By Ochefa

Chief executives of some of Nigeria’s biggest companies are commanding annual remuneration running into billions of naira, with oil and gas, telecommunications, cement, banking and consumer goods executives dominating the latest ranking.

A 2026 ranking puts former Seplat Energy Chief Executive Officer, Roger Thompson Brown, at the top with estimated annual remuneration of ₦3.90 billion, followed by MTN Nigeria CEO Karl Toriola with ₦3.14 billion.

The ranking, published in 2026, is based on estimated annual remuneration and should not be interpreted as basic salary or the amount of cash actually received during the year. Executive remuneration can include salary, bonuses, allowances and other compensation.

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1. Roger Thompson Brown — Seplat Energy — ₦3.90bn

Brown topped the ranking with estimated remuneration of ₦3.90 billion.

He joined Seplat in 2013 as Chief Financial Officer and Executive Director before becoming CEO in 2020.

During his tenure, he oversaw Seplat’s $1.28 billion acquisition of ExxonMobil’s Nigerian shallow-water business, a transaction that significantly expanded the company’s domestic oil production portfolio.

However, Brown is no longer Seplat’s CEO. He retired from the company and left its board on July 31, 2026, after six years as CEO.

2. Karl Toriola — MTN Nigeria — ₦3.14bn

MTN Nigeria CEO Karl Toriola ranked second with estimated annual remuneration of ₦3.14 billion.

Toriola joined the MTN Group in 2006 and has held senior positions across its African operations, including CEO of MTN Cameroon and Chief Technology Officer of MTN Nigeria. He became CEO of MTN Nigeria in March 2021.

3. Adegbite Falade — Aradel Holdings — ₦2.44bn

Adegbite Falade, Managing Director and CEO of Aradel Holdings, ranked third with estimated remuneration of ₦2.44 billion.

Falade heads the indigenous integrated energy company with interests spanning oil, gas and power.

He has more than two decades of experience in the energy industry and holds a first-class degree in Electrical and Electronics Engineering from the University of Ibadan and an MBA from Warwick Business School.

4. Wale Tinubu — Oando — ₦1.80bn

Oando Group Chief Executive, Jubril Adewale “Wale” Tinubu, occupied fourth position with estimated remuneration of ₦1.80 billion.

A lawyer by training, Tinubu has spent decades in Nigeria’s oil and gas industry. Under his leadership, Oando expanded through major acquisitions, including Unipetrol and Agip Nigeria.

5. Arvind Pathak — Dangote Cement — ₦1.58bn

Dangote Cement Group Managing Director and CEO, Arvind Pathak, ranked fifth with estimated remuneration of ₦1.58 billion.

Pathak became CEO of Dangote Cement in March 2023 after a long career in the Indian cement industry, including leadership positions at Birla Corporation and other major cement companies.

6. Samba Seye — TotalEnergies Nigeria — ₦1.06bn

Dr Samba Seye, Managing Director of TotalEnergies Marketing Nigeria, ranked sixth with estimated remuneration of ₦1.06 billion.

An engineer with a doctorate from the University of Sciences and Techniques of Lille in France, Seye has worked across the energy industry, including senior positions at Shell and TotalEnergies. He became Managing Director of Total Nigeria in September 2021.

7. Adaora Umeoji — Zenith Bank — ₦874m

Zenith Bank Group Managing Director and CEO, Adaora Umeoji, was the only woman among the 10 executives, ranking seventh with estimated remuneration of ₦874 million.

Umeoji became Zenith Bank’s GMD/CEO in June 2024 after more than two decades with the bank, becoming its first female chief executive.

Separate analysis of audited 2025 accounts shows Zenith’s highest-paid director received ₦367 million in 2025, illustrating why rankings based on different definitions of remuneration can produce substantially different figures.

Proshare, for example, defines total compensation to include basic salary, benefits and dividends from shareholdings.

8. Wassim Elhusseini — Nestlé Nigeria — ₦831m

Nestlé Nigeria Managing Director and CEO, Wassim Elhusseini, ranked eighth with estimated remuneration of ₦831 million.

