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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

Ebenezer Onyeagwu

Ebenezer Onyeagwu’s base salary increased by +6.96% while his total compensation increased by +21.16% between 2020 and 2021. The increase in total compensation is a result of the increase in shares owned from 46.5k to about 65k and dividend per share from N3.00k to N3.10K. Thus, his dividend income increased by +44.58% from N139.5m in 2020 to N201.69m in 2021, leading to an overall increase in total remuneration. This moved the Zenith bank boss to the sixth highest earning CEO from the ninth position in 2020. There has been a consistent rise in the remuneration of the CEO in the last 3 consecutive periods; rising by +71.86% between 2018 and 2020 (see chart 17 below).

Chart 17: 

Lars Ritcher

Lars Richter was appointed Director and Managing Director of Julius Berger with effect from October 16, 2018, replacing Engr. Wolfgang Goetsch. The total remuneration disbursed by Julius Berger to Ritcher amounted to N408.91m void of shares owned, hence no dividend income. He ranks seventh on the top 10 highest paid CEOs based on total compensation, a significant improvement having missed the list in previous year’s ranking. However, there was a dip in total compensation earned by the CEOs in the construction giant by -31.91% between 2018 and 2019, and then a +29.14% increase in earnings between 2020 and 2021 (See chart 18 below).

Chart 18: 

Khaled Abdel Aziz El Dokani

Khalid Dokani became the CEO of Lafarge Africa in January 2020, taking over from Michel Purchercos who ranked fourth on base salary and seventh on highest paid CEO in total compensation. With no shares owned, Khaled Dokani received a bonus of N102.82m in addition to a base salary of N288.61m, thus his total compensation for the 2021 financial year amounted to N391.43m. There has been a steady rise in the total compensation of Lafarge CEOs. The cement company recorded a cumulative growth of +25.32% in total compensation from N312.33m in 2018 to N391.43m in 2021, albeit there was a dip of -9.59% between 2018 and 2019. (See chart 19 below).

Chart 19: 

Karl Toriola

Karl Toriola, the ninth highest paid CEO based on total compensation, earned a total compensation of N368m in financial year 2021, a -35.07% decline from the amount earned by the previous CEO. The decline was mainly due to the absence of shares ownership and bonus/benefits earned by Toriola. The total compensation of CEOs of MTN has been steady for the last three years with an all-time high of N585.94m in 2019, when there was an increase of +2.62% from N571m earned in 2018 (see chart 20 below).

Chart 20: 

Yusuf Haliru Binju

Yusuf Binju who became the CEO of BUA in September 2018, with prior experience in the industrial sector earned a total compensation of N320m, ranking tenth highest paid CEO in total compensation for the year 2021. The cement company CEO owned 827,093 shares in BUA, a massive leap from the 7,093 shares owned in 2020, causing a massive spurt in earnings. The CEO recorded +324.94% increase in total compensation from N75.31m in 2020 to N320m in 2021. There has also been a steady rise in earnings between 2018 and 2020, increasing by +2.68% between 2018 and 2019 and +9.08% between 2020 and 2019 (See chart 21 below).

chart 21: