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Nigeria’s Highest Paid CEOs

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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


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National Assembly to Review National Data Protection Act

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Sen. Afolabi Salisu, the Chairman, Senate Committee on ICT and Cyber Security, has said efforts were ongoing to review the National Data Protection Act (2023) to meet emerging threats associated with technological advancement.

Salisu disclosed this on Tuesday at the opening of a three-day workshop, on Data Protection Awareness Promotion organised for the Joint National Assembly Committee on ICT by Nigeria Data Protection Commission (NDPC) and Ampersand Development Partners.

He said that since the enactment of the Act in 2023, there have been new developments such as Artificial Intelligence (AI) and the United Nations Convention on Cyber Crimes.

The lawmaker said that there is a nexus between data governance and cyber crimes hence the need to look at the Act and strengthen the handshakes where necessary.

According to him, we need to ensure the security of our country, particularly in the cyber space and our data governance as well as technology advancement like AI.

“As legislators, we need to have knowledge on data privacy and protection for us to be able to effectively legislate in that area.

“You cannot legislate in an area that you are not sufficiently knowledgeable in; this workshop affords us the opportunity to build our capacity to understand modern principles of data protection and to be in position to review the National Data Protection Act

“It has been three years down the line, how has this law addressed the need of the nation, particularly given the emerging technologies and how it compares with other other countries.

“At the end of this exercise, we would be able to come up with a roadmap, a timeline, with a view to review the National Data Protection Act,” he said.

The lawmaker tasked all Nigerians on private data protection saying that it is the duty of all citizens to ensure safety of their data.

He said that many free public WiFi and Apps are not always free as users pay with their data and adverts without knowing it.

Also speaking, the Chairman, House Committee on ICT and Cyber Security, Rep. Stanley Olajide (APC- Oyo) said that data is gold and Nigeria’s next prosperity was not going to be oil but data.

He said that no investor would bring foreign funds or capital into Nigeria, without making sure that the right data protection law is in place, which Nigeria has.

“Whatever data that we have is our sovereign wealth, is something that belongs to us. How do we protect it? We have to make sure that the right legal frameworks are put in place, so that those data, once bridged, you can actually hold entities, corporation, the countries responsible when they’ breach your data law.

“In the U.S., they have their data law; if you put anything in their cloud, is owned by the United States. So we also have to have something here.

“Anything that resides here in Nigeria and is generated here must be home and protected by our country; so we are put in the right laws and framework in place just to do that,” he said.


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Trapped Between Nigeria’s Failure and South Africa’s Xenophobic Violence

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By Blaise Udunze

When the word “xenophobic” is talked about, most affected African countries tend to focus on the pains being experienced by their citizens in South Africa. For a moment, it calls for Nigeria and the rest of the African continent to pause and ask, how did we get here?

Trapped Between Nigeria’s Failure and South Africa’s Xenophobic Violence

Xenophobic Violence

The recent happenings across the streets of Johannesburg, Pretoria, and Durban, a painful pattern continues to unfold with frightening and fearful regularity, as Nigerian-owned businesses are looted, migrants hunted, families displaced, and African nationals reduced to targets of rage. If asked, the majority would chorus that the recurring images of xenophobic violence in South Africa are disturbing enough, and no doubt, yes, but the deeper tragedy is beyond the flames and bloodshed. It lies in the silent failures back home that forced many Nigerians into vulnerable exile in the first place.

The reality, as a matter of fact, is that to understand the suffering of Nigerians in South Africa, one must first confront the uncomfortable truth that xenophobia is not merely a South African problem. It is also a Nigerian governance problem exported abroad.

Nigeria, often celebrated as the “Giant of Africa,” has now become the “Mama Africa” who has failed to nurture her many children, with the fact that behind every Nigerian fleeing hardship for survival, known as the “japa” syndrome, in another African country is a story shaped by economic frustration, failed institutions, poor leadership, unemployment, and a financial system disconnected from the realities of ordinary citizens.

