Nigeria’s Highest Paid CEOs

Being a successful and influential chief
executive officer takes hard work, guts,
sacrifice and a more-than-average
knowledge of how the business
environment works. Many who wish to be
successful and influential wonder how
others have achieved great things, thinking
such feats are impossible in their bid to toe
same path.
Nigeria boasts a slew of successful CEOs in
almost every sector – banking, oil and gas,
sports, health and manufacturing.
LEADERSHIP Friday unveils some of
Nigeria’s highest paid CEOs and the stories
behind their rise to the top, based on
authoritative reports, between 2009 and
2012.
CEO, Stanbic IBTC, Sola David-Borha
As the managing director/CEO of Stanbic
IBTC Holdings Plc, David-Borha is one of
the country’s highly-rated bankers. She is
the highest paid director in Nigeria’s
banking sector, with an annual
remuneration of N177m. When broken
down, this becomes N484, 931 daily,
including weekends when may have no
reason to go to work.
David-Borha has patiently risen through
the ranks to get to where she is today. She
was, at different times, responsible for
overseeing the corporate finance and
corporate banking, projects and structure
finance, as well as asset management and
private banking departments. At a time, she
bore the burden of supervising treasury
and finance services department.
David-Borha also headed the
correspondent banking relationships’
department at Stanbic IBTC and served as a
member of the executive committee. She
was appointed to the bank’s board in 1994
and has held other positions, including a
spell as director of Stanbic IBTC Bank Plc,
Stanbic Nominees Nigeria Limited and
Stanbic IBTC Stockbrokers Limited. She was
also appointed a member of the board of
Financial Institutions Training Centre (FITC).
She did not miss serving as a member of
the bank’s board credit, board nominations
and risk management committees.
Having passed through these stages before
rising to the pinnacle, David- Borha can be
said to have, indeed, paid her dues and can
be said to have exhibited a great degree of
competence, experience, long career plan
and hard work to get to her present
position.
CEO, Mobil Oil Nigeria Limited, Tunji
Oyebanji
Mobil Oil Nigeria (MON) is one of Nigeria’s
major petroleum products marketing
companies. As its chief executive officer,
Oyebanji is on an annual remuneration of
N85m. When broken down, this amounts to
a daily pay of about N231, 956.
As chairman/CEO/managing director of
MON, there is no doubt that Oyebanji’s
hard-work, commitment and dedication has
been largely responsible for the turn-
around which the company’s fortune has
experienced, making it stand tall among
other competing oil corporates.
The company now operates more than 200
retail outlets spread across the 36 states of
Nigeria and the Fedeeral Capital Territory; it
owns three plants (in Apapa, Lagos State)
where lubricants, petroleum jelly and
insecticides are manufactured.
As at 2011, MON had an annual turn-over
of N63.1bn, from N58.34bn in 2010. With a
combined dividend per share of N5 and
bonus issue of one for five shares, MON
has, arguably, the industry’s highest priced
stock.
CEO, GTBank, Olusegun Agbaje
The managing director/CEO of Guaranty
Trust Bank (GTB), Olusegun J.K. Agbaje, is
rated as one of the country’s highest paid
CEOs. His GTB prides itself as “the biggest
and most profitable bank in Nigeria” and
one of the biggest companies on the shores
of West Africa. Agbaje co-founded the GTB
in 1990 with Tayo Aderinokun who died in
2011.His annual take-home is a whopping
N77m.
Before assuming the current position,
Agbaje was the deputy managing director of
the bank between August 2002 and April 20,
2011. He has also served as the divisional
head of the bank’s institutional banking
division and also as acting MD of GTB
(Ghana) Limited, from April 20, 2011.
Interestingly, Agbaje has served in a
number of capacities before becoming the
man at the helm of the bank’s affairs. He
was, at different points in his career;
member, Assets and Liability Management
Committee; member, Criticised Assets
Committee; member, Board, Information
Technology Strategy Committee and
member, Board, Risk Management
Committee.
On his way to the top, Agbaje also served
as member, board, Human Resources and
Nomination Committee; member,
Management Risk Committee and member,
Management Credit Committee. Experience
garnered from serving in these committees
helped, in no small measure, in preparing
him for the current position of CEO.
CEO, Oando Plc, Jubril Adewale Tinubu
According to recent financial reports, the
second highest paid CEO in the oil sector is
Wale Tinubu, with a total annual
remuneration of N69m, an equivalent of
N189, 041 per day.
Tinubu is the group chief executive of the
company which has been hailed as Africa’s
leading indigenous energy solutions
provider listed on the stock exchange in
Nigeria and Johannesburg. Tinubu also has
a record of long-time service, having
served on the board of various blue-chip
companies as chairman and director.
His outstanding performance has won him
several awards, among which are; Africa’s
Business Leader of the Year awarded by the
African Business Magazine and the
Commonwealth Council on the basis of his
contributions to the development of the
African oil and gas sector in 2010. He won
the same accolade in 2011, courtesy of the
African Investor.
