DESPITE 2023 being a year to be remembered for exchange rate depreciation, rampant inflation and weakening purchasing power, the pay cheques of some CEOs seemed insulated from their corporate challenges.
But in navigating these economic challenges, the Chief Executive Officers (CEOs) played a critical role, for which they were rewarded. These executives were responsible for steering their organizations through both successes and difficulties, making decisions that often led to either praise or scrutiny.
A Nairametrics’ research revealed that the highest-earning MDs and CEOs amassed a combined total of N7.9 billion in 2023. This represents a significant increase from the N4.227 billion combined salaries in 2022, reflecting a notable rise of N3.749 billion.
Whilst some of the companies they oversee reported massive losses due to exchange rate depreciation, they did deliver higher revenue growth leveraging on adaptive marketing and operational strategies.
A review of revenue figures shows that around 30 leading Nigerian companies reported a combined revenue of N11.4 trillion in 2023, up from N9.1 trillion in 2022. This growth spans multiple industries, including consumer goods, industrials, technology, oil and gas, and agriculture.
They included Babatunde Fajemirokun of Aiico Insurance -N233 million as well as MTN, but many of the CEOs came from the banking sector, such as Zenith, First and Access banks .
