Oil and gas executives continue to dominate executive pay in Nigeria, according to the latest available data on CEO remuneration in quoted companies.

The figures, which reflect total compensation including basic salary, bonuses, and incentives for 2025 (often reported in 2026), show that leaders in the energy sector earned significantly more than their counterparts in telecoms, banking, and manufacturing. These packages are usually tied to company performance, share price growth, and long-term incentives.

Here is the Top 10 Highest-Paid CEOs:

1. Roger Thompson Brown – Seplat Energy Estimated Annual Pay: ₦3.90 billion The CEO of the leading indigenous energy company tops the list. His compensation reflects Seplat’s strong position in upstream oil and gas production.

1. Karl Toriola – MTN Nigeria Estimated Annual Pay: ₦3.14 billion The head of Nigeria’s largest telecom operator comes in second. His pay is linked to the company’s massive subscriber base and digital services growth.

1. Adegbite Falade – Aradel Holdings Estimated Annual Pay: ₦2.44 billion Another energy sector leader, Falade’s package highlights the high rewards in Nigeria’s upstream oil industry.

1. Wale Tinubu – Oando Plc Estimated Annual Pay: ₦1.80 billion The Group Chief Executive of Oando continues to feature among the highest earners in the oil and gas space.

1. Arvind Pathak – Dangote Cement Estimated Annual Pay: ₦1.58 billion The CEO of Africa’s largest cement producer earns a strong package due to the company’s continental operations.

1. Samba Seye – TotalEnergies Nigeria Estimated Annual Pay: ₦1.06 billion He leads one of the major downstream oil companies in the country.

1. Adaora Umeoji – Zenith Bank Estimated Annual Pay: ₦874 million The first female GMD/CEO of Zenith Bank is the highest-paid female executive on the list and the top earner in the banking sector.

1. Wassim Elhusseini – Nestlé Nigeria Estimated Annual Pay: ₦831 million

1. Adebayo Alli – Guinness Nigeria Estimated Annual Pay: ₦756 million

1. Segun Agbaje – GTCO (Guaranty Trust Holding Company) Estimated Annual Pay: ₦471 million

Key Highlights

• The oil and gas sector clearly dominates the highest pay brackets due to the scale, risks, and revenue potential of the industry.
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• Telecom and manufacturing also reward their leaders well, but banking CEOs generally earn less than energy sector bosses.
• These figures are drawn from company filings on the Nigerian Exchange (NGX) and reflect performance-based pay.

Executive compensation in Nigeria remains a topic of public interest, especially as companies balance high rewards for top talent with broader economic challenges faced by ordinary citizens.

Note: Figures are estimates based on 2025 reported compensation and may include various incentive components.