Oil and Gas Sector

The oil and gas sector for a myriad of years has been a major player and exerted great influence on the Nigerian macro-economy, particularly in terms of GDP and revenue. Notably, there has been a consistent number of key players regarding the highest remuneration paid to CEOs such as Seplat, total, and Niger Delta Exploration and Production Plc. In terms of base pay, most of these companies had a change of directors thus leading to a reduction in the amounts paid. In the case of Seplat, where Roger Thompson Brown took over from Austin Avuru, a remuneration of N475m was paid which is -30.44% lower than the N679m paid to Avuru in 2020. Being the highest-paid oil and gas CEO in base remuneration, Adegbite Falade of NDEP ranks second on the list with a +42.79% increase from Layi Fatona’s N127.73m in 2020 to N180.38m in 2021. This increase allowed the remuneration of CEOs for NDEP to move from the third position in the previous year, surpassing total CEO remuneration to the second position. 

Samba Seye of TotalEnergies, is the third highest paid executive in 2021, regardless of the decline from N214.51m of Imrane Barry to a meeker figure of N171.57m displacing the company to third place. Lastly, Marco Storari and James Ogungbemi of MRS Oil and Rak Unity respectively maintained the position of the least earnings within the sector with Ogungbemi earning the same amount as the previous year of N2.50m whilst Storari had a near double Y-o-Y increase from N3.11m in 2020 to N5.045m.

Roger Brow of Seplat with dividend earned in consideration, had a total dividend earned amounting to N134.94m at a DPS of N40.845, with a total remuneration of N609.94m. Although incomparable with that earned by previous CEO Austin Avuru, remains the highest within the oil and gas sector. Closely followed by Adegnite Falade of NDEP who had a dividend earned worth N140,000 at a DPS of N20 (see table 9 below).

Table 9:

Information Communication and Technology (ICT)

The ICT sector being one of the leading sectors within the Nigerian economic sphere, the CEOs of the leading companies maintained the status quo with Karl Toriola of MTN being the CEO with the highest base pay in the sector for 2021, although he received the highest base remuneration of N368Mn for this year, there was a -35.097% decrease from the amount earned by former CEO Ferdinand Moolman as of 2020. In second place is the newly appointed CEO of Airtel Africa who earned N199.23Mn. The base salary of Adewale Adeyipo of CWG plc remained for the period as it experienced no increase/decrease from 2020 (see table 10 below).

Table 10

Based on dividends, Olusegun Ogunsanya became the CEO with the highest total remuneration for the financial year of 2021 with a bonus amounting to N391.5m. Karl Toriola, the new CEO of MTN earned N1814 in dividends, thus making him the second highest-paid CEO within the ICT sector while Adewale Adeyipo of CWG retained its third position (see table 11 below).

Table 11: