ceo remuneration - from covid to collaboration 2021...the many sides of ceo compensation –...

July 2021

1602 - 8842 Vol. 1 No. 265

CEO Remuneration: From COVID to Collaboration

CRemuneration

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Contents

Contents

CEO Remuneration: According to the Trading Board.

Conclusion – Work and the Productivity Promise.

Related Links & References

Introduction – Breaking into New Ideas and Fresh Realities.

Methodology

Advice to Users of This Report.

Gender Collaboration – Women and the Corporate Suite.

Executive Summary – Governance meets New World.

Top 10 CEOs – How the Top Half Get Compensated.

The Many Sides of CEO Compensation – Selected Sectoral Analysis of Executive

Rewards.

Key Findings - Understanding the COVID-19 Work-Life Balance.

Appendix

Contact

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Executive Summary - Governance Meets New World

“Working from home makes it much harder to delineate work time from personal time. I

encourage all of our employees to have a disciplined schedule for when you will work,

and when you will not, and to stick to that schedule.” – Dan Springer, CEO of DocuSign

With COVID-19 still bearing down on several global economies the whole concepts of work, purpose,

collaboration and CEO remuneration are taking on new dimensions requiring fresh insights, new

strategies, and critical rethinking. As DocuSign's chief executive officer (CEO), Dan Springer, noted in

the quotation above, the emerging flexible work culture may require some work.

Not only is the workplace in need of a do-over but also corporate structures and management approaches

may need a remake. Organizations are scooting along the transition tarmac from pyramid structures to

flatter engagements with fluid collaborative teams and defined goals. This has been called 'holacracy' or

a working system where teams engage, disengage, and reengage to achieve specific corporate goals and

responsibilities are shared across employees according to required needs to meet specific objectives (see

illustration 1 below).

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Illustration 1: From Hierarchy to Holacracy

Holacracy Vs Hierarchy

Source: Mckinsey, Proshare Research, EcographicsCRemuneration

Holacracy takes powers traditionally reserved forexecutives and managers and spreads them acrossall employees.

In a traditional hierarchy, layers of managementestablish how products are approved and monitored.

UPPERMANAGEMENT

MIDDLEMANAGEMENT

STAFF

SUPERVISORS

CEO

SUPER-CIRCLE

One that containssub-circles. This couldbe Marketing.

SUB-CIRCLE

Each is dedicated toa function. This couldbe Digital Advertising.

ROLE

A task related to afunction. This could beSocial Media Producer.

The post-COVID-19 age will usher a period where organizations must be agile to survive, hierarchical

structure will have their place but to respond swiftly to the moving corporate and economic pieces

companies will need to work in small and large cohesive clusters to meet either physical production

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It is this sustainability that the holacracy-structured company attempts to achieve as it reshapes itself for

assignments and targets to ensure that customers' needs and expectations are exceeded or at least met.

In going forward from 2021 several local companies will have to come to terms with the pains of making

the transition from hierarchical organizational structures to organizational structures that are flatter but

significantly more agile and responsive to a setting sprinkled with uncertainty. To cope with the

transition, corporate boards will have to make some key decisions that would involve:

The domestic Nigerian corporation from 2021 would have to rethink, reimagine and restrategize. The

days of the laidback corporate behemoths imposing themselves on consumers are over, companies that

aim for sustainability in today's environment must be nimble, competitive, and imaginative. The absence

of imagination or creativity means being buried in the graveyard of yesterday's giants. In the coming

technological storm, the only shelters for organizations that want to see their logos on corporate

buildings are consumer sensitivity, corporate agility, and market awareness ( ). see illustration 2 below

Bringing technology into the organizational mix to facilitate swift responses to changing

customer expectations.

targets or service delivery standards. Organizations must increasingly become what long-time Royal

Dutch Shell strategist, Aries de Gues called the 'living company'. According to Peter Senge who wrote the

forward to the book of the same title, “Seeing a company as a machine implies that it will run down

unless it is rebuilt by management. Seeing a company as a living being means that it is capable of

regenerating itself, of continuity as an identifiable entity beyond its present members”.

Creating moments of continuous corporate adjustments prompted by machine learning (ML)

and artificial intelligence (AI) which become central to corporate performance.

Establishing fast feedback loops to guarantee that customers engage interactively with the

company's products or services by way of experiencing concentric cycles of excellence (in other

words, continuously improving UX/UI).

Supporting workers with learning new ways and unlearning old ones.

Illustration 2: The Hard Work of Change

The Hard Work of Change

Source: Proshare Research, Ecographics CRemuneration

Learn and relearn

Supporting workers to

learn and unlearn will be

critical in going through

2021.

Technology

Technology will be a major

separator of the good, the

bad, and the uncertain

in 2021

Feedback as a strategy

Companies that will

thrive in 2021 and beyond

will have to go through

multiple iterations of

consumer expectations.

Bringing Artificial Intelligence (AI)

and machine learning to the fore

Machine learning (ML) and

Artificial Intelligence (AI)

will become central to

corporate sensitivity

to markets and consumer

actions between 2021 &

2025.


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In the new age of the company, sustainability will mean more than products and services it would mean

regular process and product iterations that are set to meeting specific but changing or changeable

consumer needs. Environment, social and governance (ESG) considerations will become majorly

important to the corporate service or product delivery processes, as companies move in lockstep with

social and consumer signaling. In this ecosystem, gone will be the enterprise high on corporate influence

and low on consumer satisfaction, and in will be the business that is high on consumer aspirations and

low on product or service history. Indeed, for a sustainable company, tomorrow does not wait, it is

already here.

The Ways of Tomorrow's Markets

A recent example of how consumers influence product or service demand was a recent press conference

where Christiano Ronaldo of Juventus in Italian Serie ‘A’ knocked two bottles of Coca Cola together and

picked up a bottle of water and exclaimed ‘agua!’ or ‘water!’ the market value of the Cocoa Cola company

fell by US$4bn on the New York Stock Exchange (NYSE) hours after the press briefing.

Tomorrow’s markets like people can be cranky. The uncertainty of consumer preferences remains a

fundamental part of the changing dynamics of product and service markets. Unlike 40 years ago

consumers in the 2000s expect to be served by companies in a manner that emphasizes precision, speed,

and empathy. The contemporary consumer is impatient and quickly pivots to alternative products or

services as soon as expectations are not met. The new consumer is not a taker but a demander, she or he

insists that service or product promise be fulfilled or ‘canceled’ meaning that the product gets dropped

from the consumer’s scale of preferences and this could become viral as the consumer’s experience is

narrated on multiple social media platforms.

The incident demonstrates the rising power of millennial consumers and the environmental, social, and

governance concerns of contemporary buyers. The aspirational company will have to align itself with the

greener and health-conscious views of millennial and post-millennial consumers or they would go the

way of the digital imaging company, , which fizzled from being a prominent Fortune 100 Rank Xerox

company in 1998 to filing bankruptcy within a decade.

