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Ten Highest Earning CEOs in Nigeria in 2019



Top Ten Highest Earning CEOs in Nigeria

The affairs of an organisation lie in the hand of the Chief Executive Officer, who oversees the affairs of the company, takes praise and blames for the company’s affairs.

This article contains the list of highest-earning CEOs from different companies listed on the Nigerian Stock Exchange. The main idea here is to throw more light on how much they earned and their work experiences.

FERDINAND MOOLMAN – CEO, MTN Nigeria, N586 Million

The first on the list is the CEO of the biggest non-oil foreign investment – MTN Nigeria Communication Plc, Ferdinand Moolman with a take-home of N586 million in 2019, about 2.5 percent higher than the N571million he earned in 2018.

Moolman became CEO of MTN Nigeria in December 1, 2015 as part of the main reshuffling of the telco’s operating structure. Before Moolman became the CEO, he was the Chief Financial Officer (CFO) of MTN Iran before he was transferred to Nigeria.


The second CEO with the highest-earning on this list is the CEO of Seplat Petroleum Development Company Plc, Augustine Avuru, with N440 millon take home in 2019. This represents a N44 million shortfall to the amount he earned in 2018.

Austin became the Chief Executive Officer of Seplat in May 2010. Prior to becoming the CEO, he was the Managing Director at Platform Petroleum Ltd, a company he founded in 2002.

Before Avuru found Platform Petroleum, he had also worked with Allied Energy Resources in Nigeria as an exploration manager and technical manager, a pioneer deepwater operator, where he spent ten years.


The third highest-earning CEO in Nigeria last year is the Chief Executive Officer of Guaranty Trust Bank, Segun Agbaje who earned N400 million in 2019, an increase of N16 million from N384 million he earned in 2018.

Segun became the Managing Director and Chief Executive Officer in 2011 after the demise of the former CEO, Tayo Aderinokun. Before becoming the CEO, he was the Deputy Managing Director in August 2002 and Executive Director in January 2000.

Segun Agbaje joined GTBank in 1991 as a pioneer staff after he left Ernst & Young, San Francisco, USA where he started his career.


The fourth on the list is the former CEO of Unilever Nigeria Plc, Yaw Nsarkoh, who earned N303 million in 2019. His earnings dropped by 8 percent from the N330 million he earned in 2018.

In December 2019, Nsarkoh resigned as the CEO of Unilever Nigeria Plc to work with Unilever Group in Europe.

Yaw has a long career with the Unilever Group, taking top positions like the Production Manager for Unilever Ghana, African Regional Brand Manager, and others.

He has also headed several regional headquarters of the global manufacturing company, basically in Africa. Yaw served as a Strategic Assistant to Unilever’s President for Asia, Africa, Central, and Eastern Europe.


The fifth CEO with the highest earning in Nigeria in 2019 is the former CEO of Lafarge Africa plc, Michael Puchercos, who earned N272 million. This represents an increase of 18.7 percent when compared to N229 million he took home in 2018.

Puchercos, however, resigned from Lafarge in January 2020 to join competitor, Dangote Cement Plc. He was succeeded by the former country CEO of Lafarge Holcim Iraq, Mr. Khaled Abdelaziz El Dokani.

He worked in various capacities in Lafarge for two decades. He was the President and Chief Executive Officer of Lafarge Halla Cement; Director of Strategy and Systems at Lafarge Gypsum; Chief Executive Officer of Bamburi Cement and Hima Cement; and Chairman of Mbeya Cement in Tanzania, before his appointment as the CEO of Lafarge Africa plc.


Sixth on the list is the Chief Executive Officer and Managing Director of Nigerian Breweries plc, Jordi Borrut Bel, who took home N271 million in earnings in 2019. Borrut Bel’s earnings surged by 42 percent when compared to N190 million he earned in 2018.

Prior to coming to Nigeria, Jordi was the Managing Director of Heineken Burundi. He has served in Heineken’s different subsidiaries in different countries. He was Managing Director at Brarudii SA, Manager-Project Distribution at Heineken Slovensko AS, Brand Manager at Heineken France SAS and Director-Sales & Distribution at Heineken España SA.

