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Nigeria’s Highest Paid CEOs
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 Newspaper Friday unveils some of Nigeria’s highest paid CEOs and the stories behind their rise to the top, based on authoritative reports, between 2009 and 2012.
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).
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
Culled from Leadership Newspaper
Federal High Court in Abuja, on Tuesday adjourned the $150 million dollars suit filed by Chianugo Peter, a Nigerian, against Google LLC and GoDaddy.com LLC over shutdown of his YouTubeAudio.com domain name until April 22 for hearing.
The case, which was before Justice Obiora Egwuatu, could not proceed due to the absence of the judge in today’s proceedings.
Although Emmanuel Ekpenyong, Peter’s lawyer, and Mark Mordi, who is counsel to Google LLC, were in court, Justice Egwuatu was said to be in another official assignment.
The matter was consequently fixed for April 22 for hearing.
Peter had filed the suit over allegations bordering on the shutdown of his YouTubeAudio.com domain name after eight years of promotional and marketing efforts in breach of the contract.
Peter, through his lawyer, named GoDaddy.Com LLC and Google LLC as the 1st and 2nd defendants in the suit filed on April 14, 2023 and marked: FHC/ABJ/CS/238/2023.
In his earlier originating summons filed by Ekpenyong of the law firm of Fred-Young & Evans LP, the Nigerian sought a $150 million in compensation from Google LLC and GoDaddy.com LLC for the alleged cyberspace contract breach.
The plaintiff alleged that the defendants shut down his domain and business name: YouTubeAudio.com and transferred the rights over the name to Google LLC, an American multinational technology company.
Google LLC, in its initial statement of defence dated Nov. 9, 2023, and filed Nov. 10, 2023, by its lawyer, Mr Mordi, SAN, of the law firm of Aluko & Oyebode, urged the court to dismiss Peter’s suit as being unmeritorious and lacking in merits.
Justice Egwuatu had, in April 2024, gave Chianugo Peter the go-ahead to amend his originating processes after his lawyer moved the application for same and it was not opposed by the defence counsel.
In his amended statement of claim dated April 29, 2024, Peter sought ten reliefs.
He sought a declaration that GoDaddy.com was wrong to shut down the YouTubeAudio.com domain name on Dec. 7, 2022 and that Google was wrong to remove “YTAudio” with its website youtubeaudio.com from its Google PlayStore on Dec. 25, 2023 without adequate compensation to him.
He said this is notwithstanding that YouTubeAudio.com domain and business name is different and distinct from YouTube trademarks.
Chianugo Peter wants the court to declare that he is entitled to compensation from the defendants for the loss of the YouTubeAudio.com brand and goodwill which has accrued on the brand and domain name for eight years of promotional and marketing works from July 2, 2015 to Dec. 7, 2022.
He sought an order directing the defendants to pay the sum of $50 million to him for promotional and marketing works on the YouTube Audio business name and YouTube Audio.com domain name for eight years from July 2, 2015 to Dec. 7, 2022.
He sought a $100 million in damages for loss of anticipated profits associated with the brand equity and goodwill of YouTube Audio and YouTube Audio.com domain name.
Peter also sought from the defendants, the sum of 50 million naira to enable him to carry out fresh registrations of its new name and secure an alternative domain name to host its application to attract users.
The Nigerian sought an order directing the defendants to pay the sum of 10 million naira to him for prosecution of the suit.
Alternatively, Peter prayed the court for an order for GoDaddy.com to reinstate and hoist the YouTubeAudio.com domain name which was shut down on Dec. 7, 2022 and for Goggle to also reinstate YouTubeAudio.com on its Google PlayStore platform which was unilaterally removed on Dec. 25, 2023.
Chianugo Peter submitted that he acquired rights over YouTubeAudio.com domain name from Go Daddy.com LLC who conducted a search before confirming that he could make use of the name.
The plaintiff averred that he promoted the domain and business name from 2014 to 2022 and even wrote to Google to introduce YouTubeAudio’s services and to partner with it in 2014 and 2021 but received no response from it on both occasions.
He said in February 2021, he applied for and YouTubeAudio.com was registered on Google Adsense platform for displaying advertisement on the website.
Besides, Peter said in August 2021, the domain and business name was registered on Google Playstore.
According to him, the plaintiff consistently paid GoDaddy.com LLC for registration and use of the domain name from 2015 to 2022.
But Google LLC, in its amended statement of defence and counterclaim dated and filed May 31, 2024, averred that its registration of the YOUTUBE trademarks at the Trademarks Registry gives it the exclusive night to the use of the said trademarks.
It submitted that it has incurred expenses in the sum of 24,040 64 dollars in dealing with Peter’s “deliberate infringement of the counterclaimant’s YOUTUBE trademarks.”
The company, therefore, sought a declaration that Peter’s registration and use of the YouTubeAudio business name with BN 2395035 at the CAC is an infringement of its YOUTUBE registered trademarks.
It prayed the court for an order directing Peter to pay the company the total sum of $24,040.64 being the expenses incurred in dealing with his infringement of the YOUTUBE registered trademarks.
It equally sought an order directing the plaintiff to pay the company the cost of defending the suit.
In his amended reply to Google’s amended statement of defence dated 12th July 2024, Peter responded that it is not in doubt that Google LLC owns YouTube trademarks, however, YouTubeAudio is distinct and different from YouTube trademarks.
Chianugo Peter submitted that Google LLC, being a foremost search engine in the world, knew that he had earlier written to it, that he was making use of the YouTubeAudio domain name for the past eight years without any objection or caveat by either GoDaddy.com or Google.