Corporate sustainability should not be about the past but about the future, analysts observe that

companies aiming for longevity must dream dreams and see visions rather than stay stuck in historical

time warps. Nigeria’s corporate giants of the past are largely resting peacefully in the scrapyard of

yesterday’s greats as new companies emerge as corporate champions ( ).see illustration 3 below

Illustration 3

https://www.sun-sentinel.com/news/fl-xpm-2000-12-05-0012040596-story.html

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Illustration 3: Corporate Nigeria in Transition

Source: Proshare Research, EcographicsCRemuneration

2000-2021Companies

MTN Ardova

Dangote

Berger Paints Proshare

BUA Cement

GLO Chams

FBN Holdings DAAR Communication

Access Bank e-Tranzact Int’lPWC

Eko CorpAirtel

May & Baker

Eterna

Interswitch

Evans Media

Zenith

Leadway Insurance Glaxosmithkline

Jaiz Bank

Branch IFS Learn Africa Plc

FintechNGR

Med-View Airline Paxful MRS Oil

Mutual Benefits Assurance

Jumia

Omatek Ventures Transcorp Hotels

Vitafoam

Mouka Foam

GTB UACN

UBA

Trans-National Express

Konga

SAHCO

11 Plc Royal Exchange

Afromedia

FDC

Channels Television Arise TV

Mutual Benefits Assurance

SAHCO

May & Baker

Flutterwave

TVC

MBA

Top Companies

Unilever British American Tobacco UAC P&G

PZ

TotalCadbury

Julius Berger

Nestle

FBN

Schlumberger Oil & Gas

National BankLafarge Savanah

Nigeria Breweries ACBNew Nigeria Bank

Eleganza

Afribank Bata

IMB

Lennards

Pacific

Costain

Agip

RCC Gcappa UnipetrolABB

African PetroleumABC Transport

Okomu Oil

National Oil

Okitipupa Oil Companies

Oluwaglass

NBCOwunka Higtech

7UP

Global Soap

Sahara Energy Oil

Okin Biscuit

Ericsson

Premier Breweries

FCMB

British Layland Consolidated Breweries

Afprint

UNTL

NICHEMTEX

1980-1999 Companies

Unilever

Agip

ACB

Guiness

Lagos Marriot Hotel

Raddison Hotel

VS

1980 - 1999 2000 - 2021

The integration of artificial intelligence (AI) and machine learning (ML) into the corporate

business model and culture.

The need for an ESG framework that supports corporate sustainability.

The need for big data and analytics as tools for corporate decision-making.

If a company is to navigate the complexities and uncertainties that will dominate business decisions

between 2021 and 2025, it must be prepared to address the following five issues:

The new shape of the workplace.

The required future skills of the new knowledge worker.

The Age of Data

Corporations in 2021 will see big data as an increasingly important part of their business strategy. The

use of consumer and customer-related data to refine corporate approaches to markets and business

segments would define the state of market play. Digital laggards will see their businesses shrink to a

modest pile of dust as digital vanguards grow their market share and deepen customer engagement

through faster service and product delivery nodes and customized value chain engagement.

The agile data-driven enterprise will weave past consumer resistance and match consumer expectations

as it supports rising aspirations. Firms stuck along traditional channels of consumer interaction are

likely to eat chaff for breakfast as they stay trapped in the past ( ). see illustration 4 below


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Companies designed for sustainability would require data-savvy chief executive offices (CEOs) who

would lead the charge for a frontal response to the messages received from data analytics.

The CEO must bring all managers up to speed with the relevant corporate market data and align the data

with budget plans. The different corporate teams would adjust business actions to goals required to meet

customer and investor expectations. The IT department of companies, therefore, provides the platform

but not the levers for data application.

This is a common mistake of several local Nigerian businesses. The IT manager is seen as an ombudsman

that waves a magic wand over the company's strategic problems and they all disappear. This is fantasy

gone wild. The IT department can only work with the data it is given and even at that, it is unlikely to

understand the context and nuances of the interpretation of the data it processes, this requires deeper

thinking and greater technical ability by way of analytics.

The agile corporation will make data and analytics a central part of the business management processes

as the daily flow of information is filtered to provide strategic insights and business-sensitive triggers to

consumer changes. However, companies may fail to achieve the optimal results desired from data-

inspired executive decision-making, if the process of data-titration, interpretation, and presentation is

left to the company's information and technology (IT) department.

The suitably agile company would likely adopt a task-defined team arrangement with representatives

from different departments in the company that provide different perspectives and context to the data

that requires interpretation and forms the basis of scenario-dependent recommendations.

Illustration 4: Trapped to Agile

From Trapped to Agile: Corporate Transitions


Trapped Transitionary Agile

These companies are known for being:

Prone to fighting fires

Rigidity

Working in departmental silos

Political in-fighting

Committed to structure

These companies are known for:

Formality

Boundaries

Shifting focus

Risk averseness

Quasi-flat structure

These companies are known for being:

Disruptive

Imaginative

Creative

Resilient

Iterative learning

Nimble-adaptive

Decentralized

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Artificial Intelligence (AI) and the Corporate Playbook

Corporate analysts have noted that if companies want to adopt analytics and artificial intelligence to

build business sustainability, they cannot simply buy off-the-shelf solutions and add them to existing

operations, things, unfortunately, are not that simple.

In a recent article on the use of analytics and artificial intelligence in the biopharma business, McKinsey

Consulting writers Stephanie Bayer, Sulay Sandy, Ulf Schrader, and Matthias Spiegl note six key

principles in ensuring that adoption is successful or at least beneficial ( ). see illustration 5 below

Technology is not simply an add-on for the company of the future but a plug-in. The company that hopes

to remain sustainable over the next decade cannot afford to simply attach technology to the old ways of

operating; it must tear up the old playbook and write a new script with the customer as the primary focus

of engagement. Data analytics and artificial intelligence will become the hub of a new way of engineering

products and services that meet consumer needs and encourage spending decisions.

Illustration 5: Six Principles of Leveraging Digital and Analytics

Six Principles of Leveraging Digital and Analytics

Source: Mckinsey, Proshare Research, EcographicsCRemuneration

“In God we Trust, Everybody

else must bring Data”

Start with a leadership-backed

impact-driven strategy and

road map

Accelerate transformation with experienced leaders,

skilled staff, and multifunctional

teams

Implement a strategy architecture

and governance for data

Build a tried and tested delivery

methodology for digital and analytics

solutions

Construct a fit-for-purpose

technology stack Drive adoption and business

change by engaging with the front line

According to the McKinsey researchers AI adoption “can drive the next wave of business optimization

by transforming operational performance, shortening time to market, improving quality and yield,

reducing supply chain volatility, and accelerating technology transfers” outcomes that most

companies would cherish considering the impact that the recent COVID-19 pandemic has had on their

2020 operations.

The authors note that companies that intend to use AI to leverage corporate strategy must first start with

a leadership-backed, impact-driven strategy and roadmap. In other words, the AI strategy must be

driven from the top of the company and must be designed to achieve high-impact results along a

collectively agreed path. Why AI?


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The second consideration in the clever use of AI according to the writers involves accelerating

transformation with experienced leaders, skilled staff, and multifunctional teams. In their study of the

biopharma sector, they note that “As part of the people and leadership strategy, it is also important for

companies to identify the skills they need, including those that can be filled internally with training and

development; investing in their talent will be vital for companies to establish digital as a competitive

advantage. For external sourcing, we have seen pharma and biopharma companies form successful

partnerships with research and academia. These partnerships have given them firsthand knowledge

of technology advancements and enabled them to bring those advancements to the shop floor”. Despite

the importance of technology, the people required to implement its adoption as part of the business

process are just as important as the mathematical algorithms and code scripts they use to gain a deeper

understanding of their customers.

A third consideration for the strategic use of AI is the implementation of a strategy, architecture, and

governance framework for data use. This would see to it that companies take advantage of big data to

shape their products and services and provide organizational support structures that are focused on

delivering value to consumers or users of the company's outputs.