These accolades are proof that Tinubu’s
ascension to the pinnacle of the
administrative ladder in Oando was no
fluke but a function of his doggedness and
hard-work. Tinubu also holds key positions
in a number of major financial institutions.
CEO, Forte Oil Plc, Akin Akinfemiwa
Forte Oil Plc. (formally African Petroleum
Plc.) is a foremost indigenous major
marketer of refined petroleum products
with strong presence in the 36 states of the
federation and Abuja. According to recent
reports, as its group chief executive officer,
Akinfemiwa’s annual salary is N64m (N175,
342 per day).
Prior to this appointment, Akinfemiwa had
a successful career in the banking sector.
He served as the CEO of Sky Bank Plc, until
July 31, 2010. His expertise covers a range
of areas, including; strategic planning and
management, corporate banking, project
financing, leadership and advisory services.
He has also served as managing director/
CEO of Prudent Bank.
Akinfemiwa has now brought his hard-work
to bear on the fortunes of Forte Oil Plc. The
public liability company which is quoted on
the Nigerian Stock Exchange (NSE) has over
500 dealer-assisted and dealer-developed
retail outlets spread across the country.
CEO, UBA, Phillips Oduoza
Phillips Oduoza is the chief executive
officer, group managing director, and an
executive director of the United Bank for
Africa (UBA) Plc. He is one of the highest
paid CEOs in the banking sector, with an
annual remuneration of N57m (as at 2010).
It suffices to say that Oduoza is one of the
few who can beat their chest in fulfilment
of a banking career.
He became the CEO and managing director
of the bank in August 2010 and has served
as its deputy managing director (South)
from the 2005. Besides having the honour
of having gained monumental experience
from working across different banks for
more than 20 years, he has served also as
the bank’s executive director of Retail
Financial Services. UBA’s fortune, no doubt,
has snow-balled, with results from his
professional services and investment of
talents as proof.
His services in the bank cut across
membership of the board risk committee
and financial and general purpose
committee. Before assuming the position of
CEO, he served as deputy managing
director of the bank. Among many other
designations, he was an executive director
of the defunct Standard Trust Bank (STB)
which was acquired by the UBA in the thick
of the consolidation exercise introduced by
the then-governor of the Central Bank of
Nigeria (CBN), Professor Charles
Chukwuma Soludo.
CEO, Ecobank Nigeria, Jubril Aku
According to a Banks’ Financial
Transparency report, as at 2009, the bank
ranked second on the list of highest paid
bank CEOs in Nigeria, with N88m per
annum as salary for its CEO. But the bank
reportedly slashed the CEO’s emolument to
N38m per annum, perhaps, as a measure
against financial stress.
Jubril Aku is the chief executive officer
(CEO) of Ecobank Nigeria Plc. He has been
its managing director since March 2010. Aku
served as acting treasurer, Citibank,
Tanzania and as country treasurer, Citibank
Nigeria Plc.
He began his banking career in 1979 with
the United Bank for Africa (UBA) Plc., where
he worked for three years from September,
1986 to December, 1989. He served at the
Continental Merchant Bank Plc., where he
worked as a credit and investment analyst.
Aku has served in various capacities with
different financial institutions and is, by all
standards, an accomplished banker.
Au’s academic brilliance has earned him
several accolades, among which are the
First Bank of Nigeria Plc Prize for the Best
Graduating Student in Banking and Finance
at the Ahmadu Bello University, from where
he graduated with honours in 1986.
CEO, Zenith Bank, Godwin Emefiele
The CEO and group managing director of
Zenith Bank Plc, Godwin Emefiele, is also
one of the highest paid CEOs of Nigerian
companies. Emefiele succeeded the pioneer
CEO of the bank, Jim Ovia, in August 2010.
By his current position in the bank’s
hierarchy and the number of branches it
can bboast of within the country and in
West Africa, it is evident that Emefiele is
fulfilled.
Prior to his choice of banking as a career in
Zenith Bank, Emefiele was a lecturer in
University of Nigeria and University of Port
Harcourt where he taught Finance, Bank
Management and Insurance. However, he
later left the academia for banking. He
joined Zenith as a pioneer staff over 22
years ago and has proved his worth in
advancing the bank as well as increasing its
fortunes and profitability. In 2001, he was
appointed deputy managing director before
succeeding Ovia three years ago.
He has also served as member of Executive
Committee, member of Board Credit
Committee, member of Staff Matters,
Finance and General Purpose Committee
and member of Board Risk Management
Committee. Emefiele’s services and impact
were also felt in Management Global Credit
Committee, Risk Management committee,
Assets and Liabilities Committee and
Information Technology Steering Committee
where he served as member.
The advancements made by the bank are
not without the inputs of Emefiele who
served as executive director in charge of
corporate banking. He as well served in the
treasury, financial control and strategic
planning department. He has been in the
management team of Zenith Bank from its
inception.
http://leadership.ng/news/221113/nigeria-
s-highest-paid-ceos
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highest-paid-ceos-top-on-the-list-with-an-
annual-remuneration-of-n177m/

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