“Hence, Google LLC is estopped from claiming any right over the YouTubeAudio domain name,” he said.
GoDaddy.com LLC had neither filed any process nor represented in court.
LG Electronics has announced the launch of a nationwide campaign aimed at celebrating decades of customer loyalty and technological heritage by searching for the oldest still-functioning LG television sets across the country.
The initiative, themed “The Oldest LG TV”, seeks to honour long-time customers whose LG screens have stood the test of time, while introducing them to the future of home entertainment through LG’s advanced AI QNED TVs.
For generations, LG televisions have been more than an electronic device in Nigerian homes, they have been silent witnesses to family milestones, cultural moments and shared memories.
This campaign bridges nostalgia with innovation, acknowledging the emotional connection Nigerians have built with the brand while showcasing LG’s leadership in AI-powered display technology.
The campaign features a storytelling -driven narrative that highlights community, heritage and the evolution of viewing experiences. Participants are invited to share the stories behind their long-serving LG TVs, transforming everyday screens into symbols of trust, resilience and innovation.
In creative twist, the campaign also introduces LG’s AI-enabled televisions as responsive companions that understand viewer preferences, recommend content and enhance picture quality in real time. This shift from nostalgia to futuristic interactivity underscores LG’s continued commitment to delivering smarter, more personalized entertainment solutions.
To participate, simply visit https://lgsearchcampaign.vercel.app/ upload a photo or video of your old LG TV and share the story behind it – how long you’ve had it and the memories it holds.
The winner walks away with a brand-new LG AI QNED TV, effectively trading legacy for luxury.
At its core, this campaign reminds us that technology is not only about pixels and processors, but about people. It’s about the laughter in the living rooms, the silence during tense match moments and the comfort of family routines.
By celebrating the oldest TVs still standing strong, LG is celebrating the people who kept the on, families who trusted the brand through changing times and evolving technologies. In doing so, LG isn’t just upgrading television, it’s upgrading memories into the future.
According to Mr. Choongbae Seok, General Manager, Media Entertainment Solutions, LG Electronics Nigeria, “The journey from our classic CRT Televisions to today’s AI QNED technology reflects how far both our customers and our innovation have come. Those early sets were built to last, and many are still functioning today, a testament to durability and consumer trust. This initiative allows us to honour that legacy while introducing a new era of intelligent viewing, where the screen does more than show content; it adapts, learns and enhances every moment”.
LG Display 2026 TV Models at InnoFest
LG Electronics (LG), a leader in AI-powered solutions for the home, outlined plans to accelerate growth in emerging markets at LG InnoFest 2026 MEA. The event, held in Abu Dhabi, provided a forum to share LG’s strategic direction and market outlook with regional partners. At the exhibition, LG displayed its premium 2026 AI TV lineup focusing heavily on advanced processing power, smarter picture and sound technologies. The flagship OLED evo G6 and 100-inch Micro RGB evo TVs are powered by the new Alpha 11 AI processor Gen 3 enabling faster and more intelligent performance. The OLED evo W6 Wallpaper TV, an ultra-slim television designed to sit flush against the wall like artwork uses true wireless connectivity, reducing cable clutter and creating a cleaner, minimal setup.
African leaders used the AU Summit in Addis Ababa over the weekend to sharpen the continent’s technology agenda, with Ethiopia positioning artificial intelligence (AI), digital infrastructure and connectivity as pillars of Africa’s economic future.
Opening the 39th African Union Summit, Ethiopian prime minister Abiy Ahmed outlined an ambitious vision to place Africa at the forefront of the global AI race, anchored by Ethiopia’s plan to launch what he described as Africa’s first AI-focused university.
“In 2020, Ethiopia established Africa’s first Artificial Intelligence Institute. Building on this foundation, we are preparing to launch an AI university anchored in the philosophy of Medemer, purposeful collaboration, to unite human values with machine intelligence and position Africa as a global leader in the age of intelligence,” Abiy told delegates. “
He framed AI not as a standalone sector, but as a cross-cutting enabler for governance, industry and social development. “Every river we manage, every city we design, and every digital platform we deploy must generate resilience, opportunity and dignity,” Abiy said. He further linked digital transformation to Agenda 2063’s long-term prosperity goals.
Beyond AI, the high-powered AU summit discussions highlighted digital identity, cross-border connectivity and telecom expansion as critical building blocks for an integrated African market. Ethiopia’s Digital Ethiopia 2030 roadmap, including its Faida digital ID ecosystem, was cited as a model for secure, interconnected public services.
Abiy pointed to aviation and telecom infrastructure as key accelerators for economic development across the continent. “Through Ethiopian Airlines, we connect people and markets. Ethio Telecom is expanding partnerships across Africa to bridge the digital divide,” he said.
The Ethiopian leader added that large-scale infrastructure projects are designed to anchor Africa deeper into global value chains.
The broader summit tech agenda also touched on regulatory harmonisation, digital trade and data governance, with leaders emphasizing that continental cooperation is essential to avoid fragmented digital markets.
UN Secretary-General António Guterres underscored the need for inclusive innovation, telling delegates that Africa’s digital rise must be “people-centered and opportunity-driven,” while African Union Commission Chair Mahmoud Ali Youssouf stressed coordinated policy frameworks to accelerate adoption.
“AI capability, digital infrastructure and unified regulation are no longer optional ambitions, but strategic imperatives shaping the continent’s competitiveness in the intelligence era,” he said.
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