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Nigeria’s Highest Paid CEOs in 2018



  • Nigeria’s Highest Paid CEOs in 2018

Annual package of Chief Executive Officers (CEOs) is directly proportional to their companies’ performance. In 2018, the top twelve CEOs in Nigeria earned a total of ₦3.638 billion amid strong positive performance. However, the oil sector paid the most during the year, largely due to the positive global oil outlook that saw crude oil reaching as high as $86 a barrel in the second half of 2018.

Below is a comprehensive breakdown of highest-paid CEOs in Nigeria in 2018.

Wale Tinubu, CEO, Oando Plc

Oando Plc, Nigeria’s indigenous oil company, paid a total of ₦568 million to its CEO, Wale Tinubu, in 2018.

Tinubu top the list of 2018 highest paid CEOs of quoted firms in Nigeria despite the headwinds. A 67 percent increase from his 2017 package.

The company declared a profit after tax of ₦28.8 billion for the 2018 financial year and paid 1.73 percent as CEO’s salary.

Augustine Avuru of CEO Seplat Plc

Augustine Avuru of Seplat Plc, another oil company, trailed Wale Tinubu closely with ₦483 million in annual salary in 2018. A slight increase from the ₦476 million he received in 2017.

Baker Magunda of Guinness Nigeria Plc

In the third place is Baker Magunda, the CEO of Guinness Nigeria Plc, who earned an annual salary of ₦461 million in 2018, up from ₦186 million paid to the previous CEO in 2017. Magunda joined Guinness Nigeria from Diageo in May 2018.

Joseph Makoju, CEO, Dangote Cement Plc

The Chief Executive Director of Dangote Cement Plc earned a ₦429 million in 2018, one of the few justified earnings.

Dangote Cement Plc declared profit after tax of ₦390,325 billion in 2018 financial, a 91.1 percent increase from a year ago.

Segun Agbaje, CEO, GTBank plc

Segun Agbaje, the CEO of GTBank, top the chart in the banking sector just like the bank he manages.

The respected CEO, who is at loggerhead with Innoson Motor, took ₦384 million home in 2018, an increase of 43 percent when compared to his ₦224 million paid in 2017.

The bank, however, grew profit after tax to ₦184.6 billion in the same year, up by 10 percent from the ₦167.9 billion generated in 2017.

Yaw Nsarkoh, MD, Unilever Nigeria Plc

Mr. Nsarkoh, who is the Managing Director of Unilever Nigeria Plc, took home a total package of ₦330million in 2018, representing a 50.6 percent increase from his 2017 earnings.

Mauricio Alarcon, CEO, Nestle Nigeria Plc

Nestle paid Mauricio Alarcon ₦210 million in 2018. The Manchester University graduate has been working in the company since 199.

Akin Akinfemiwa, CEO, Forte Oil Plc

The CEO of Forte Oil, AKin Akinfemiwa, earned ₦191 million in 2018. The company owned by Femi Otedola declared profit after tax of ₦7.9 billion for the first half of 2018.

Jordi Borrut Bel, CEO, Nigerian Breweries Plc.

Nigerian Breweries Plc paid Borrut around ₦190milllion in annual salary in 2018. A substantial drop from ₦340 million earned in 2017.

Kennedy Uzoka, MD, United Bank for Africa Plc

The United Bank for Africa Plc paid Uzoka, Managing Director of the bank, ₦139 million per annum in 2018. A reasonable package considering his achievements.

The lender reported a profit after tax of ₦78.6 billion in 2018, up from ₦77.5 billion recorded in 2017. In the first quarter of 2019, the bank commenced full operation in the United Kingdom to better deepen trade between Africa and the rest of the world.

Amir Shamsi, Former MD, Cadbury Nigeria Plc

Amir Shamsi, who was the former Managing Director of Cadbury Nigeria Plc, earned ₦128million per annum in 2018.

Mrs Oyeyimika Adeboye took over as the new Managing Director from Amir Shamsi.

Peter Amangbo, Former MD/CEO, Zenith Bank Plc.

Zenith Bank paid Peter Amangbo, the former Managing Director/CEO of the bank, a total annual package of ₦125 million in 2018.

The tier I bank announced profit after tax of ₦193 billion for the financial year 2018.