One apt way to confirm these inimical factors, the South African president, Cyril Ramaphosa, recently acknowledged this uncomfortable reality when he urged African leaders to address the domestic failures driving mass migration across the continent. Speaking amid renewed anti-foreigner tensions, Ramaphosa identified “misgovernance” as one of the factors forcing Africans to seek refuge in countries like South Africa. Of a truth, his comments may have generated debate, and some “patriotic Nigerians” may also want to prove him wrong, but they reflected a painful reality many African governments would rather avoid.

Nigeria, despite its vast human and natural resources, has increasingly become a country where millions no longer see a future at home. This is a critical irony and the height of it all because a nation blessed with oil wealth and entrepreneurial energy and one of the youngest populations in the world is yet burdened by systemic corruption, policy inconsistency, infrastructural collapse, and a leadership class that has often prioritised politics over productivity, especially with the imminence of an election.

It is so detestable and at the same time fearful that the result is a generation of young Nigerians trapped between hopelessness and migration.

One regrettable experience that has continued to haunt the country for decades, is that successive governments have squandered opportunities that could have transformed Nigeria into an industrial and economic powerhouse. Public resources that should have been invested in power, roads, healthcare, manufacturing, education and enterprise development have either disappeared into private pockets or become trapped in wasteful bureaucratic structures.

Reports indicating that over $214 billion in public funds may have been lost, diverted, or trapped in opaque fiscal systems over the last decade capture the scale of Nigeria’s accountability crisis. Whether exact or conservative, such figures reveal a country losing resources or funds rapidly from severe bleeding that could have changed millions of lives.

Looking intently at these developments, one would know that the tragedy is not merely corruption itself but the opportunities corruption destroyed.

Come to think of this fact that with proper governance and strategic economic planning, Nigeria could have developed a thriving SME ecosystem capable of employing millions of citizens. Instead, unemployment and underemployment have become defining realities of national life. The World Economic Forum recently identified unemployment and lack of economic opportunity as Nigeria’s greatest economic threat, yet the country continues to struggle with coherent employment data and long-term economic direction.

This economic suffocation explains why migration has become less of a choice and more of a survival strategy for many Nigerians.

At the centre of this crisis is another troubling contradiction, which is that Nigeria’s banking sector appears increasingly profitable while the real economy continues to deteriorate.

Ordinarily, banks in developing economies are expected to function as engines of growth by financing productive sectors, supporting innovation, and empowering small businesses. Across the world, SMEs are recognised as the backbone of grassroots economic development, and the tangible result is that they create jobs, stimulate local production, and expand economic participation.

In Nigeria, SMEs account for over 70 per cent of registered businesses, contribute nearly half of the country’s GDP and generate between 84 to 90 per cent of employment. Yet, despite their enormous economic importance, SMEs receive barely between 0.5 per cent and one per cent of total commercial bank lending.

This is not just a policy failure; it is an economic tragedy. Rather than financing entrepreneurs and productive enterprises, Nigerian banks have increasingly found comfort in investing heavily in government treasury securities. In 2025 alone, major Nigerian banks reportedly generated N6.68 trillion from total investment securities and treasury bills, benefiting from high-yield government debt instruments instead of supporting businesses capable of creating jobs.

The banking sector’s recapitalisation exercise, which successfully raised N4.56 trillion, was celebrated as a regulatory achievement. But the critical question remains. The recapitalisation is for what purpose?

If stronger banks continue to avoid the productive economy while SMEs remain starved of affordable credit, recapitalisation merely strengthens financial institutions without strengthening national development.

Today, private sector credit in Nigeria remains significantly low compared to many African economies. High interest rates, excessive collateral demands, weak credit infrastructure and risk-averse banking practices have created an environment where small businesses struggle to survive, and these implications are devastating.

Every denied SME loan is a denied employment opportunity. Every failed business is another frustrated entrepreneur. Every frustrated entrepreneur is another Nigerian considering migration.

This is how economic dysfunction transforms into human displacement. In a situation like this, it is noteworthy to state that South Africa naturally becomes an attractive destination because of its relatively advanced infrastructure and larger economy. Today, this has informed Nigerians and other African countries alike to migrate there, not because they hate their country but because they are searching for dignity through work and enterprise.

Yet, in a cruel twist, many become targets of xenophobic violence. Foreign nationals are accused of “taking jobs,” dominating businesses, and contributing to crime. Shops are attacked. Businesses are burned. Lives are lost.

