The Nigerian telecommunications business is growing, with various thriving companies such as MTN, Airtel Nigeria, Globacom, and 9mobile. Each of these companies has a Chief Executive Officer (CEO) who oversees the company’s ownership, operations, and strategic direction. The CEOs of these companies are typically regarded as powerful figures in the business world as well as in the country, since they make significant contributions to the economy.
How Much are telecom CEOs Paid In Nigeria?
Telecom CEO salary is determined by various aspects, including firm size, performance, and market conditions. This is to suggest that each CEO’s compensation is different, and while CEO A may earn more, CEO B may earn less depending on the variables mentioned.
According to the study, the average annual remuneration of a telecom CEO is NGN 550 million.
The following are the earnings of key Nigerian telecom CEOs:
1. MTN Nigeria
Karl Toriola is MTN Nigeria’s Chief Executive Officer and the highest-paid telecoms CEO in Nigeria. Karl Toriola, CEO of MTN Nigeria, was recently in the headlines for topping the list of the highest-paid Nigerian CEOs, with NGN 850 million in profits in 2022, a 130% increase from NGN 368 million in 2021.
2. Airtel Nigeria
Segun Ogunsanya, CEO and Managing Director of Airtel Africa Ltd, has been in charge of the company’s operations since October 1, 2021. Prior to joining Airtel NG, he held many leadership positions at Coca-Cola, including head of treasury, budget, and accounting. Segun’s annual total salary as CEO is around NGN 750 million.
Mike Adenuga is the CEO of the telecommunications business Globacom, better known as Gloworld, and Africa’s sixth richest person. Aside from being the CEO of Glo, he is also the chairman of Conoil, a Nigerian petroleum firm. Mike Adenuga’s net worth and salary are currently unknown to the general public.
9mobile, formerly Etisalat, is now led by Juergen Peschel, who has over 25 years of expertise in the telecoms business. Peschel has directed technology affairs, led teams, and established networks in numerous European nations throughout the years. Peschel is currently guiding 9mobile’s “resurgence” and has committed more than 70 billion naira in the ongoing initiative.
A CEO’s salary is typically negotiable and can include a combination of many add-ons such as:
- Stock options
- Data allowance
- Life insurance
- Wardrobe Allowance and many other incentives.
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