Elhusseini joined Nestlé in 2002 and held senior sales and business-development positions across the Middle East before becoming Managing Director/CEO of Nestlé Nigeria in September 2020.

9. Adebayo Alli — Guinness Nigeria — ₦756m

Guinness Nigeria Managing Director and CEO, Adebayo Alli, ranked ninth with estimated remuneration of ₦756 million.

Alli became CEO in January 2024, taking responsibility for the Nigerian operations of Guinness Nigeria, part of global drinks company Diageo.

10. Segun Agbaje — GTCO — ₦471m

GTCO Group Chief Executive Officer, Segun Agbaje, completed the top 10 with estimated remuneration of ₦471 million.

Agbaje became Managing Director and CEO of Guaranty Trust Bank in 2011 and later assumed the group CEO role following the creation of GTCO’s holding-company structure.Energy and telecoms dominate.

The ranking highlights the concentration of Nigeria’s highest executive remuneration in capital-intensive sectors.

Oil and gas executives occupy three of the first four positions, while telecommunications, cement, banking and consumer goods also feature prominently.

Proshare’s separate analysis of FY2025 audited accounts found that the 10 highest-paid CEOs had combined total compensation of ₦30.04 billion, up 42 per cent from ₦21.17 billion in 2024. Its methodology included basic salary, benefits and dividends linked to CEOs’ shareholdings.

•Kristalina Georgieva

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, says Artificial Intelligence (AI) could affect about 40 per cent of jobs globally, urging governments to prepare workers for the changing labour market.

Ms Georgieva said this during a panel session on “Small Scale AI: More and Better Jobs” at the 2026 IMF/World Bank Annual Meetings in Bangkok, Thailand, on Monday.

She described AI as a “slow-moving tsunami” for the labour market, saying it could augment, downgrade or eliminate jobs.

According to her, IMF estimates show that AI could affect about 60 per cent of jobs in advanced economies and 23 per cent in low-income countries

E-hailing drivers in Lagos State have commenced an indefinite strike over unresolved concerns about fare structures, high platform commissions, deductions and welfare conditions.

The industrial action, organised by the Amalgamated Union of App-Based Transporters of Nigeria (AUATON), an affiliate of the Nigeria Labour Congress, began on Monday and will continue until further notice or until satisfactory progress is made in addressing the drivers’ grievances.

In a notice issued ahead of the strike, AUATON said the decision followed persistent complaints about operational policies, drivers’ earnings, safety, security and the long-term sustainability of app-based transport work. “Despite repeated efforts by drivers and stakeholders to draw attention to these concerns, many of the issues remain unresolved,” the union stated.

The action primarily affects drivers on major platforms including Bolt and inDrive. Drivers are demanding a substantial reduction in commissions — with the union pushing for a maximum of 10 per cent — and a review of fare structures to better reflect rising operating costs such as fuel, vehicle maintenance, insurance, repairs and financing. They are also seeking improved welfare measures, stronger passenger verification, accident support and better protection against risks including robbery and assault.

To ease the financial pressure on participants, AUATON appealed to fleet owners and managers to temporarily suspend daily remittance obligations and related operational targets. The union urged partners not to impose penalties or sanctions solely because of a driver’s participation in the strike, noting that drivers would not be generating normal revenue during the industrial action.

AUATON said it plans to deploy its task force across local government areas in Lagos to monitor compliance, with internal disciplinary measures possible for drivers who defy the directive. The notice was signed by the Lagos State Chairman of AUATON, Jaiyesimi Olalabi Azeez (popularly known as Makavelli), who reaffirmed the union’s willingness to pursue peaceful dialogue with platforms, fleet owners and other stakeholders.

Bolt has called for constructive dialogue, saying it recognises the economic pressures facing drivers and has proposed a roundtable discussion with AUATON and driver representatives. The company stated it is committed to addressing concerns around earnings, operating costs, transparency and welfare.

Commuters in Lagos who rely heavily on app-based services may experience fewer available vehicles, longer waiting times and potential fare increases while the strike continues.