The lender recently appointed Kennedy Onyeagwu as its new Group Managing Director/CEO.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Heirs Oil & Gas Announces CEO and Board Appointments



Tony Elumelu

Heirs Oil & Gas (HHOG), the leading African integrated energy company, has announced the appointment of Osayande Igiehon as Chief Executive Officer, effective May 4, 2021, together with a distinguished non-executive board, bringing together leading industry figures, with considerable global and regional experience.

Heirs Holdings Limited’s (HH) portfolio company, HHOG, completed the acquisition of OML17 in January 2021, in one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion. The transaction represents a further implementation of the HH Group strategy of creating the leading integrated energy business in Africa. Through a series of strategic portfolio holdings, HH is executing this strategy. Most recently, affiliate company, Transcorp made a US$300 million acquisition of Afam Power, increasing the Group’s installed electricity generating capacity to 2,000MW.

Mr. Igiehon, who joins from the Royal Dutch Shell (Shell), where he was previously a Vice-President with the Group in the Hague, Netherlands. He brings over twenty-seven years of experience and expertise in the oil and gas sector with Shell, where he held a series of senior management positions. Mr. Igiehon previously served as Chairman and Chief Executive Officer of Shell Gabon, where he led the successful turnaround of the operational, safety and financial performance.

HHOG is also pleased to announce the appointment of the following distinguished private sector and senior industry leaders to the Board:

  • Tony O. Elumelu, CON is the Chairman of Heirs Holdings, the United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Founder of the Tony Elumelu Foundation.
  • Sally Udoma who previously served as general counsel for Chevron Europe, Eurasia, and the Middle East Exploration and Production. Previously, she was general counsel for Sasol Chevron Consulting Limited and managing counsel at the London Legal Service Centre for Chevron Global Upstream and Gas. She has also served as general counsel and general manager for Chevron Nigeria Limited.
  • Anil Dua is a founding partner at Gateway Partners Limited, a private equity fund specialising in dynamic growth markets including Africa, the Middle East and Asia. Prior to this, Mr. Dua worked for over thirty-five years with Standard Chartered Bank in Asia, Africa, Europe and the US, where he held various roles including Regional CEO West Africa and Regional Head of Origination and Client Coverage, Africa.
  • Ahmadu Kida Musa who previously served as Deputy Managing Director of Total Exploration and Production Nigeria Limited, has over thirty-two years of experience in the Oil and Gas industry and brings considerable expertise in Nigerian oil and gas.
  • Stanley Lawson currently serves on the board of Transnational Corporation of Nigeria Plc. He is Managing Partner at Financial Advisory & Investment Consultants Ltd. Dr Lawson previously occupied the position of Group Executive Director-Finance & Accounts at Nigerian National Petroleum Corp.
  • Samuel Nwanze is the Chief Finance Officer at Heirs Oil and Gas. Prior to this he was the Chief Investment Officer at Heirs Holdings responsible for investment and capital management.

Commenting, Mr. Igiehon stated: “HHOG represents an extraordinary opportunity, to create Africa’s first true integrated energy company, with a mission to ensure that Africa’s natural resources are directed toward value creation in Africa, powered by sustainable, robust and abundant African energy. I am excited to join the Heirs Oil and Gas leadership team and look forward to the opportunity to transform the energy sector, purposefully address Africa’s energy needs and improve the lives of people across Africa.”

The Chairman of the Board, Tony O. Elumelu, CON, stated: “I am delighted to welcome our new board members. We are building a role model institution for African businesses and our investment in human capital is a further strong demonstration of our intent. The regional and global expertise of our board members will serve to further drive value creation to our continent, as we execute our goal of becoming Africa’s largest, indigenous, integrated, energy company.”

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CHI Limited Celebrates Its Maiden Hollandia Dairy Day



Nigeria’s leading dairy brand, Hollandia, is set to hold the maiden edition of its Hollandia Dairy Day. The event which will be celebrated on the 18th of May 2021 will provide a veritable platform to drive the national discourse on the unrivaled health and nutrition benefits of dairy consumption to people of all ages.

Set to be hosted as a conference, the theme of this year’s event is “Dairy Nourishment to Support Healthy Living”, and it focuses on the vital role dairy consumption plays in our everyday nourishment, its benefit to our overall health, and why dairy products should be included in our diets every day.

This conference, which is designed as a hybrid of the physical and virtual events, will feature presentations, interviews and panel discussions from health experts and nutritionists as they provide insights and share perspectives to guide informed decisions about dairy consumption as part of a daily balanced diet. The event is opened to the public through the brand’s multiple social media platforms.

According to a report by the Food and Agriculture Organisation of the United Nations, 2019, Nigeria has low dairy consumption levels per head – 15 to 20 liters per capita consumption. This is partly attributable to the low purchasing power of the average Nigerian household, who rank milk and dairy products as non-essential luxuries and prioritize other staple foods such as rice, beans, and yam.

By provoking the conversations and stimulating public action/intervention, Hollandia aims to drive consciousness for dairy consumption and its importance to achieving optimum health, and to get many more Nigerians drinking, using, and consuming dairy products.

The past year has presented unprecedented shocks and disruptions, including a global COVID-19 pandemic. As communities throughout the world look for ways to minimize the risk of COVID-19, maintaining and boosting good health is top of mind for many. Dairy foods such as milk and yogurt contain essential nutrients, including Vitamins A and D, Zinc and Protein, which support immune function.

The Hollandia Dairy Day Conference is a public interest initiative created to highlight the importance of dairy in everyday nutrition and healthy living in Nigeria.

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Nokia Launches Blockchain-Powered Data Marketplace For Secure Data Trading and AI Models




Nokia today announced the launch of the Nokia Data Marketplace as-a-service to facilitate secure sharing of data and AI models, enabling digital transformation and data monetization for enterprises.

As data volumes continue to surge, AI and machine learning are increasingly crucial in business decision making. Nokia Data Marketplace is designed to help enterprises and communications service providers (CSPs) use data in strategic decision making, by providing real-time access to massive trusted datasets.

The new service also enables enterprises and CSPs to become data marketplace providers themselves, by monetizing data exchanges between customers or business ecosystem participants.

Nokia Data Marketplace ensures trusted data exchange and authorization mechanisms. This enables a wide range of vertical use cases, including electric vehicle charging, environmental data monetization, supply-chain automation and preventative maintenance powering numerous vertical segments, including transportation, ports, energy, smart cities and healthcare.

Friedrich Trawoeger, Vice President, Cloud and Cognitive Services at Nokia, said: “Our customers need secure and trusted access to data for effective business decision making. With Nokia Data Marketplace, enterprises and CSPs can now benefit from richer insights and predictive models to drive digital ways of working and tap into new revenue streams.”

Nokia Data Marketplace accelerates AI initiatives through federated learning. This approach, combined with orchestration capabilities, facilitates the collaborative development of highly accurate machine learning models for analytics use cases. It also meets the growing demand for a platform that can efficiently apply AI and machine learning algorithms to in situ data.

Nokia Data Marketplace complements Nokia Worldwide IoT Network Grid (WING), which offers global IoT connectivity and vertical applications. For example, Nokia WING’s asset tracking solution is enriched by Nokia Data Marketplace’s blockchain to provide secure and automated data exchange and transactions between logistics’ ecosystem partners for faster turnaround.*

Kaladhar Voruganti, Senior Fellow, Office of the CTO at Equinix, said: “Nokia Data Marketplace combined with Equinix data centers allows organizations to share data and algorithms globally at more than 240 metro edge locations. Our Metal platform augments this to provide secure, proximate, on-demand infrastructure to enterprises and government agencies. Sharing and processing of data close to its point of creation mitigate issues related to latency, compliance, and network backhaul cost. These neutral and secure edge locations are connected via high-speed and secure networks to data sources spanning across public clouds, private enterprise data centers and data brokers.”

Wouter van Neerbos, Chief Executive Officer at Marlin, said: “Through automated data exchange among shipping participants, Nokia brings us the transparency and operational efficiency required in our global marine supply chain. This reduces waiting time for shipping participants in the marine ecosystem, enables faster turnaround for ships, and reduces our costs.”

Justin van der Lande, the Principal Analyst at Analysys Mason, said: “Data is the energy needed to run all future business; critical to their success in creating the best AI-based insights and needs access to the largest data sets. Data sharing between enterprise partners is vital in building complete data sets. Facilitating data sharing using a secure platform, such as Nokia’s blockchain-based Data Marketplace, accelerates enterprises’ building of new data sets and creates richer business partnerships for them.”

Nokia is leading the development of security, privacy, and trust mechanisms as part of a consortium that was recently awarded the DEDICAT 6G project by the European Union. Nokia Data Marketplace inclusion in this project focuses on creating an AI and blockchain-enabled security framework and trust management platform for IoT applications running on B5G (Beyond 5G) networks.

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