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Women Breaking Barriers: Nigeria’s Highest-Earning Female CEOs on the Rise

Here are the highest-earning Nigerian CEOs. Leading the pack of high-earning female CEOs is Nneka Onyeali-Ikpe, the CEO of Fidelity Bank Plc. 



Fidelity Bank MD - Mrs Nneka Onyeali-Ikpe

Gone are the days when the top echelons of companies were almost exclusively filled by men as more companies continue to boast female chief executive officers (CEOs) who are making their mark and reshaping the business landscape.

Here are Nigeria’s highest-earning female CEOs. Leading the pack of high-earning female CEOs is Nneka Onyeali-Ikpe, the CEO of Fidelity Bank Plc.

Nneka Onyeali-Ikpe, the CEO of Fidelity Bank Plc (Earned N110 million)

Onyeali-Ikpe, with her impressive track record of over 30 years in the banking sector, earned a staggering N110 million in 2022, maintaining her earnings from the previous year.

Assuming office as the managing director and CEO of Fidelity Bank on January 1, 2021, she succeeded Nnamdi Okonkwo.

Prior to her current role, she served as an executive director, overseeing the bank’s business in the South West region of Nigeria.

Onyeali-Ikpe’s leadership prowess has propelled her to the top of the earnings ladder, inspiring aspiring female leaders across the nation.

Owen Omogiafor: Driving Success at Transnational Corporation Plc (Earned N90 million )

Another remarkable figure among Nigeria’s highest-paid female CEOs is Owen Omogiafor, the president and CEO of Transnational Corporation Plc.

Heading a conglomerate comprising various businesses, including Transcorp Hotels Plc, Teragro Commodities Limited, and Transcorp Power Limited, Omogiafor earned N90 million in 2022.

With an extensive background spanning two decades, she brings expertise in organizational development, human capital management, banking, change management, hospitality, and energy.

Omogiafor’s remarkable career has seen her serve on the board of Avon Healthcare Limited and as a member of the Board of Trustees of the Association of Power Generation Companies in Nigeria.

Her contributions extend far beyond her immediate role, making her a prominent figure in the Nigerian business landscape.

Dupe Olusola: Pioneering Change at Transcorp Hotels Plc (Earned N62.7 Million)

Dupe Olusola, the managing director and chief executive officer of Transcorp Hotels Plc, is the second woman to lead the prestigious organization. Olusola’s dedication and leadership have earned her recognition and financial success, with earnings of N62.7 million in 2022, a slight increase from the previous year.

Her career journey started in 2002, and she has held various positions in renowned institutions such as African Capital Alliance and United Bank for Africa (UBA) Plc. At UBA, she played a pivotal role as Group Head of Marketing, devising and implementing integrated strategies for all UBA Group Bank and non-bank subsidiaries.

Olusola’s relentless pursuit of excellence has propelled her to the helm of Transcorp Hotels Plc, solidifying her position as a trailblazer in the industry.

Oluwatomi Somefun: A Visionary Leader at Unity Bank Plc (Earned N41.7 Million)

Completing the lineup of accomplished female CEOs is Oluwatomi Somefun, the managing director of Unity Bank Plc. Somefun, with her impressive academic credentials and extensive experience in the financial service industry, earned N41.7 million in 2022.

A graduate of English Language from Obafemi Awolowo University, she further honed her skills through advanced studies at prestigious institutions such as Harvard Business School and the University of Columbia Business School.

Somefun’s journey began with renowned firms like Peat Marwick and Co. and Arthur Andersen (now KPMG), before she assumed the role of executive director at Unity Bank plc. Her tenacity and commitment to excellence have propelled her to the top ranks of Nigeria’s banking sector.


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Nigeria’s Tax Revolution: Shifting Burden to the Wealthy and Streamlining the System



Value added tax - Investors King

President Bola Tinubu’s administration is set to revolutionize the nation’s tax system.

The ambitious plan seeks to redistribute the tax burden, making the wealthy pay their fair share while stimulating business growth through corporate tax cuts.

The cornerstone of this tax reform initiative is a push to increase Nigeria’s tax revenue from 11% to 18% of Gross Domestic Product (GDP) within three years.

Spearheading this transformation is Taiwo Oyedele, who leads a panel appointed by President Tinubu.

Oyedele articulated the primary objectives of the reform, saying “We aim to make the rich pay what is fair and protect those in poverty.”

This move is crucial in a country where extreme wealth disparities persist, with only a small fraction of the population enjoying immense riches.