Jordi has over 20 years experience in business and sales, and he has spent his entire career at Heineken. He joined the Heineken N.V. group in 1997 as a Sales Representative at Heineken Spain.


Next on the list is the seventh highest-earning CEO in Nigeria, the Chief Executive Officer of Nestle Nigeria Plc, Mauricio Alarcon, who earned N218 million in 2019, an increase of N8 million from the N210 million he earned in 2018.

Alarcon was appointed as CEO in 2016, after a progressive 17 years career with the Nestle brand. Prior to this, He was the Managing Director of Nestle Atlantic Cluster between June 2016 and September 2016, overseeing Senegal, the Gambia, Guinea, and Cote d’Ivoire.

Mauricio also worked as Country Manager at Nestle Cote d’Ivoire and Marketing Advisor at Nestle Headquarters in Switzerland.


The Chief Executive Officer of Julius Berger Nigeria Plc, Lars Richter, took home N217 million in 2019. A decline of N102 million from the N319 he earned in 2018.  Richter is the eighth highest-earning CEO on the list.

Richter is presently the managing director and chief executive officer of Julius Berger; he became the CEO in 2018.

Before this appointment, Richter had occupied different positions including Division Manager, Project Manager, and Project Engineer. He has over 16 years experience in the construction industry with 10 years of those spent on Nigerian soil.


As the ninth highest-earning CEO in Nigeria, the Chief Executive Officer of union bank of Nigeria, Emeka  Emuwa earned N172 million as annual income in 2019, the same he earned in 2018.

Emuwa was appointed as the CEO of Union Bank of Nigeria in November 2019. Prior to becoming the CEO of Union Bank of Nigeria, he served as CEO in companies across several countries like Tanzania, Ghana and Niger.

Emeka also occupied the position of Country Head in Cameroon where he also oversaw all the bank’s activities in the Central African region, including Congo and Gabon. He started out as a Management Assistant at Citibank Nigeria Limited.


The last but not the least is the Chief Executive Officer of Total Nigeria Plc, Imrane Barry, with N163 million earnings in 2019, a 41 percent increase from the N115 million he earned in 2018.

Barry was appointed as CEO in 2018. Before he was appointed, Barry had served as Managing Director of Total Cameroon, South Africa in 2015 and Total Uganda in 2013. He was also appointed Deputy Executive Vice-President of Total Africa & Middle East in 2012.

He also worked with other Total affiliates in Kenya and Ivory Coast, at SEP-Congo as the Technical and Transport Director, and in Paris as the Strategy and Development Senior Officer.

Before he joined Total, Barry had worked in several capacities in Engineering and Construction Companies in Guinea Conakry, Cote d’Ivoire and Gabon.


Npower News on Permanency for Batch A, B



Us jobless

Npower News on Permanency for Batch A and Batch B

Hajiya Sadiya Umar Farouq, Minister of Humanitarian Affairs, Disaster Management and Social Development, recently said the exited and eligible N-power beneficiaries will be absorbed into government programmes and by private organisations for a permanent job.

On N-power Permanency, she said “We have directed Focal Persons of National Social Investment Programmes in the states to submit an updated list of the exited N-Power beneficiaries that are interested in participating in the transition plans of the ministry.

On stipend, she said the payment has been approved by President Muhammadu Buhari and outstanding stipends paid to exited N-power beneficiaries of Batch A and B.

“Meanwhile, approval has been given for the payment of the outstanding stipends for the exited N-Power Batches A and B beneficiaries.

“The approval for payments for up to the month of June, 2020 for the two Batches has already been forwarded to the office of the Accountant General of the Federation (AGF) for final checks and payments.

“The only outstanding approval waiting to be forwarded to AGF’s Office is for the payment of July Stipends for batch B beneficiaries,” she said.

The minister said she has requested the details of those affected and the reasons for their rejection. She promised to communicate that to the affected beneficiaries.

Several organisations and stakeholders have called on Federal Government not to disengage Batch A and B beneficiaries but rather absorbed them into government parastaNpower News on Permanencytals to further ease the unemployment rate.

