four – earned N9 million or more annually in 2025, meaning their monthly pay was at least N750,000. That figure was 50.6% in 2024.

The N5.5 million to N6.5 million annual salary band accounted for 19.6% of the workforce in 2024 with 1,949 employees but shrank to just 108 employees – 1.0% of the workforce – in 2025.

At the lower end, the below-N2 million band grew from 252 employees in 2024 to 635 in 2025, accounting for 5.8% of the total workforce, meaning these employees earned less than N166,667 per month.

United Bank for Africa Plc (N359.33 billion)

United Bank for Africa Plc paid N359.33 billion in staff salaries in 2025, up from N297.60 billion in 2024, a 20.74% increase. With 10,814 employees, the average annual salary per employee was N33.23 million, which translates to approximately N2.77 million per employee per month. The 2024 average was N31.95 million annually, or N2.66 million per month.

UBA’s wage bill represented 11.63% of its gross earnings of N3.09 trillion in 2025, meaning the company spent N11.63 for every N100 it earned on staff salaries. Profit after tax fell to N404.70 billion from N766.57 billion in 2024, a 47.21% decrease.

Salary band data shows that 46.3% of UBA’s employees – 5,008 out of 10,814 – earned N9 million or more annually in 2025, meaning their monthly pay was at least N750,000. That figure was 26.4% in 2024, so the share of staff in the top band nearly doubled within the year.

At the lower end, 924 employees – representing 8.5% of the workforce – fell in the lowest disclosed band of N300,001 to N2,000,000 annually, meaning their monthly pay ranged from N25,000 to N166,667 per month.

Access Holdings Plc (N459.80 billion)

Access Holdings Plc paid the highest staff salary bill among all NGX-listed companies in 2025, disbursing N459.80 billion in total employee wages and salaries during the year, a 28.57% increase from N357.62 billion in 2024.

With 9,960 employees, the average annual salary per employee was N46.16 million, or approximately N3.85 million per employee per month. The 2024 average was N40.01 million annually, equivalent to N3.33 million per month.

Access Holdings’ wage bill represented 8.32% of its gross earnings of N5.53 trillion in 2025, meaning the company spent N8.32 for every N100 it earned on staff salaries. Profit after tax rose to N743.04 billion from N642.22 billion in 2024, a 15.70% increase.

Salary band data shows that 7.7% of Access Holdings’ employees – 764 out of 9,960 – earned above N45.3 million annually in 2025, meaning their monthly pay exceeded N3.78 million.

At the lower end, 48 employees – 0.5% of the workforce – fell in the lowest disclosed band of N900,001 to N1,990,000 annually, earning between N75,000 and N165,833 per month.

What you should know  

In a recent article published by Nairametrics, the ten highest-paid CEOs on the Nigerian Exchange collectively received approximately N13.8 billion in 2025.

• The top spot went to the CEO of Seplat Energy, followed by the chief executives of MTN Nigeria and Dangote Cement, with the three accounting for more than two-thirds of the total N13.8 billion paid to the top 10 CEOs.
• Eight of the top 10 CEOs saw their pay rise year-on-year, with the chief executives of Zenith Bank and BUA Cement recording some of the steepest increases.
• Energy and telecoms executives earned materially more than peers in banking, manufacturing and consumer goods.