Prime 10 highest paid MDs/CEOs in Nigeria 2023


The yr 2023 will seemingly be remembered as a tumultuous one for Nigeria’s economic system, with corporations going through challenges equivalent to trade charge depreciation, rampant inflation, and weakening buying energy.

Regardless of these obstacles, company Nigeria continued to offer providers, pay salaries, contribute taxes, help native communities, and reward shareholders with dividends.

In navigating these {economic} challenges, the Managing Administrators (MDs) and Chief Govt Officers (CEOs) of Nigeria’s listed corporations performed an important function. These executives have been accountable for steering their organizations by means of each successes and difficulties, making selections that usually led to both reward or scrutiny.

Nairametrics’ analysis reveals that the highest-earning MDs and CEOs amassed a mixed complete of N7.9 billion in 2023. This represents a major enhance from the N4.227 billion mixed salaries in 2022, reflecting a notable rise of N3.749 billion.

While a few of the corporations they oversee reported large losses resulting from trade charge depreciation, they did ship larger income development leveraging on adaptive advertising and marketing and operational methods.

A assessment of income figures reveals that round 30 main Nigerian corporations reported a mixed income of N11.4 trillion in 2023, up from N9.1 trillion in 2022. This development spans a number of industries, together with client items, industrials, expertise, oil and gasoline, and agriculture.

Industrial banks additionally carried out nicely, with the highest 10 listed banks, together with the FUGAZ group, reporting N11.6 trillion in gross earnings, pushed largely by vital foreign exchange positive factors.

Within the following sections, we discover the profiles and earnings of the highest-paid MDs and CEOs in Nigeria for 2023, providing insights into the methods and achievements that contributed to their spectacular remuneration.

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Babatunde Fajemirokun is the Managing Director and CEO at AIICO Insurance coverage PLC, a place he has held since August 14, 2019. In 2023, he earned N233 million, a notable enhance from N213 million in 2022.

Fajemirokun’s journey at AIICO Insurance coverage PLC started in Might 2009 within the Life Insurance coverage Division, the place he was accountable for value-enhancing tasks.

  • Earlier than becoming a member of AIICO, he served as Divisional Head of Operations & Expertise (2009-2013), Chief Working Officer (2013-2017), and Group Chief Enterprise Officer (2017-2019).
  • He started his profession in academia in 2001 as a visiting lecturer at Glasgow Caledonian College. He labored with Accenture, Lagos (2003-2007), and Capgemini Consulting, UK (2008-2009), offering consulting providers to {financial} providers and authorities purchasers.
  • Babatunde additionally holds exterior positions as a Non-Govt Director at Meals Ideas Plc and Xerox Company Nigeria.
  • He’s a Fellow of the Society of Underwriting Professionals (FCII), a Chartered Insurer, and a member of the Chartered Insurance coverage Institute UK. He has an MBA from the College of Chicago Sales space Faculty of Enterprise (2013), a Grasp’s in Enterprise Info Technique from the College of Strathclyde (2002), and a Bachelor’s in Enterprise Economics from Glasgow, UK (2000).

Below his management AIICO’s revenue earlier than earnings tax from persevering with operations noticed a considerable enhance of 571%, rising from N1.79 billion in 2022 to N12.03 billion in 2023. The

AIICO’s web revenue for the yr surged by 159%, reaching N11.57 billion in 2023, up from N4.47 billion within the earlier yr. The N7.10 billion enhance highlights the corporate’s sturdy {financial} well being and profitable strategic initiatives.

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