The writers note that the fourth stop in the transition from a trapped to agile AI-enhanced corporation

is the building of a tried-and-tested delivery methodology for digital and analytic solutions. They noted

that “Delivering digital-and-analytics solutions is a complex process that requires an intense

commitment of time and resources. It's not a one-time effort, but a new way of working that is essential

for high-performing organizations”.

According to the authors of the report “Success requires a delivery protocol that codifies technology-

enabled best practices for delivering digital-and-analytics solutions tried and tested by practitioners.

This protocol helps ensure predictability, output quality, and uniformity in solution delivery. It is

essential for scaling solutions that have been successfully piloted. Just as you would not institute a new

change-over process without standard operating procedures, you should not embark on a digital-and-

analytics transformation without a delivery protocol”.

Constructing a fit-for-purpose technology stack is the fifth element of the digital master plan of a

sustainable business operation. But what does a fit-for-purpose technology stack mean? What this

means is that companies that want to build defensive shields against business disruptions between 2021

and 2030 must ensure that they put in place operating technology (OT) and information technology (IT)

that allow differentiated performance across teams and service or product lines. For example, a Nigerian

Zenith Bank could decide that the operating technology needed for consumer retail banking should be a

shade or two different from the OT of investment or wholesale banking. Take FBNH, Nigeria's oldest

financial Holdco, for example, the operating technology for its agency banking success is different from

the operating technology that drives the operations of its FBNQuest investment banking arm.

The delivery protocol involves a look at processes, people, and technology enablers. By creating,

clarifying, and implementing a delivery protocol a company stands a better chance of ensuring that its

digital transformation endures, and the organization is properly prepared to face future disruptions.

Outside the banking and finance sector, the same principle would apply. Nimble companies would need

to develop technology stacks suited to products or services. In reviewing, OT and IT companies need to

carefully consider their platforms and how it connects to data sources. Mining data and the production of

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To wrap up the AI transformation initiative companies will need to tackle the people problem. To drive

adoption and change the C-suite executives must engage with their frontline. The last mile adoption and

culture change needed for corporate agility remain one of the most difficult stages in building an

organization that is nimble enough to withstand a black swan event like COVID-19 (see illustration 6

below).

McKinsey's researchers noted that “The rollout of new digital solutions should be accompanied by

division-wide change management. Your change management plan should include ways to get senior-

leadership support, formalize new incentives, engage with employees, and empower key influencers”.

actionable reports would be critical in the new economy as companies elbow one another to provide

consumers with exceptional product and service journeys.

Hal Gregersen, senior lecturer MIT Sloan recently observed that companies “…make enormous

investments into the technical side of digital transitions and comparatively minimal

investments in actually helping the individuals navigate the challenging transition”.

This imbalance in resource commitment could reduce the effectiveness of the overall digital/AI strategy

as human resource limitations restrict the scaling of businesses.

Illustration 6: Nigerian Businesses: The Search for Agility

The Search For Corporate Agility


FragileLoose corporate structureWeak internal processesLight governance standardHigh creativityEarly-stage lack of focus

Start-up Corporation

Nimble CreativeFlexible structureHigh governance standardQuick decision-makingResilientAdaptable

Agile Corporation

Dominant structure with contesting silos of authorityCorporate battles on several fronts.In-group, out-group peer strugglesTurf warsRigidity

Trapped Corporation

Strong corporate structureRigid operational activitiesTop-down hierarchical management style (chain of command).Slow response to external disruption.Risk-aversion (risk intolerance)Cascaded decision-making

Bureaucratic Corporation

Dy

na

mic

Ca

pa

bil

ity

Str

on

gW

ea

k

Weak Strong

Stable Backbone


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As businesses absorb AI into their operations to improve productivity and customer product or service

experience, they must equally be prepared to improve the skills of their workers and ensure that the right

balance is achieved between AI adoption and worker adaptation. The frontline worker is just as

important as the backline techie.

As AI and ML become integral parts of the modern business, process worker compensation in the new

tech-inspired environment has begun to raise fresh issues centered on adequate work compensation for

both C-suite executives and line managers. Indeed, even factory and shop floor workers are beginning to

look towards a realignment of work and pay.

CEO Incomes in the New Age of Tech

Remote work could create a sense of isolation. The absence of human-t0-human physical

stimulation could engender a sense of being 'alone' leading to mental health issues.

How do workers get compensated in an age of flexible work? Should incomes remain the same as in the

pre-COVID period or should they be tweaked to accommodate changes in work/lifestyle choices?

Remote work may not be gender-neutral. Some analysts believe that remote work

adversely affects women more than men as they argue that women would be increasingly

predisposed to committing added time to family chores and taking care of the children while they

are at home. Besides, even where women are not married, their ability to assert their professional

worth is weakened by their physical absence at the workplace.

It appears that several companies are in a 'touch and feel' mode where they experiment with the best

arrangement that achieves optimal performance. However, a few corporate analysts are beginning to

rethink remote work and believe it comes with some drawbacks that have not been properly assessed, the

problems of WFH according to these observers include but are not limited to the following:

The experience in Nigeria suggests that employers believe that there is no need to adjust worker

compensation for the change in operational location. Most employers argue that the same volume of

work gets done whether the worker works from home or the office because deliverables remain

unchanged. Working from home (WFH) has its benefits but also poses some challenges resulting in

some companies rescinding or modifying the flexible work arrangement.

Watering down of shared purpose. Workers that sit together express shared purposes and

show deeper commitment to targets than workers that work remotely.

Most companies that adopt flexible work practices require their staff to be in the office physically from

between one to three days a week. A few companies have adopted a rotational system where coming to

work physically occurs on alternate weeks with departments requiring teams to come in after a full week

of physical absence.

The Flip Side

Remote work or work from home (WFH) has resonated well with a tech-savvy younger

generation of workers. It has given them work flexibility and opportunities to improve their skills

by saving commute time and freeing up time for learning. In Nigeria, large companies are

increasingly permitting workers to work from home on alternate weeks or choose days of the

week they would work in the office and the other days they can work from home. Does this mean

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shorter working hours? No. WFH has seen workers stick to the grind of their assignment

completion with a greater commitment to timeliness and deadlines. Workers tend to put in more

hours through WFH than when they were physically present at the office to the eternal surprise of

previously skeptical CEOs.

Sustainability will increasingly require a more aggressive approach towards consumer satisfaction,

process optimization, and corporate agility.

Remote work has tentatively been seen to increase worker concentration as room for distraction

becomes less than where a worker is required to be physically present at the office.

The jury is still out on how much remote work adds to worker productivity and improved corporate

earnings but what is clear is that workers' salaries and compensations may not change significantly

because of the new work mode, but what could be a fair game for change is the new streams of earning

opportunities resulting from remote work.

Strategic thinking and corporate positioning and repositing will become premium

considerations going forward. Former longtime Shell Dutch corporate strategist Aries de

Geus's 'living company' must be a thinking company with tremendous resources

committed to thinking and the translation of thought to pre-emptive corporate action

supported by data analytics, machine learning (ML), and artificial intelligence (AI).

Workers could find that they could more easily generate extra incomes from a bit of moonlighting on

digital projects. For CEOs, this could mean in-house mentorship on remote digital and mobile platforms

and digital podcasts that help other C-suite executives get a grasp of glacial business changes and how to

cope with the disruption. Indeed documenting digital learning moments and using them as resource

materials for corporate guidance could prove invaluable as it provides carefully curated decision making

insights to help corporate managers navigate problems ranging from black swan events like the COVID-

19 Pandemic through to grey swan events like commodity price declines and then onto the less difficult

white swans events like rising domestic interest rates as the federal government competes with the

private sector to compete for funds needed to fill the widening FGN annual budget deficit.

