Meet some of Nigeria’s highest paid CEOs

Leadership has unveiled some of Nigeria's highest paid CEOs and the stories behind their rise to the top, based on authoritative reports, between 2009 and 2012. Read below

Culled from Leadership 

Being a successful and influential chief executive officer takes hard work, guts, sacrifice and a more-than-average knowledge of how the business environment works. Many who wish to be successful and influential wonder how others have achieved great things, thinking such feats are impossible in their bid to toe same path.

Nigeria boasts a slew of successful CEOs in almost every sector – banking, oil and gas, sports, health and manufacturing. LEADERSHIP Friday unveils some of them. Find the report after the cut...

CEO, Stanbic IBTC, Sola David-Borha 
As the managing director/CEO of Stanbic IBTC Holdings Plc, David-Borha is one of the country’s highly-rated bankers. She is the highest paid director in Nigeria’s banking sector, with an annual remuneration of N177m. When broken down, this becomes N484, 931 daily, including weekends when may have no reason to go to work.

David-Borha has patiently risen through the ranks to get to where she is today. She was, at different times, responsible for overseeing the corporate finance and corporate banking, projects and structure finance, as well as asset management and private banking departments. At a time, she bore the burden of supervising treasury and finance services department.

David-Borha also headed the correspondent banking relationships’ department at Stanbic IBTC and served as a member of the executive committee. She was appointed to the bank’s board in 1994 and has held other positions, including a spell as director of Stanbic IBTC Bank Plc, Stanbic Nominees Nigeria Limited and Stanbic IBTC Stockbrokers Limited. She was also appointed a member of the board of Financial Institutions Training Centre (FITC).  She did not miss serving as a member of the bank’s board credit, board nominations and risk management committees.
 Having passed through these stages before rising to the pinnacle, David- Borha can be said to have, indeed, paid her dues and can be said to have exhibited a great degree of competence, experience, long career plan and hard work to get to her present position.

CEO, Mobil Oil Nigeria Limited, Tunji Oyebanji
Mobil Oil Nigeria (MON) is one of Nigeria’s major petroleum products marketing companies. As its chief executive officer, Oyebanji is on an annual remuneration of N85m. When broken down, this amounts to a daily pay of about N231, 956.

As chairman/CEO/managing director of MON, there is no doubt that Oyebanji’s hard-work, commitment and dedication has been largely responsible for the turn-around which the company’s fortune has experienced, making it stand tall among other competing oil corporates.
The company now operates more than 200 retail outlets spread across the 36 states of Nigeria and the Fedeeral Capital Territory; it owns three plants (in Apapa, Lagos State) where lubricants, petroleum jelly and insecticides are manufactured.

As at 2011, MON had an annual turn-over of N63.1bn, from N58.34bn in 2010. With a combined dividend per share of N5 and bonus issue of one for five shares, MON has, arguably, the industry’s highest priced stock.

CEO, GTBank, Olusegun Agbaje
The managing director/CEO of Guaranty Trust Bank (GTB), Olusegun J.K. Agbaje, is rated as one of the country’s highest paid CEOs. His GTB prides itself as “the biggest and most profitable bank in Nigeria” and one of the biggest companies on the shores of West Africa. Agbaje co-founded the GTB in 1990 with Tayo Aderinokun who died in 2011.His annual take-home is a whopping N77m.
Before assuming the current position, Agbaje was the deputy managing director of the bank between August 2002 and April 20, 2011. He has also served as the divisional head of the bank’s institutional banking division and also as acting MD of GTB (Ghana) Limited, from April 20, 2011.

Interestingly, Agbaje has served in a number of capacities before becoming the man at the helm of the bank’s affairs. He was, at different points in his career; member, Assets and Liability Management Committee; member, Criticised Assets Committee; member, Board, Information Technology Strategy Committee and member, Board, Risk Management Committee.

On his way to the top, Agbaje also served as member, board, Human Resources and Nomination Committee; member, Management Risk Committee and member, Management Credit Committee.  Experience garnered from serving in these committees helped, in no small measure, in preparing him for the current position of CEO.

CEO, Oando Plc, Jubril Adewale Tinubu
According to recent financial reports, the second highest paid CEO in the oil sector is Wale Tinubu, with a total annual remuneration of N69m, an equivalent of N189, 041 per day.
Tinubu is the group chief executive of the company which has been hailed as Africa’s leading indigenous energy solutions provider listed on the stock exchange in Nigeria and Johannesburg. Tinubu also has a record of long-time service, having served on the board of various blue-chip companies as chairman and director.
His outstanding performance has won him several awards, among which are; Africa’s Business Leader of the Year awarded by the African Business Magazine and the Commonwealth Council on the basis of his contributions to the development of the African oil and gas sector in 2010. He won the same accolade in 2011, courtesy of the African Investor.