Appealing to Federal Government, Umuahia, National Chairman of Isun Multipurpose Cooperative Society, Sir Isaac Nkole said, ”The introduction of N-Power stands out as one of the best policies of the Federal Government under President Muhammadu Buhari. A lot of graduates have been engaged through the scheme. Some of them are in N-Teach, N-Agro, N-Tax and N-build. I appeal to President Buhari not to listen to anyone advising him to disengage the beneficiary as being speculated that the programme will be stopped by the 26th of this month.

“The questions are; If you disengage these graduates that are helping to improve the quality of education in primary schools, where do you want them to go? Is it to the over-saturated labour market or the crime industry?

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Visa and She Leads Africa Partner to Deepen Support for African Female Entrepreneurs



Visa, She Leads Africa Partner to Deepen Support for African Female Entrepreneurs

Visa Inc and She Leads Africa, an organisation that empowers female entrepreneurs in Africa, have joined forces to deepen support for over 700,000 African female entrepreneurs.

According to a statement put out by Visa, the partnership is part of Visa’s ‘Where you Shop Matters’ initiatives launched earlier in June to champion and enable entrepreneurs across Africa.

The global payment company said women are the backbone of African economies. The company backed this up with the 2018/2019 report from the Global Entrepreneurship Monitor Women’s Entrepreneurship that estimated that 21.8 percent of women from sub-Saharan Africa are entrepreneurs, the highest in the world.

Corine Mbiaketcha, Visa General Manager for East Africa, said “our partnership with She Leads Africa, will enable us to engage over 700,000 female entrepreneurs across Africa through digital channels and direct engagements with female-owned businesses.”

Afua Osei, Co-Founder of She Leads Africa, said “we are so grateful for the opportunity to collaborate with Visa to support the incredible women in our community with learning and growth opportunities. Our community is passionate and committed to making an impact with their businesses and partnering with Visa enables us to share resources that will help them take it to the next level.

African women entrepreneurs continue to face a myriad of challenges ranging from cultural barriers that require overcoming the narrow classification of child-bearer and or home manager, to a shortage of role models, inadequate access to financial assistance and limited educational opportunities.

Mbiaketcha concludes, “There are too many reasons why female-led organisations fail to flourish and we as Visa are committed to addressing these challenges by partnering with organisations such as She Leads Africa so that we can empower the next generation of female African businesses owners with the tools to not only survive but to thrive.”

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Fuel Scarcity Looms as NARTO Directs Tanker Drivers to Halt Operations



Petrol Importation

NARTO Tells Fuel Tanker Drivers to Ground Operations

The Nigerian Association of Road Transport Owners (NARTO) has directed all tanker drivers under the association to halt operations following the government’s directive banning operations of petroleum trucks more than 45,000 litres on Nigerian roads.

NARTO, the umbrella association of all commercial vehicles owners in Nigeria engaged in the haulage of petroleum products, general cargoes, and movement of goods and passengers within the country and the West-African sub-region, said members of the association will park their truck on Tuesday and Wednesday as warning against the ban.

Speaking on the situation in Abuja, NARTO’s National President, Yusuf Othman, said: “NARTO received with grave shock the recent government decision to place immediate ban on all petroleum trucks above 45,000 litres capacity from plying Nigeria roads.”

Othman explained that government’s sudden ban was insensitive and unappreciative of tankers efforts at strengthening the supply chain of petroleum products across the nation.

He said, “In view of the above, we are therefore constrained to allow the decision of all our members to park their trucks as from tomorrow, 22nd to 23rd September, 2020, to prevail as warning.

“And furthermore, issue 10-day ultimatum with effect from 24th September, 2020, for a full blown withdrawal of service.”

He added, “If such scenarios occur, we earnestly plead with those who will lose employment, income and the general public that will be negatively affected by this avoidable situation.”

NARTO argued that it was discouraging and distressing to abruptly enforced new policy without giving tanker drivers time to phase out affected trucks.

Othman said, “The leadership of NARTO is not in any way against the decision of the Federal Government to ban the use of trucks with more than 45,000 litres capacity in the conveyance of petroleum products considering the dilapidated state of Nigerian roads.

“But NARTO is particularly concerned about the sudden and prompt nature of the ban. We consider the approach to be highly insensitive to the huge investments the owners of these trucks have made and debts they incurred in executing the mandate given by previous administration.”

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