CEO pay in a fast-paced world of change would depend on how adaptable companies prove to be, slow

companies will see the salaries and other compensations of their CEO's tank as the revenues fall on the

back of shrinking patronage. As the demography of customers changes, sustainable companies must

learn how to ride the varying waves of consumer expectations ( ).see illustration 7 below

Does the new work environment suggest a different ecosystem for labor compensation?

Should the CEOs pay somehow reflect his or her new digital reality?

Improving computer skills and upskilling social interaction online through platforms such as

Microsoft Teams can bring about improved productivity in an environment of holacracy. This flat

organizational structure fully supports an agile approach to service and product delivery through

remote collaborations.

Illustration 7


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Generation in Transition

Source: McKinsey and Proshare Research, Ecographics CRemuneration

Today’s young people differ from yesterday

Baby boomer1940-59

Gen X1960-79

Gen Y (millennial)1980-94

Gen Z1995-2010

B X Y Z

CONTEXT

BEHAVIOUR

CONSUMPTION

PostwarDictatorship and repression in Brazil

Political transitionCapitalism and meritocracy dominate

GlobalizationEconomic stabilityEmergent of Internet

Mobility and multiplerealitiesSocial networksDigital natives

IdealismRevolutionaryCollectivist

MaterialisticCompetitiveIndividualistic

GlobalistQuestioningOriented to self

Undefined ID“Communaholic”“Dialoguer”Realistic

IdeologyVinyl and movies

StatusBrands and CarsLuxury Articles

ExperienceFestivals and travelFlagships

UniquenessUnlimitedEthical

Illustration 7: Generation in Transition

CEOs who want to protect their compensation and perhaps see them grow must develop a

deeper corporate understanding of the customer of the future and design goods and

services around the expected preferences. CEOs may need to worry less about yesterday

as they muse over tomorrow.

Section 2 takes a tour of the many sides of CEO remunerations in 2020. It does a rundown of CEO

compensation and scrubs the data for unique perspectives. The report drives through corporate sectors

Section 1 of the report delves into fleshing out the contours of the new digital reality of work and

corporate service and product delivery. The section reviews the new ideas that dominate corporate

conversations around corporate sustainability, environment, social, and governance (ESG) issues that

shape the corporate interface with customers. The younger and increasingly dominant customer clusters

around generation Y and Z were born between 1980 and 2010. This young demography is communal,

digital, and high on ethics (contrary to the perception of baby boomers and their forerunners that

generation Y and Z are unfocused drugged-up vagabonds). The section draws the outlines of the new

local realities of corporate Nigeria.

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Section 3 pivots towards a slightly broader look at top executive compensations and assess total

compensation considering bonuses, dividends, and any other ancillary benefit from running the

business. It was noted that no Insurance company on the NGX paid a dividend in 2020. This depressed

the total compensation of their top executives. Top executives in Dangote and MTN while they appear in

the top ten executive incomes in corporate Nigeria, they do not hold shares in the companies they run.

Surprisingly, Herbert Wigwe of Access Bank is not in the top ten earners list based on his basic

compensation despite the relative sparkling performance of the bank in 2020 which defied COVID-19

pains. However, when expected dividends are thrown into the mix Wigwe rises to the third position of

top-earning CEOs of companies listed on the NGX.

Section 4 does a deep dive into how executive compensation relates to company performance. It

benchmarks executive compensation against corporate earnings and changes in staff cost. For example,

in Seplat executive compensation rose while the company posted a yearly loss, but a quick explanation

would be that the planned increase in staff cost was before the onset of COVID-19 and a downward spiral

in oil prices because of the Q1 2020 disagreement between Russia and Saudi Arabia over the quantity of

oil considered optimal to stabilize prices against sagging global demand.

to see how the compensation of CEOs differed from industry to industry. ICT sector (MTN) and the Oil

&Gas sector (Seplat Energy) were top of the log of executive compensation for companies listed on the

Nigerian Exchange Group (NGX). However, the ICT only had two companies in the list of top ten most

highly paid executives in Nigeria while the Consumer Goods sector had three executives.

Section 5 looks at the executive pay packet at tries to shake tea leaves to gain an understanding of the

underlying drivers. Does the CEO's pay tie in with profitability or revenue growth? Is the CEO's

remuneration a reflection of his or her superior managerial skill or talent? Prey what in heavens name

lurks behind those C-suite salaries? Like coconut water, the top Nigerian CEO's income is a mystery.

The final section of the report, Section 6, takes a shot at explaining work and productivity in an age of

rampant technology. The CEO must rise beyond being a boss to being a visioner, a thinker, and a tech

denizen, the CEO may not be a tech wizard but must have sufficient knowledge of how emerging

technology could disrupt or enhance business. Leaving the understanding of technology to the in-house

nerds could prove dangerous, particularly since such nerds rarely have an appreciation of the overall way

in which things hang together within the broader context of medium to long-term corporate objectives.

Disruption is here and all CEOs must have a hang of technology and how adoption or adaptation will plug

into corporate strategy and sustainability.

Introduction

https://www.proshareng.com/report/Online%20Trading%20Report%20/Online-Trading-Report-2020/13939

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Introduction – Breaking into New Ideas and Fresh Realities

Unlocking Potentials through Collaboration: A COVID-19 Legacy

As markets and economies gradually emerge from the ruins of the pandemic, it does appear that only very

few businesses have figured out the workings of the next normal, yet those corporations which would

make the most of the newly found chest of treasure- the enormous powers of collaborative thinking and

actions- would hold the ace in a new world. In retrospect, the challenge of COVID-19 presented

managers with a set of fresh and innovative management styles, which at any rate would define the future

workplace and business world.

During economic downturns, uncertainty and stress make individuals tend to be overly self-conscious

and so self-preservatory traits are at their height, yet while all and sundry had to work individually from

home, workers who had an antecedence of collaborative work, functioned much more as a system than a

bunch of workers who had before the pandemic only worked in the same unit or within the same

workspace. Now, for organizations that realize that there is no going back to work, as usual, the need to

reimagine the workspace or consider its complete removal, has become very apparent. More

fundamentally, how to get employees to be invested and attentive at work now preoccupies forward-

looking managers, who are deviating from the norm which requires workers to observe a plethora of

workplace protocols.

In terms of how completely business risk and opportunities were perceived, there had to be a marked

difference between firms that had a workforce who ‘worked for’ them and corporations which had staff

which it 'worked with'. The latter tend to be more efficient in identifying threats and opportunities from

the activity of rival firms, the dynamic preferences of suppliers and buyers, and the introduction of

substitute goods since each staff is committed to the success of the business. The former on the other

hand relied on structured interviews, surveys, and other traditional feedback channels which had to be

less efficient given the very unusual business environment we had during the pandemic.

Managers had to ask questions about the very essence of the businesses they run, the processes they

supervise, and the basis of the competitive advantage they seek, to develop cost-saving and efficient

techniques required to address rapidly dwindling revenues and bottom lines. One of such powerful ideas

is the rule of collaborative planning and goal setting. At the height of the COVID-19 pandemic, corporate

decisions in futuristic companies were taken only after considering the vast miscellany of issues

concerning employees' safety as well as consulting with them. In a social distance world, employers

realized that an emotionally invested workforce is an asset to the organization, unlike individuals who

'work' for the organization and to whom the corporation has an obligation.

