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
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.
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