Connect with us


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.


Air Passengers Drop as Domestic Airlines Resume Operations



air peace

Number of Air Passengers Drop as Domestic Airlines Resume Operations

The number of air passengers dropped despite Governor Babajide Sanwo-Olu lifting the curfew imposed to address looting and destruction of properties in the state.

The busiest airport in the country, Murtala Mohammed Airport, resumed full operations on Monday, however, passengers are cautious about flying, especially because of the tense situation across the nation.

Some of the officials of the Federal Airports Authority of Nigeria as well as those of domestic airlines confirmed that domestic passenger volume had been on a slow start since they commenced full operations.

Okwudili Ezenwa, the spokesperson for Dana Air, said “We are hoping that by next week, everything should have settled down because right now, people are still trying to be sure of their movements.

“Passengers are being cautious before they come out. So, things have not balanced. People are not leaving Lagos as such from the airport now; rather, they are being careful.”

He added, “In locations where no curfew was announced, other places will still have to feed such locations. So since we have curfews here and there, ultimately it affects areas where we don’t have curfew.

“But we hope everything settles down well before next week.”

Similarly, Stanley Olisa, the spokesperson, Air Peace, explained that even though domestic flight operations had resumed, passengers were still wary of flying.

Yes domestic flights have resumed out of the Lagos airport but it is something that is only picking up gradually,” he said.

Continue Reading


333,000 Artisans: FG Commences One-Time Payment of N30,000




FG Begins One-Time Payment of N30,000 to 333,000 Artisans

The Federal Government on Monday said it has commenced a one-time payment of N30,000 to 333,000 artisans under the Micro Small and Medium Enterprises (MSMEs) Survival Fund.

In a statement issued by Laolu Akande, the Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, disbursements were being done to verified beneficiaries of the Artisan Support Scheme.

The statement read in part, “In the first stream of payments starting today, beneficiaries are being drawn from the FCT, Lagos, Ondo, Kaduna, Borno, Kano, Bauchi, Anambra, Abia, Rivers, Plateau and Delta States. They form the first batch of applications for the scheme submitted between October 1 and October 10.

“The MSMEs Survival Fund scheme is a component of the Nigerian Economic Sustainability Plan, NESP, which was developed by an Economic Sustainability Committee established by President Muhammadu Buhari in March 2020.

“The President asked his deputy, Vice President Yemi Osinbajo, SAN, to head the committee which produced and is overseeing the implementation of the plan. “Under the ESP, the Survival Fund is generally designed to among other things, support vulnerable MSMEs in meeting their different obligations and safeguard jobs in the sector.”

Continue Reading


Absorb Exited Npower Beneficiaries, N-power Youths Congress Tells FG



Absorb Npower Beneficiaries of Batches A and B, N-power Youths Congress Tells FG

The N-power Youths Congress (NYC) has pleaded with the Federal Government to absorb the 500,000 exited Npower beneficiaries of Batches A and B and pay their outstanding allowances.

The National Coordinator, NYC, Comrade Joseph Enam Maga, stated this in Maiduguri during a press briefing held on Saturday at the NUJ Press Center.

He said thousands of exited beneficiaries are yet to be paid since the month of Match.

He, therefore, called on the Federal Government to offset all the outstanding allowances of Batches A and B and create a permanent job for them.

He said “It is a fact undisputable that thousands of beneficiaries have not been paid since the month of March.

“Promises upon promises have been made on this, but yet no positive result has been recorded. Sometimes I wonder what it takes for the data base manager of Npower to rectify this! Something that can be rectified in a couple of hours has lasted for seven good months now.

“Worst still, this is happening within this period of hunger and starvation because of Pandemic. We call on the minister of humanitarian affairs and disaster management to be human enough to respond to our request and give prompt attention to them.

“We equally wish to bring to the notice of Mr. President that Batch B Beneficiaries have not received their devices as was promised and signed at the commencement of the program.

“It is very sad that up to the disengagement of Batch A and B, nobody has come out openly to tell us what happened to our devices.

The coordinator paused to ask why are Nigerian youths being treated like nobody in their country? What have we done to be neglected like this?

“When the Humanitarian Minister was asked why we were disengaged at this critical time in historical epoch that corona virus is terrorizing the whole world, she responded that we were disengaged because it’s a two years programe that we signed.

“Then comes the question: why did Batch A stayed 4years? And if we signed for two years contract that warranted our disengagement, didn’t we equally signed to be given a device that would help us in our different places of primary assignment and equally increase of knowledge? Please we need answers ma. We need answers.

“We, the 500,000 batches A and B of Npower beneficiaries are calling on our government to respond to our demand. We don’t want to believe that it’s only a state of violence anarchy and doom will make a sane government to listen to her Youth’s grievances.

“Look at the Endsars protest for instance, after many lives have been lost and properties destroyed, our government decided to speak up. Niger delta militants were attended to when they resort to arms.

“The insurgents were given amnesty because of their terrorism. But we the innocent 500,000 graduates have been innocently complaining to our government but they paid deaf ears. We are law abiding citizens and we will continue to be law abiding citizens.

“We want Mr. President to understand that a hungry man is an angry man. We have really endured a lot. We need a quick response to our requests. We can’t be used and dumped like refuse. We refused to be used and dumped”, the National Coordinator added.

Continue Reading