Workplace collaboration: Choosing Collaboration over Teamwork

In the wake of the severely disruptive pandemic, hitherto collaborative structures had members who

naturally were predisposed to acting as proactive collaborators and thus participated actively in the

process of gathering information about the peculiar threats and opportunities which now confronted the

corporations. Further, collaboration allowed for brainstorming ideas, employment of group discussions

to analyze problems, to reach a consensus about the nature of these problems as well as to proffer

solutions.


CRemuneration


The nature of the 'epicenter' in workplaces, essentially marks the point of departure between a team

structure and a collaborative one. While teams are basically about the lead, collaborative structures are

weaved around certain well-defined goals, as result members tend not to task themselves as much as they

would under a collaborative structure.

In recent research carried out by Delloite Australia, Australian firms with a collaborative strategy were

found to outcompete their rivals and record higher profits, this could be attributed to the fact that such

firms tend to have employees that are 15% faster, 73% more likely to come up with the superior quality of

work, are generally more innovative and more satisfied with their roles. A similar study found that

workers while working collaboratively could remain on the same task without fatigue 65% longer than if

they worked as individuals in a team ( ). see illustration 8 below

Collaboration: A Tool for Environmental Scanning

Source: Biblioteca, Proshare Research, EcographicsCRemuneration

Today’s young people differ from yesterday

Illustration 8 – Collaboration: A Tool for Environmental Scanning

Collaboration: A Curate's egg?

Can collaboration be in some way detrimental to work-life balance, diversity, and focus? how much

collaboration is optimal collaboration? These are pertinent questions that have been raised by managers.

Like every phenomenon, collaboration could have its downsides, a few of which are examined below:

Less time for focus

The more workers must break out for collaborative sessions, the fewer the number of hours they have for

CRemuneration



When organizations embrace collaboration, each worker tends to operate based on his/her degree of

individual commitment, this very easily leads to some form of lop-sidedness where some members of the

organizations perpetually act as the major contributors since workers are hardly ever equally invested in

the organization. Since work allocation tends to be lopsided in a collaborative environment, the highest

contributors get 'penalized' by getting, even more, calls to participate.

Always-on Mode

Uneven allocation of reward and responsibilities

Collaborative systems can demand workers to be in the on-mode always, where workers are morally

obliged to work even after work hours. Similarly, the best collaborators go out of their way since the

team's reputations depend on them. In time, the system buckles and works stalls. As such work can't

move resume until those highly invested employees return.

Too many meetings, briefings, panels, and other such avenues where opinions are shared can very easily

lead to a situation where work keeps going back and forth among team members which deprive workers

of the required focus.

focussed work. The most crucial aspects of work require more than just ideas, which workers gain from

the collaboration, rather workers need intense focus, which they can only achieve individually.

Other Shades of Collaboration

The disruptions in the supply chain of many industries occasioned by the covid-19 pandemic meant that

both manufacturers and distributors were bound to have a hard time replenishing stock and procuring

new types of equipment. Manufacturers have especially taken advantage of the developments to co-

operate in new and different ways to bring about innovative solutions to a fearsome assortment of

logistical problems namely: plummeting demand in some cases, unavailability, and rising prices of raw

materials, rise in unit costs, and a drastic drop in margins.

In response to these, manufacturers have been seen sharing (sometimes renting out) useful assets such

as equipment, warehouse capacity, and transportation to mitigate losses and generate more profit for

themselves and other manufacturers. A case in point is that of Trafford Park, Manchester where excess

cornflakes from Kellogg's were converted to raw ingredients by a close-by beverage company.

Industry-level Collaboration: Gains of Strategic Alliances.

Global Collaboration: Towards A Vaccinated World

For instance, while of the 7 billion people in the world, only about a billion have been fully vaccinated.

Whereas, developed and more advanced countries stockpiled up to 2billion vaccines a development The

Since the outbreak of the pandemic in 2019, there has been an obvious gap between the responses and

consequent realities of the different nations of the world. Countries positioned lowest in the global

spectra of development have in relative terms been characterized by inadequacies in the capacities of

their healthcare systems, lower revenues, minuscule volume of government intervention in terms of

stimulus, and the subsequent lack of the where-with-all to provide their population with vaccination

programs, indeed the narrative in different countries have differed considerably. Necessarily, calls for

partnerships between and among governments have been on the rise.


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most of those yet to receive a second jab, living in poorer countries, which raised moral questions on one

hand but perhaps more importantly raised questions about intellectual property rights and the reward

for invention. At any rate, following calls on developed nations to lend a helping hand to the less

developed hard-hit developing economies, the United States have agreed to give out 500million vaccines

to nations who are not able to produce or afford to procure the vaccines. According to an International

Monetary Fund study, if the rich countries could raise $50bn, we could see up to about 40% of the world's

population get immunized by the end of the year.

Timeline

March 2020: Spain, Italy, United States of America record an unprecedented number of daily

cases and casualties.

March 2020: Most economies and markets are forced into lockdowns. There is a massive

transition of work from brick and mortar to virtual spaces. Health care systems in Nigeria and

other developing countries come under severe pressure.

April 2020: China successfully contains the virus while the rest of the world contends with the

contagion.

June 2020: Lockdowns are eased partially after the end of the first wave as the number of daily

cases peaks and drops.

July 2020: The second wave of the infection begins.

November 2020: New vaccine technology leads to the discovery of covid-19 vaccines with 95%

efficacy against the virus.

April 2021: Variant, 85 countries, including 22 African countries, have recorded cases of a new and

more dangerous variant of the virus.

March 2021: India experiences a second wave, and it turns out to be the largest outbreak in the

history of the virus reaching 330.000 new cases surpassing the previous one-day record of

300,669 cases in the US.

Oct 2020: One-day record of 300,669 cases is set in the US.

Dec 2019: Public health crisis hits in Wuhan China.

Past

Expectation

Malls that are mostly anchored on restaurants would get fewer visits as there would be an

increase in home delivery services.

The metropolis would generate less tax income as residency would drift from therefrom to

currently more affordable and remote towns and cities when work becomes more hybrid.

As remote working becomes more prevalent, more and more small companies would come into

fast-track the digital transformation thereby providing more affordable alternatives to Zoom.

Schools would continue to utilize the 'upside-down classrooms', schools are tweaking the

traditional system where learning is usually done in the classroom while assignments are done

individually and at home, now following the realization that children can and do learn well from

videos, schools spend online classes to resolve areas of exceptional difficulty.

Big city headquarters would remain but become smaller.

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International travel may require some form of a vaccine passport.

Spending in and around rural areas increases as salaries move to satellite cities.

Transportation would slow down a bit.

The age-long idea that managers need to concentrate every single worker in the 'mothership' to get the

best out of her has been challenged and proven wrong by the COVID-19 lockdown experience. At the

outset of the pandemic, there was an obvious need to limit physical contact within the workplace,

organizations first experimented with safety and social distancing measures, as the contagion worsened,

firms were forced to shut their offices. Brick and Mortar structures eventually had to be vacated and work

resumed in virtual workspaces built on video conferencing technology.

Working in a hybrid system would mean that employees would not be required to show up physically at

work every day, as such avoiding traveling costs, which often multiplies at peak periods at the time

workers must travel, can make substantial savings for the employee.

Telecommuting as against Transportation can be cost-saving.

Despite the partial easing of the lockdown and cautious optimism that things are returning to pre-

pandemic conditions, a large proportion of the Nigerian populace have still not been vaccinated, many

such workers — especially the younger employees who have gotten a hang of the technology required for

the virtual workplace, prefer to work partially from home. The idea of a hybrid workforce seems to also

appeal to some employers because virtual work can help organizations cut costs related to running the

workplace.