Notably, the plan also includes a reduction in the corporate income tax rate, which currently stands at an effective rate of over 40%.

The aim is to benchmark this rate against Nigeria’s international peers, fostering a more business-friendly environment.

Nigeria’s tax system has long been plagued by complexity, with nearly 70 different taxes and overlapping jurisdictions.

The reform initiative seeks to simplify this by streamlining tax structures and drastically reducing the number of taxes to single digits.

Also, a tax amnesty is under consideration, aimed at encouraging tax compliance and offering relief for past debts. The hope is that by fostering transparency and accountability, more Nigerians will willingly contribute to the country’s fiscal health.

In a nation where government debt has surged dramatically in recent years, this tax revolution is seen as a pivotal step towards reducing the deficit and ensuring sustainable economic growth.

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Federal Government’s $3 Billion Rescue Plan to Bolster Naira Stability



Bola Tinubu

The National Economic Council (NEC) has confirmed the deployment of the $3 billion emergency loan-for-crude oil, secured by the Federal Government in August, for the stabilization of the national currency.

The naira’s value has been under siege, with fluctuations in the Investors & Exporters’ window and a parallel market rate that briefly hit N1000/$ this month.

Addressing reporters following the 136th NEC meeting at the Aso Rock Presidential Villa, Nasarawa State Governor Abdullahi Sule expressed confidence in the plan.

He stated, “With the plan that will come out and with all these items that have been listed on the improvement of revenue, the $3 billion shall be useful to us down the line.”

The emergency loan, secured from Afrexim Bank, was initially intended to relieve pressure on the naira, facilitate the settlement of taxes and royalties in advance, and provide the Federal Government with vital dollar liquidity for naira stabilization.

The recent nomination of Olayemi Cardoso as the new Central Bank of Nigeria (CBN) governor by President Bola Tinubu has already shown promise.

The naira experienced a boost in the black market, strengthening by N10 against the dollar, closing at N990/$1.

Governor Sule indicated that the implementation of the intervention would require careful planning and time.

He emphasized the need for the new CBN team to devise effective strategies. In response to inquiries about a supplementary budget, Sule stated that there is no immediate need for one, as the situation does not warrant it.

As Nigeria’s economic landscape faces evolving challenges, the NEC’s decision to harness the $3 billion loan offers a glimmer of hope for a more stable naira in the near future.

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Former FIRS Chairman Muhammad Nami Accused of Controversial N6 Billion Payments After Sudden Exit

Documents reveal questionable approvals and alleged backdating, raising concerns over financial misconduct



Muhammad Nami

Muhammad Nami, the former chairman of the Federal Inland Revenue Service (FIRS), is under scrutiny for approving payments totaling N6 billion to contractors and consultants just days after his abrupt removal from office.

Documents obtained by TheCable shed light on these controversial transactions.

Nami, who was succeeded by Zacchaeus Adedeji, greenlit the payments on September 16, two days after his removal on September 14.

Sources privy to the situation, although not authorized to speak publicly, claim that Nami directed staff to work over the weekend to finalize these transactions.

Additionally, files were allegedly moved from the FIRS headquarters to his residence, where they were purportedly “backdated and signed.”

Perhaps the most eyebrow-raising revelation is that Nami transferred approximately N5 billion from the FIRS account to the Joint Tax Board (JTB) without apparent justification.

It is reported that the FIRS director of finance and accounts reluctantly approved these payments after warning Nami about potential repercussions.

Nami allegedly reassured his subordinates that the incoming FIRS chairman would remain oblivious to these approvals.

Also, documents indicate that Nami approved significant payments, including N1.4 billion for a ‘Business Case for Strategic Leadership’ retreat, N250 million for FIRS Data Mining Management and Analytics in Taxation Course, and N221 million for a ‘Skill Development and Management Improvement Workshop Training.’

Curiously, Nami also appropriated over N81 million for a study visit to the Inland Revenue of Malaysia.

The FIRS, when contacted for comment, remained tight-lipped about the situation. Spokesperson Abdullahi Ismaila stated that he had no knowledge of the payments, while Tobi Johannes, Nami’s former media aide, distanced himself from the matter, emphasizing that his role ceased when Nami’s tenure ended.

These revelations have ignited concerns about financial misconduct within the FIRS and have raised questions about the oversight and accountability of government agencies. The full extent of these allegations is yet to be determined as investigations into the payments and their legitimacy continue.

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