Nigerian Richest CEOs Rake in Shocking N10.4B Pay in One Year

Nigerian Richest CEOs Rake in Shocking N10.4B Pay in One Year

Nigerian richest CEOs are living large — and the numbers prove it. In 2024 alone, three of Nigeria’s top executives walked away with a combined paycheck of N10.49 billion.

These men are not just boardroom bosses. They are the powerhouse decision-makers behind some of Nigeria’s most profitable companies — and they are getting paid handsomely for it.

Roger Brown of Seplat Energy, Karl Toriola of MTN Nigeria, and Adegbite Falade of Aradel Holdings each earned more in a single day than most Nigerians see in years. Their pay packages, revealed in their companies’ latest financial statements, have left many stunned.

Brown took the crown. As CEO of Seplat Energy, he pulled in a staggering N3.9 billion in 2024. That’s over N10.6 million every day and about N444,000 every hour. His compensation almost doubled from 2023, thanks to Seplat’s explosive growth.

Seplat’s revenue skyrocketed to N1.652 trillion, more than double the N696.9 billion it made the year before. Investors were thrilled, and so was the board, which signed off on Brown’s record-breaking pay.

At MTN Nigeria, Karl Toriola wasn’t far behind. He bagged N3.1 billion, or N8.47 million per day. MTN posted revenue of N3.36 trillion in 2024, driven by a 1.6% growth in its subscriber base, now at 80.9 million.

More people also used data — 47.7 million active users — thanks to better coverage and increased demand.

“Under Toriola, MTN stayed ahead in a tough economy,” a telecom expert shared.

Adegbite Falade, who runs Aradel Holdings, earned N2.43 billion. That’s about N6.66 million a day and N277,417 per hour. His pay came as Aradel tripled its profit by pumping more oil and doubling its revenue to N581 billion.

Crude oil alone brought in N373.7 billion, proving Falade’s leadership turned strategy into serious cash.

“Nigerian richest CEOs reflect how big results earn big money,” an industry analyst told The Gazette News.

But while boards celebrate, the public has mixed feelings. These payouts come at a time when many Nigerians are struggling to afford food, fuel, and school fees. The gap between the boardroom and the average household has never felt wider.

Critics argue the earnings are out of touch. But defenders insist they reflect performance, not privilege.

“You don’t run a multi-trillion-naira firm on a cheap salary,” a business consultant explained. “These CEOs delivered results, and their pay matches that.”

Even the banking sector saw a payday boom. Nine bank CEOs earned over N2 trillion combined, with Zenith Bank’s Adaora Umeoji topping the chart for financial executives.

Still, the spotlight remains on the three most talked-about names — Brown, Toriola, and Falade — who now sit on the throne as Nigerian richest CEOs.

Their story is one of growth, power, pressure — and paydays most Nigerians can only imagine.