In the hybrid model, flexible work options will allow workers to balance job obligations and their

personal life as they would then have more time to attend to issues related to catering for their children

and aged members of their families. In several countries, the child-care crisis is leading to a drop in

female labor participation the hybrid model can help to stem the tide.

Work-life balance

Employee Efficiency

The hybrid world of work is much more focused on the things that matter, and so performance evaluation

and remuneration considerations are much less a matter of attendance, the distance of workers'

residence, or hours spent at work but more of their productivity and efficiency.

The future of the post-pandemic workplace appears to be the hybrid model, which gives workers different

work options including working from home, in such system employees who are more efficient at home

opt to work from home while workspaces serve the purpose of community and collaboration centers

where workers can meet when they want to. Several dynamics of the model make it attractive to

employees, these include:

Hybrid Model: Being Elastic can be Fantastic.

Top 10 CEOs

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Top 10 CEOs – How the Top Half Get Compensated

Top Ten Basic Salary

The size of CEO pay packs often generates concerns among different stakeholders, of course for a variety

of reasons deriving from their equally diverse interests. While members of staff would be interested in

assessing how much of the organization's revenue that is shelled out by the corporation to remunerate

directors, vis a vis what they- the active factor of production- have received as a reward. Trade creditors

and lenders, on the other hand, want to be sure that the firm is liquid enough to meet its obligation.

Meanwhile, shareholders seek to compare CEO pay with how much returns they get on their equity

investments. The fact that shareholders have had to endure a depletion in the worth of their investment

due to a devastating public health crisis, would naturally make shareholders keener about ensuring that

the organization's thinning earnings do not get frittered away while supporting the expensive lifestyle of

a few directors. We would now look at the pay packets of the top 10 remunerated CEOs in Nigeria during

the 2020 financial year.

In the 2020 financial year, a review of the remuneration received by the ten highest-paid CEOs shows

that the average salary earned by all the top 10 CEOs is N376.19m, with the top five CEOs being those of

MTN Nigeria, Seplat Energy, Dangote Cement, GTB, Nigerian Breweries. While the five CEOs who

earned below the group's median pay include the CEOs of Airtel Africa, Julius Berger, Guinness Nig Plc,

Unilever Nig Plc, and Zenith Bank.

Interestingly, except for the CEO of Unilever Nig Plc all the top 10 rewarded CEOs pocketed more, in

terms of basic pay, than the average CEO salaries paid by their respective companies in the preceding

years. A closer look at the basic salary paid to the top 10 most highly remunerated CEOs in the year 2020,

shows that the top three- Ferdinand Moolman of MTN Nigeria (who earned N567m), Austin Avuru and

Roger Brown of Seplat Energy(who earned N484m) and Michael Puchercos of Dangote Cement (whose

basic salary for the year was N448m) earned a combined salary of N1.49bn, an amount which exceeds the

combined salary of the second half of CEOs on the list by up to N106m. The bottom five CEOs which

include those of Airtel Africa, Julius Berger, Guinness Nig plc, Unilever Nig Plc, and Zenith Bank all

together earned a total of N1393m in the year under review ( ). see illustration 9 below

Illustration 9


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Illustration 9: Highest-Paid Directors in Terms of Basic Pay in 2020

Top Ten Highest Paid CEOs (Base Salary)

Source: NGX, Proshare Research, Ecographics CRemuneration

5

Jordi BORRUT BEL

N379.39m

Consumer Goods

6

Raghunath MANDAVA

N347.19m

ICT

7

Lars RICHTER

N316.64m

Construction

8

Baker MAGUNDA

N255.00m

Consumer Goods

1

Ferdinand MOOLMAN

N567.00m

ICT

2

Roger BROWN

N484.00m

Oil and Gas

9

Carl CRUZ

N245.00m

Consumer Goods

10

Ebenezer ONYEAGWU

N230.00m

Banking

4

Segun AGBAJE

N399.69m

Banking

3

Michael PUCHERCOS

N448.00m

Industrial

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MTN Nigeria/Ferdinand Moolman

In March 2021, Moolman was appointed Group Chief Risk Officer and since ceased to be MTN Nigeria CEO while Karl Toriola has now assumed the CEO position at the company.

Ferdinand Moolman assumed the position of CEO at MTN Nigeria in 2015 having earlier served as chief financial officer. The MTN CEO in the year 2020 earned N567m which represents a decrease in -3.23% his annual basic salary having earned N585.94m the previous year. In the three years to 2019, Moolman received an average CEO basic pay of N486.31m with the highest being in 2019 at N585.94m and the lowest in 2017 earning N302m ( ).see chart 1 below

Chart 1: MTN Nigeria CEO's Base Salary 2016 - 2020 (N'm)

302

571 585.94 567

2017 2018 2019 2020

Seplat Energy /Austin Avuru*/Roger Brown*

Austin Avuru and Roger Brown at the end of the 2020 financial year together earned a basic pay of N484m and so jointly rank as the second highest-paid CEOs in Nigeria. Austin Avuru who had been at the helm of affairs at Seplat Energy plc since May 2010 was replaced by Roger Brown in June 2020.Seplat Energy which was the third highest CEO remunerating company in Nigeria in 2019, rose one spot in 2020. In the three years before 2020, average basic salary at Seplat Energy was N466m, although there had been a decrease of in 2019 at which time CEO basic pay packet reduced from N483m to -8.90% N440m before later increasing by in 2020 to reach N484m ( ). +10.00% see chart 2 below

Source: MTN Nigeria Audited Accounts, Proshare Research

Chart 2: Seplat Energy CEO's Basic Salary 2016 - 2017 (N'm)

Source: Seplat Energy Financial Statement, Proshare Research

405

476483

440

484

2016 2017 2018 2019 2020

https://www.proshareng.com/marketequities/company-MTNN

https://www.proshareng.com/marketequities/company-MTNN

https://www.proshareng.com/marketequities/company-SEPLAT


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Dangote Cement/Michael Puchercos

Michael Puchercos assumed the position of CEO at Dangote Cement plc, following the resignation of the

erstwhile MD/CEO Joseph Makoju at the start of the 2020 financial year. In this period, he earned a total

of N448m as basic pay. Notably, Puchercos had in his previous role as President & Chief Executive Officer

of Lafarge Africa last earned N282.38m, an amount which is of his current pay. Meanwhile, in +58.65%

the four preceding periods, Dangote cement paid an average basic salary of N312.25m with the highest

being N429m in 2018 and the lowest being N109m in 2019. This means that there was a spike +311.01%

in CEO pay at Dangote Cement between 2019 and 2020, although the 2019 pay itself represented a -

74.59% slump in CEO pay when compared to 2018 ( ).see chart 3 below

Chart 3: Dangote Cement CEO's Basic Pay 2016 - 2020 (N'm)

Source: Dangote Cement Audited Accounts, Proshare Research

304

407429

109

448

2016 2017 2018 2019 2020

GT Bank/Segun Agbaje

Segun Agbaje who has been at the helm of affairs at GT Bank for a decade ranks as the fourth highest-paid

CEO of listed companies in Nigeria in terms of basic salary. Interestingly, Agbaje had in 2019 also ranked

fourth highest-paid CEO in the country, prior to which, he was the highest-paid Chief executive in the

banking sector in 2018. In 2020, the GT Bank CEO earned N399.7m as basic salary, the same as in the

preceding year. Between 2016 and 2019, Segun Agbaje earned an average of N303m, and although his

pay had seen a increase from N224.16m 1n 2017 to N384.16m in 2018. In 2019, his basic salary +41.65%

only increased by from N384.16m to N399.7m ( ). +4.05% see chart 4 below

Segun would be resuming as the Group Chief Executive Officer at Guarantee Trust Holding Company

and has been replaced as CEO of GT Bank by Miriam Olusanya.

