Seplat Energy's Roger Thompson Brown is the highest-paid CEO in Nigeria in 2026, with estimated annual remuneration of ₦3.90 billion, according to a ranking published in May 2026. MTN Nigeria's Karl Toriola follows with ₦3.14 billion, while Zenith Bank's Adaora Umeoji is the only woman among the top 10 executives.
Top earners and gender imbalance
The ranking, which covers estimated annual remuneration rather than basic salaries, shows three executives earning more than ₦2 billion. The 10th person on the list, GTCO's Segun Agbaje, has an estimated remuneration of ₦471 million. The figures include salary, bonuses, allowances, and other compensation, and should not be read as money already paid during 2026.
The list is notable for its gender imbalance. Adaora Umeoji of Zenith Bank is the only woman among the 10 executives, while the other nine positions are held by men. The ranking highlights the concentration of high pay at the top: Roger Brown's estimated ₦3.90 billion is more than eight times the ₦471 million attributed to the 10th-ranked Segun Agbaje.
Seplat's Roger Brown tops the list but has since retired
Roger Brown, a British executive, joined Seplat Energy in 2013 as Chief Financial Officer and Executive Director before becoming CEO in August 2020. He brought over 25 years of financial-sector experience, particularly in emerging markets, energy, and infrastructure transactions. During his tenure, he oversaw Seplat's $1.28 billion acquisition of ExxonMobil's Nigerian shallow-water business, transforming the company into one of Nigeria's largest domestic oil producers.
However, Seplat announced in June 2026 that Brown would retire and leave the board on 31 July after 13 years with the company, including six years as CEO. This means he was CEO when the ranking was published but is no longer in that position. A Nigerian publication reported in June 2026 that Brown was born in February 1970, making him 56 at the time, although Seplat's official profile does not state his date of birth.
MTN's Karl Toriola and Aradel's Adegbite Falade follow
Karl Toriola, ranked second with ₦3.14 billion, has spent much of his career within the MTN Group. He joined in 2006 and held senior roles across its African operations, including CEO of MTN Cameroon and Chief Technology Officer of MTN Nigeria. MTN appointed him CEO of its Nigerian business effective 1 March 2021. Toriola turned 54 in March 2026, according to ThisDay, which described him as being born in Ife-Modakeke.
Adegbite "Gbite" Falade ranks third with ₦2.44 billion. He is the Managing Director and CEO of Aradel Holdings, an integrated energy company with interests in oil, gas, and power. Falade studied Electrical and Electronics Engineering at the University of Ibadan, graduating with First Class honours, and later obtained an MBA from Warwick Business School. His professional background covers more than two decades in the energy industry, and he has been prominent as Aradel expanded its position in Nigeria's energy sector.
Oando's Wale Tinubu and Dangote Cement's Arvind Pathak
Jubril Adewale "Wale" Tinubu ranks fourth with ₦1.80 billion. He is the Group Chief Executive of Oando, one of Nigeria's major indigenous energy companies. A lawyer by training, he began his career in 1990 before co-founding Ocean and Oil in the 1990s. Under his leadership, Oando expanded through major acquisitions, including Unipetrol and later Agip Nigeria, transforming from an oil-trading business into an integrated energy company. Born on 26 June 1967, Tinubu is 59 in 2026.
Arvind Pathak ranks fifth with ₦1.58 billion. He became Group Managing Director and CEO of Dangote Cement effective 1 March 2023. Before joining, he built a long career in the Indian cement industry, serving as Managing Director and CEO of Birla Corporation and holding senior leadership positions at ACC and other cement businesses. Dangote Cement operates across several African markets.
TotalEnergies' Samba Seye and Zenith's Adaora Umeoji
Dr Samba Seye ranks sixth with ₦1.06 billion. He is the Managing Director of TotalEnergies Marketing Nigeria. An engineer with a doctorate from the University of Sciences and Techniques of Lille in France, Seye worked as an assistant lecturer before joining Shell in 1993. He joined Total Marketing and Services in 2014 and was appointed Managing Director of Total Nigeria effective 1 September 2021.
Adaora Umeoji ranks seventh with ₦874 million. She became Group Managing Director and CEO of Zenith Bank in June 2024, making her the first woman to hold the top executive position at the bank. She joined Zenith in 1995 and became Deputy Managing Director in 2016. Umeoji has academic qualifications in sociology, accounting, law, and business administration, and has completed executive programmes at Harvard Business School, Columbia Business School, MIT Sloan, and Wharton. She was born on 8 February 1974, making her 52 in 2026.
Nestlé's Wassim Elhusseini, Guinness' Adebayo Alli, and GTCO's Segun Agbaje
Wassim Elhusseini ranks eighth with ₦831 million. The Lebanese executive joined Nestlé Kuwait in 2002 and held senior sales and business-development roles across the Middle East. He became Managing Director/CEO of Nestlé Nigeria effective 1 September 2020 and continues in that role in the company's 2026 financial statements.
Adebayo Alli ranks ninth with ₦756 million. He became Managing Director and CEO of Guinness Nigeria in January 2024, taking over from John Musunga. Guinness Nigeria is part of Diageo, the global drinks company.
Segun Agbaje completes the ranking with ₦471 million. He became Managing Director and CEO of Guaranty Trust Bank in 2011 and later became Group Chief Executive Officer of GTCO following the creation of the holding company structure. Under his leadership, GTCO expanded into payments, funds management, and pensions. In 2025, GTCO became the first Nigerian financial-services company to pursue a secondary listing on the London Stock Exchange.
The ranking is best understood as a snapshot of executives and estimated compensation at the time it was compiled, rather than a definitive list of who currently holds each CEO position. In Brown's case, he retired as Seplat Energy CEO on 31 July 2026, reflecting the dynamic nature of executive leadership in Nigeria's corporate sector.