It is not a surprise anymore that the disturbing rhetoric surrounding xenophobia has become increasingly normalised and perceived as fighting against saboteurs. Another major concern is that social media posts celebrating violence against Nigerians reveal a frightening and fearful dehumanisation of fellow Africans. This has continued to be heralded unaddressed, as some extremist anti-migrant groups now openly mobilise hostility against foreign nationals under the guise of economic nationalism.

Yet, as opposition leader Julius Malema rightly asked during one of the recent xenophobic debates. “After attacking foreigners and shutting down their businesses, how many jobs have actually been created?” If you are smart enough to know, it is glaring that this is a question that cuts through the emotional manipulation surrounding xenophobia, which also reflects the fact that destroying a Nigerian-owned shop does not solve unemployment, nor does killing migrants create prosperity. Violence against fellow Africans does not fix structural inequality.

Malema’s argument was blunt but accurate in revealing that xenophobia is not an economic strategy. It must be perceived with the right perspective as the symptom of deeper failures, poverty, inequality, weak governance, and political frustration.

Historically, just like other colonised African countries, South Africa itself carries deep old wounds. The legacy of apartheid left enduring economic inequalities, spatial segregation, unemployment, and psychological scars, but this should not continue to shape social tensions today. What is of concern is that the same people, like other African countries, experienced, were expected to remain forward-looking and forge ahead rather than dwell in the past.

It is even more pathetic that decades after the fall of apartheid, millions of Black South Africans remain trapped in poverty and exclusion; perhaps they are not to be blamed for their failures as they claimed, but the foreigners who didn’t stop them from exerting their skills become the scapegoats.

That frustration often seeks an outlet, and immigrants become easy scapegoats. This, however, does not excuse the brutality.

The stories emerging from xenophobic attacks are horrifying and very dastardly and humiliating, as African migrants have reportedly been beaten, burned alive, stoned, and hunted in communities where they once sought refuge, as two Nigerian citizens were said to have been beaten and burnt to death. To say the least, the pain becomes even more ironic when viewed against history.

Because Nigeria played a major role in supporting South Africa’s anti-apartheid struggle, ranging from financial assistance to diplomatic pressure, scholarships, activism, and cultural solidarity, Nigerians stood firmly with Black South Africans during some of apartheid’s darkest years, which was enough to prevent such ugly events. Nigeria did so much to the point that Nigerian students contributed financially to anti-apartheid campaigns. Nigerian musicians used music to mobilise continental resistance. Successive governments invested enormous diplomatic and material resources into the liberation struggle.

The children and grandchildren of those who made such sacrifices are now among those facing hostility in South Africa today.

History makes the tragedy even heavier. Yet, Nigeria must also confront its own failures honestly. The truth is, if Nigeria had invested half the energy it spent supporting external liberation struggles into building a functional domestic economy, perhaps millions of Nigerians would not be fleeing abroad in search of economic survival today.

The painful reality is that many Nigerians abroad are not economic adventurers; they are economic exiles.

The ugliest side of it all is that they are exiled by unemployment, exiled by corruption, and exiled by policy failures. Again, they are exiled by a system that has repeatedly failed to convert national wealth into shared prosperity but into embezzlement that still finds its resting place in a foreign account.

This is why solving xenophobia requires more than diplomatic protests or emotional outrage as exuded in the National Assembly by some members like Adams Oshiomhole and others. This calls for the political actors and those in the financial space to fix the conditions that force Nigerians into vulnerable migration in the first place.

One undeniable fact is that, as a country, Nigeria must fundamentally rethink governance and economic management as it takes into consideration the following solutions.

First, public accountability must become non-negotiable and should not be compromised anywhere. Corruption and resource mismanagement are critical and have robbed generations of opportunities, and these are the major traits fueling the exile. Infrastructure, industrial development, education, and healthcare must become genuine priorities rather than campaign slogans, as all these must become a reality, not a feeble promise.

Second, the banking sector must reconnect with the real economy. Financial institutions cannot continue generating enormous profits from government securities while productive sectors collapse. The government should hold a roundtable discussion with banks, which must be incentivized and, where necessary, compelled to increase lending to SMEs and productive industries capable of generating employment.

Third, there must be deliberate and conscious investment in skills, innovation, and entrepreneurship. Young Nigerians should not have to leave their homeland merely to survive because it is an aberration for a country that is enormously rich but still has some of its best hands eloping from the country.

Finally, African governments must reject the politics of division and scapegoating. This contradiction is at its height because Africa cannot claim to pursue continental unity while Africans are hunted in other African countries.

In all of the deliberation, the truth remains the same, in the sense that the story of Nigerians suffering xenophobic violence in South Africa is ultimately a story about failed systems on both sides, one on the side of economic failures pushing migrants out and the social failures turning migrants into enemies.

Until these structural realities are confronted with honesty and urgency, the cycle will continue. More young Nigerians will leave. More migrants will become vulnerable. More African societies will turn inward against each other.

But this trajectory is not irreversible. One gift that can’t be taken away from Nigerians is that Nigeria still possesses the talent, entrepreneurial energy, and human capital necessary to build a prosperous economy that gives its citizens reasons to stay rather than flee. The truth is that what has been lacking is not potential but responsible leadership and economic vision.

The true solution to xenophobia may therefore begin far away from the streets of Johannesburg or Durban. It may begin in Abuja, with governance that works, institutions that serve, banks that invest in people, and leadership that finally understands that national dignity is measured not by speeches but by whether citizens can build meaningful lives at home.

Until then, the “japa” flag will keep flying, as many Nigerians will remain exiled, not merely by borders, but by the failures of the country they still desperately want to believe in.

Blaise, a journalist and PR professional, writes from Lagos and can be reached via: [email protected]


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Dr. Olusola Teniola, Honoured with Yoruba Study Group Golden Leadership Excellence Award

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ipNX Director, Dr. Olusola Teniola, has been awarded the prestigious Golden Leadership Excellence Award by the Yoruba Study Group. Dr Teniola, who leads Strategic Business Initiatives (SBI) at ipNX, the leading Nigerian technology and telecommunications company, was conferred with this award at the ipNX Corporate Headquarters, Victoria Island, Lagos.

Dr. Teniola was recognised as an Icon of Excellence & Most Outstanding Administrator of the Year 2025/2026 for his remarkable contributions to the advancement of Nigeria’s telecommunications industry, as well as his unwavering commitment to making data more affordable and accessible to millions of Nigerians.

The award celebrates his embodiment of the revered Omoluabi ethos of Yorubaland, defined by integrity, diligence, excellence, and strong character. His leadership and impact have been particularly notable through his work with the Association of Telecommunications Companies of Nigeria (ATCON) and the Alliance for Affordable Internet, where he has played a pivotal role in shaping policies and initiatives that drive digital inclusion and connectivity across Nigeria.

In its citation, the Yoruba Study Group commended Dr. Teniola for his “exemplary contributions to the advancement and management of telecommunications in Nigeria, his unquantifiable efforts in ensuring affordable data for the teeming masses, and his outstanding record of quality service delivery.”

Reacting to the recognition, Dr. Teniola said “I am deeply honoured to receive this award from the Yoruba Study Group. This recognition is not just a personal milestone, but a reflection of the collective efforts of industry stakeholders committed to advancing Nigeria’s digital future. I remain dedicated to driving initiatives that promote affordable access to connectivity, foster innovation, and empower more Nigerians to participate meaningfully in the digital economy, while upholding the values of integrity, excellence, and service.”

The Yoruba Study Group, a socio-political organisation founded in 2019, is dedicated to promoting Yoruba traditions, values, and cultural heritage. ipNX described the award as a testament to Dr. Teniola’s enduring impact on both the technology sector and society at large.

“Dr. Teniola exemplifies the highest standards of leadership, innovation, and service. His contributions continue to strengthen Nigeria’s digital economy while reflecting the values of excellence and integrity that we uphold at ipNX,” said Mobolaji Caxton-Martins, Head Marketing and Corporate Communications, ipNX Nigeria.

This recognition not only highlights Dr. Teniola’s professional achievements but also underscores his commitment to fostering inclusive growth, strengthening industry collaboration, and advancing Nigeria’s position in the global digital landscape.


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