https://www.proshareng.com/marketequities/company-DANGCEM

https://www.proshareng.com/marketequities/company-GUARANTY

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Chart 4: GT Bank Plc CEO's Basis Salary 2016 - 2020 (N'm)

Source: GT Bank Financial Statement, Proshare Research

Nigerian Breweries/Jordi Borrut Bel

Jordi Borrut Bel became Managing Director and CEO of Nigerian Breweries in January 2018. In 2019, he

earned a basic pay of N379.39m making him the fifth most highly remunerated CEO when considering

basic pay alone in the period. In the three years within which Jordi Borrut Bel served as CEO at Nigerian

Breweries, he received an average salary of N295.15m. CEO Salary had dropped considerably by -44.01%

in 2018 from N340.2m in 2017 to N190.47m. In 2020, his base salary rose Y-o-Y by to +40.23%

N379.39m ( )see chart 5 below

By July 2021, Jordi Borrut Bel would be stepping away from the CEO position at Nigerian Breweries Plc.

204.24224.16

384.16399.7 399.69

2016 2017 2018 2019 2020

Chart 5: Nigerian Breweries CEO's Basic Salary 2016 - 2020 (N'm)

Source: Nigerian Breweries Financial Statement, Proshare Research

255.8

340.2

190.47

270.54

379.39

2016 2017 2018 2019 2020

Airtel Africa/ Raghunath Mandava

Ragunath Mandava of Airtel Africa earned a basic salary of N347.19m, the sixth highest-earning CEO of

any locally listed company. In the last three years, Airtel Africa has paid out an average of N306.75m as

CEO salary. CEO basic pay increased by from N276.64m in 2018 to N296.42 in 2019 before +7.16%

jumping by to reach N347.19m in 2020 ( ). Mandava would be effective from +17.13% see chart 6 below

October 1, 2021, cease to be the CEO at Airtel Africa, he would be replaced by Olusegun Ogunsanya.

https://www.proshareng.com/marketequities/company-NB

https://www.proshareng.com/marketequities/company-AIRTELAFRI


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Chart 6: Airtel Africa CEO's Basic Salary 2018 - 2020 (N'm)

Source: Airtel Africa Audited Report, Proshare Research

Julius Berger Nigeria/Lars Richter

Lars Richter who has served as the CEO of Julius Berger Nigeria since October 2018, earned a basic pay of

N316.64m to rank as the seventh highest-paid CEO of the listed companies in Nigeria in 2020. Richter

had ranked as the eighth highest-paid CEO in Nigeria in 2019, at which time he received an annual

remuneration of N217.07m. Between 207 and 2020, Lars Richter earned an average of N284.23m,

although his pay had seen a decrease from N319m in 2018 to N217.07m in 2019 only to -31.95%

subsequently increase by in 2020 ( ).+45.87% see chart 7 below

Chart 7: Julius Berger Nigeria CEO's Basic Salary 2016 - 2020 (N'm)

Source: Julius Berger Nigeria’s Financial Statement, Proshare Research

Guinness Nigeria/Baker Magunda

Baker Magunda who has served as the CEO of Guinness Nigeria Plc since July 2018, ranks as the eight

highest-paid CEO of listed companies in Nigeria when appraising basic pay only. In 2020, the Guinness

Nigeria Plc CEO earned N255m as basic salary, which is higher than that of the preceding year. +32.12%

Magunda was rated as the highest-paid Chief executive in the consumer goods sector in 2018 and the

third highest in 2019. In the three years before 2020, Guinness Nigeria paid an average of N247.47m as

276.64296.42

347.19

2018 2019 2020

176.81

277

319

217.07

316.64

2016 2017 2018 2019 2020

https://www.proshareng.com/marketequities/company-JBERGER

https://www.proshareng.com/marketequities/company-GUINNESS

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CEO salaries. CEO salary had seen an astronomical rise of about increase from N186m in 2017 +147.85%

to N461m in 2018 only to plummet in the following year by to N193m in 2019 (-58.13% see chart 8

below).

Chart 8: Guinness Nigeria CEO's Basic Salary 2016 - 2020 (N'm)

Source: Guinness Nigeria Financial Statement, Proshare Research

Unilever Nigeria/Carl Cruz

Carl Cruz who was appointed CEO of Unilever Nigeria Plc in February 2020, earned a basic pay of N245m

in the year 2020, to rank as ninth on the list of the highest-paid CEOs in Nigeria. Cruz's predecessor at

Unilever Nigeria- Yaw Nsarkoh -had ranked as the highest-paid Chief executive in the consumer goods

sector in 2019. Between 2016 and 2020, Unilever paid an average of N259m as CEO salary, although CEO

basic pay had risen by from N220m in 2017 to N330m in 2018, it decreased by in 2019 +50.00% -8.33%

and subsequently by in 2020 ( ).-19.01% see chart 9 below

Chart 9: Unilever Nigeria CEO's Basic Salary 2016 - 2020 (N'm)

Source: Unilever Nigeria Financial Statement, Proshare Research

123

186

461

193

255

2016 2017 2018 2019 2020

183.7

220

330

302.52

245

2016 2017 2018 2019 2020

Zenith Bank/ Ebenezer Onyeagwu

Ebenezer Onyeagwu was appointed as the CEO of Zenith Bank Plc in June 2019, and in that year, he

earned N125m. Following a massive appreciation in his basic pay, Onyeagwu enters the list of +84.00%

the highest-paid CEOs in Nigeria as the tenth. CEO pay in Zenith Bank had been at an average of

https://www.proshareng.com/marketequities/company-UNILEVER

https://www.proshareng.com/marketequities/company-ZENITHBANK


CRemuneration


Chart 10: Zenith Bank CEO's Basic Salary 2016 - 2020 (N'm)

Source: Zenith Bank Financial Statement, Proshare Research

Top Ten Total Remuneration including Benefits, Bonuses, and Dividend Payments.

After accounting for bonuses, benefits and dividends received the list of top ten remunerated CEOs for

the year 2020 is altered considerably. Austin Avuru of Seplat Energy (whose bonuses, benefits, and

dividend income amount to N2.66bm) moves to first position. Also, Folasope Aiyesimoju of UACN (who

earned an additional N335.32m as dividend income) moved seven points up the ladder to make a first-

time entry into the list of the highest-paid executives.

Many times, CEOs get to receive large bonuses, benefits, and a sizeable chunk of dividend pay-out all of

which substantially increase their total remuneration. Therefore, to get a good sense of CEO

remuneration dynamics it is necessary to look at not just the basic pay packets of CEOs but their overall

earnings.

Remarkably, except for Segun Agbaje and Roger Brown, all other CEOs received larger remuneration

packages than the average CEO remuneration paid by their respective companies in three years (see


Claiming the sixth position was Segun Agbaje of GT Bank, who had occupied the third position when our

analysis was limited to basic salary. Equally worthy of note is the fact Herbert Wigwe of Access Bank

leaped by eight spots to the third position after earning a dividend income of N1.21bn in 2020. The top ten

CEOs earned an average of N881.79m.

The top five on the revised list of the highest remunerated CEOs are those of Seplat Energy, Airtel Africa,

Access Bank, MTN Nigeria, and UACN. The five CEOs who earned below the group's average income

were the CEOs of GT Bank, Dangote Cement, Nigerian Breweries, Zenith Bank, while Seplat Energy's

CEO for the second half of the year 2020 - Roger Brown- completes the list.