These accolades are proof that Tinubu’s ascension to the pinnacle of the administrative ladder in Oando was no fluke but a function of his doggedness and hard-work. Tinubu also holds key positions in a number of major financial institutions.

CEO, Forte Oil Plc, Akin Akinfemiwa
Forte Oil Plc. (formally African Petroleum Plc.) is a foremost indigenous major marketer of refined petroleum products with strong presence in the 36 states of the federation and Abuja. According to recent reports, as its group chief executive officer, Akinfemiwa’s annual salary is N64m (N175, 342 per day).

Prior to this appointment, Akinfemiwa had a successful career in the banking sector. He served as the CEO of Sky Bank Plc, until July 31, 2010. His expertise covers a range of areas, including; strategic planning and management, corporate banking, project financing, leadership and advisory services. He has also served as managing director/CEO of Prudent Bank.

Akinfemiwa has now brought his hard-work to bear on the fortunes of Forte Oil Plc. The public liability company which is quoted on the Nigerian Stock Exchange (NSE) has over 500 dealer-assisted and dealer-developed retail outlets spread across the country.

CEO, UBA, Phillips Oduoza
Phillips Oduoza is the chief executive officer, group managing director, and an executive director of the United Bank for Africa (UBA) Plc. He is one of the highest paid CEOs in the banking sector, with an annual remuneration of N57m (as at 2010). It suffices to say that Oduoza is one of the few who can beat their chest in fulfilment of a banking career.

He became the CEO and managing director of the bank in August 2010 and has served as its deputy managing director (South) from the 2005. Besides having the honour of having gained monumental experience from working across different banks for more than 20 years, he has served also as the bank’s executive director of Retail Financial Services. UBA’s fortune, no doubt, has snow-balled, with results from his professional services and investment of talents as proof.

His services in the bank cut across membership of the board risk committee and financial and general purpose committee. Before assuming the position of CEO, he served as deputy managing director of the bank. Among many other designations, he was an executive director of the defunct Standard Trust Bank (STB) which was acquired by the UBA in the thick of the consolidation exercise introduced by the then-governor of the Central Bank of Nigeria (CBN), Professor Charles Chukwuma Soludo. 

CEO, Ecobank Nigeria, Jubril Aku
According to a Banks’ Financial Transparency report, as at 2009, the bank ranked second on the list of highest paid bank CEOs in Nigeria, with N88m per annum as salary for its CEO. But the bank reportedly slashed the CEO’s emolument to N38m per annum, perhaps, as a measure against financial stress.

Jubril Aku is the chief executive officer (CEO) of Ecobank Nigeria Plc. He has been its managing director since March 2010. Aku served as acting treasurer, Citibank, Tanzania and as country treasurer, Citibank Nigeria Plc.

He began his banking career in 1979 with the United Bank for Africa (UBA) Plc., where he worked for three years from September, 1986 to December, 1989. He served at the Continental Merchant Bank Plc., where he worked as a credit and investment analyst.
Aku has served in various capacities with different financial institutions and is, by all standards, an accomplished banker.

Au’s academic brilliance has earned him several accolades, among which are the First Bank of Nigeria Plc Prize for the Best Graduating Student in Banking and Finance at the Ahmadu Bello University, from where he graduated with honours in 1986.

CEO, Zenith Bank, Godwin Emefiele
The CEO and group managing director of Zenith Bank Plc, Godwin Emefiele, is also one of the highest paid CEOs of Nigerian companies. Emefiele succeeded the pioneer CEO of the bank, Jim Ovia, in August 2010. By his current position in the bank’s hierarchy and the number of branches it can bboast of within the country and in West Africa, it is evident that Emefiele is fulfilled.

Prior to his choice of banking as a career in Zenith Bank, Emefiele was a lecturer in University of Nigeria and University of Port Harcourt where he taught Finance, Bank Management and Insurance. However, he later left the academia for banking. He joined Zenith as a pioneer staff over 22 years ago and has proved his worth in advancing the bank as well as increasing its fortunes and profitability. In 2001, he was appointed deputy managing director before succeeding Ovia three years ago.

He has also served as member of Executive Committee, member of Board Credit Committee, member of Staff Matters, Finance and General Purpose Committee and member of Board Risk Management Committee.  Emefiele’s services and impact were also felt in Management Global Credit Committee, Risk Management committee, Assets and Liabilities Committee and Information Technology Steering Committee where he served as member.

The advancements made by the bank are not without the inputs of Emefiele who served as executive director in charge of corporate banking. He as well served in the treasury, financial control and strategic planning department. He has been in the management team of Zenith Bank from its inception.