Download the full PDF Reports here:

1. CEO Remuneration 2022 Report: CEOs in a Post Covid Era - What Matters Most
2. Executive Summary - CEO Remuneration 2022: CEOs in a Post COVID Era - What Matters Most

Dangote Cement/Michel Puchercos

Michel Puchercos, the CEO with the highest base salary for the financial year 2021, was appointed at the beginning of 2020 financial year as CEO for Dangote Cement Plc. He has over 20 years’ experience in the cement industry, having previously served as the CEO of Lafarge Africa until 2016. In the last edition of our CEO remuneration, he ranked 3rd out of the top 10 highest-paid CEOs with a base remuneration of N448m. His basic salary increased by +18.53% Y-o-Y in 2021 to N531m, putting him in the lead position in terms of basic salary of CEOs. In the three years preceding his appointment, the average salary of his predecessor was N315m, with the lowest period being 2019 and the highest being 2018. This further indicates a +311.01% spike in basic salary of CEO of Dangote cement from 2019 to 2020 (See chart 2 below).

Chart 2: 

Seplat Energy/Roger Tompson Brown

Roger Brown of Seplat maintained his position as the second highest earning CEO in Nigeria for the year 2021. Roger Brown replaced Austin Avuru as CEO in June 2020 and earned a total amount of N484m in his first year. As of 2021, he earned a total of N475m, a -1.85% decline from previous year’s earnings. In the last four years preceding 2021, Seplat Energy paid an annual average of N470.75m to their CEOs, with N440m being the lowest amount paid in 2019 and N484m being the highest paid in 2020, with a +10% hike from the previous year (see chart 3 below).

Chart 3: 

Julius Berger/Lars Richter

Lars Richter, of Julius Berger who has served as CEO of the company since October 2018, is one of the few CEOs who experienced a significant increase in basic salary Y-o-Y, thereby moving from 7^th highest paid in 2020 to 3^rd highest in 2021. In 2021, Ritcher received a base salary of N408.91m, a +29.14% increase from a salary of N316.64m received in 2020. Between 2018 and 2021, he earned an average salary of N315.41m, with the lowest of N217m in 2019 and then rising by +45.87% in 2020 (see chart 3 below).

Chart 4: 

MTN Nigeria/Karl Toriola

Karl Toriola joined MTN Nigeria as the Chief Technical Officer (CTO) in 2006. With over 26 years of experience in the telecommunications industry, he took over Ferdinand Moolman’s position as CEO in March 2021. For the year under review, he earned N368m which is a -35.097% decline from Ferdinand’s previous earnings of N567m. Nonetheless, he ranks 4th on the top 10 CEO in basic salary (see chart 5 below).

Chart 5: 

Dangote Sugar Refinery Plc./Ravindra Singhvi

Ravindra Singhi, the 5th highest earning CEO for the year ended 2021, was not part of the top 10 ranking in the previous edition. He became the Group’s Managing Director/CEO of Dangote Sugar Refinery Plc in October 2020, with over 40 years’ worth of experience in Manufacturing and Processes of Sugar, Petrochemicals, Cement, and textile products industries. For the last 4 years preceding 2021, the remuneration disbursed to CEOs of the company, came in at an annual average of N60.29m, with a hike in salary from 24.57m in 2019 to N134.63m in 2020. The CEOs’ pay also spike from N134.63m in 2020 to N289.71m in 2021, indicating an increase of +115.18% (see chart 6 below).

Chart 6: