‘Executive Directors Earned N755m as Compensation in 2021’ – NGX

The Nigerian Exchange Group PLC (NGX) have revealed that three Executive Directors earned N754.87 million as compensation in 2021.

According to the NGX, the amount paid to the executive directors was a 78.41% increase from the N423.12 million compensation received by the executive directors in 2020. The update is contained in the group’s full-year results for 2021.

The report also implies that the executive directors, in 2020, took home as compensation, N141.04 million each and N251.6 each in 2021.

According to the group, the “Executive compensation relates to compensation paid to Chief Executive Officer and Executive Directors who are not Board members.” The Group also explained that it had three executive directors in 2021  and 26 management staff for the second consecutive year.

However, the report by the group also discloses that the non-management staff of the NGX in 2021 dropped to 176 from 241 recorded in 2020.

The executive committee members of the group include its Group Managing Director/Chief Executive Officer, Mr Oscar Onyema; Chief Executive Officer, NGX, Mr Temi Popoola and Chief Executive Officer, NGX REGCO, Ms Tinuade Awe.

Investors King also discovered that in the 2021 financial year report, sitting allowances of NGX directors dropped by 4.7 per cent to N56.74 million, from the N59.55 million reported in 2020 while the remuneration disbursed to the board members (excluding pension and reimbursable allowances) increased by 68.2 per cent to N811.6 million in 2021, from the N482.66 million reported in 2020.

The report also reveals that the Chairman of the board, Otunba Abimbola Ogunbanjo received N6.6 million as remuneration in 2021, which was also an increase of 33.3 per cent from the N4.9 million received in 2020.

Salaries and allowance reports by the Group also rose by 2.5 per cent to N3.03 billion in 2021, against N2.96 billion in 2020.

In total, the group reported N2.25 billion in profit which represented a 22% increase from the N1.84 billion reported in 2020, even though revenue grew by 14.9 per cent to N5.78 billion from N5.03 billion in 2020.

The MD/CEO revealed that the NGX Group focused on formulating and executing the strategy of the Holding company in 2021, which includes building multiple businesses across the entire capital market value chain with diversified revenues as well as strategic and operational flexibility.

Investors King recalls that the Nigerian Stock Exchange (NSE) in 2021 was demutualised to allow the sale of its shares to investors and be listed for trading. This resulted in the creation of a new non-operating holding company, the Nigerian Exchange Group Plc (NGX Group) which Onyema serves as its Group Chief Executive Officer (GCEO,
The listing mandated full disclosure of the Group’s accounts to the investors and general public.