88 88

125 125

230

2016 2017 2018 2019 2020

N106.5m in the four years preceding the year 2020. Before the rise in 2020 when CEO salary +84.00%

rose from N125m to N230m, CEO pay packet had remained stable with pay seeing a increase +42.05%

from N88m in 2017 to N125m in 2018 ( ).see chart 10 below

CRemuneration



Top Ten Highest Paid CEOs (Total Compensation)

Source: NGX, Proshare Research, Ecographics CRemuneration

1

Austin AVURU

2

3

Herbert WIGWE

4

5

Folasope AIYESIMOJU

6

7

Michael PUCHERCOS

8

9 10

N1.38bn

N1.33bn

Banking

N567.00m

ICT

N551.37m

ICT

N524.58m

N448.00m N379.39m

Consumer Goods

N369.50m N358.51m

Raghunath MANDAVA

N2.90bn

Oil and Gas

Ferdinand MOOLMAN

Consumer Goods

Segun AGBAJE

Banking

Industrial

Jordi BORRUT BEL

Ebenezer ONYEAGWU

Banking

Roger BROWN

Oil and Gas

Illustration 10: Highest-Paid Directors (Total Compensation) in 2020


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Austin Avuru

Avuru earned a salary of N242m, which is a half of N484m the company spend on CEO remuneration, as

Avuru was the CEO for six months in 2020 and retired in at the end of July 2020. He earned a dividend

income 0f N2.47bn while his bonuses amounted to N195m making a total of N2.90bn in the year 2020.

After accounting for additional income, Avuru climbed one point up the ladder to become the highest-

paid CEO in Nigeria.

Meanwhile, total annual remuneration at Seplat Energy remained the same N490.8m between 2017 and

2018 but rose by in 2019 to reach N770m in 2019. His total compensation rose over to +57.12% +200%

N2.90bn in 2020. This substantial rise in 2020 was accounted for by the rise in the dividend pay-out by

Seplat Energy compared to other periods ( ).see chart 11 below

Chart 11: Seplat Energy CEO's Total Compensation 2017 - 2020 (N'm)


490.08 490.08

770

2,902.25

2017 2018 2019 2020

Raghunath Mandava

Raghunath's earnings were reported in US dollars, the average NAFEX for the different periods was used

for the conversion to Naira terms.

Having earned a basic salary of N347.19m, the inclusion of bonuses amounting to N1.04bn meant that

Mandava earned a total of N1.38bn in 2020 thereby climbing four steps up the ladder to become the

second-highest-paid CEO in Nigeria. Meanwhile, CEO annual remuneration rose at Airtel Africa by

+68.82% from N867.8m in 2018 to N1.47bn in 2019, however, in 2020 it reduced by reaching -5.58%

N1.38bn ( ).see Chart 12 below

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Chart 12: Airtel Africa CEO's Total Compensation 2018 - 2020 (N'm)

Source: Airtel Africa's Financial Statement, Proshare Research

867.80

1,465.00 1,383.30

2018 2019 2020

Herbert Wigwe

Wigwe earned N120m as basic salary in addition to a dividend income amounting to N1.21bn. Wigwe's

earnings came to a total of N1.33bn in 2020, the Access Bank boss thereby climbed eight points up to

become the third-highest-paid CEO in Nigeria. Total annual CEO remuneration at Access Bank

increased by from N1.02bn in 2019 to N1.33bn in 2020 following a similar rise in remuneration +30.54%

of between 2018 and 2019 ( ).+26.83% see Chart 13 below

Chart 13: Access Bank CEO's Total Compensation 2017 - 2020 (N'm)

Source: Access Banks Financial Statement, Proshare Research

Ferdinand Moolman

Apart from earning a basic salary of N567m, Moolman earned no additional bonuses making his total

remuneration stand at N567m for the year 2020. This makes Moolman drop three points down the

ladder to become the fourth highest-paid CEO in Nigeria. Meanwhile, total CEO remuneration has been

steady at MTN Nigeria in the last three years. In 2019, total CEO remuneration rose by only to +2.62%

N585.94m from N571m in 2018, before subsequently falling by to N567m in 2020 (-3.23% see Chart 14

below).

1160

805.92

1022.15

1334.28

2017 2018 2019 2020


CRemuneration


Chart 14: MTN Nigeria CEO's Total Compensation 2017 - 2020 (N'm)

Source: MTN Nigeria Financial Statement, Proshare Research

Folasope Aiyesimoju

Aiyesimoju earned a basic salary of N216m, which when added to his dividend income of N335.32m,

brings his total earnings for the year to N551.37m. He climbs eight points up the ladder to become the

fifth highest-paid CEO in Nigeria. Meanwhile, analysis of total annual CEO remuneration at UACN in the

last four years reveals that while the total CEO pay packet rose by from N51.3m in 2017 to +432.61%

N273.23m in 2018, it largely steadies between 2018 and 2019 but then saw another tremendous rise of

+86.02% from N296.4m in 2019 to N551.37 in 2020 ( ).see Chart 15 below

Chart 15: UACN CEO's Total Compensation 2017 - 2020 (N'm)

Source: UACN's Financial Statement, Proshare Research

Segun Agbaje

After considering additional income, Agbaje drops two points down the ladder to become the sixth

highest-paid CEO in Nigeria. A closer look at the GT Bank CEO's total earnings shows that he earned a

basic salary of N399.96m and an additional N124.88m as dividend income which brings his total

earnings to N524.58m in 2020. Meanwhile, total annual remuneration rose marginally at GT Bank by

+1.61% from N N516.26m in 2019 to N524.58m in 2020 ( ).see Chart 16 below

302

571 585.94567

2017 2018 2019 2020

51.3

273.23296.4

551.37

2017 2018 2019 2020

CRemuneration



Chart 16: GT Bank CEO's Total Compensation 2017 - 2020 (N'm)

Source: GT Bank's Financial Statement, Proshare Research

Michael Puchercos

Puchercos earned a basic salary of N448m in 2020, but since he received no dividend income his overall

earnings remained at N448m, he consequently drops four points down the ladder to become the seventh

highest-paid CEO in Nigeria. Meanwhile, a further breakdown of total annual CEO remuneration at

Dangote cement shows that in the last four years total CEO pay has been choppy with a rise of +10.03%

from N407.18m in 2017 to N448m in 2020. While the period between 2019 and 2020 saw a massive rise

of from N109.m in 2019 to N448m in 2020 ( ).+31101% see Chart 17 below

Chart 17: Dangote Cement CEO's Total Compensation 2017 - 2020 (N'm)

Source: Dangote Cement's Financial Statement, Proshare Research

Jordi Borrut Bel

While Borrut Bel earned a basic salary of N379m, the Nigerian Breweries CEO earned no dividend

income making his total remuneration remain N379m for the year 2020. This makes Borrut Bel drop by

three points down to the eighth position on the list of the highest-paid CEOs in Nigeria. Meanwhile, total

CEO remuneration at Nigerian Breweries has been on a steady rise in the last three years, with a +41.99%

rise from N190.5m in 2018 to N270.5m in 2019 before rising again by to reach N379.39m (+40.26% see

Chart 18 below).

566.7

498.68

516.26

524.58

2017 2018 2019 2020

407.18429.18

109

448

2017 2018 2019 2020


CRemuneration


Chart 18: Nigerian Breweries CEO's Total Compensation 2017 - 2020 (N'm)

Source: Nig Breweries Financial Statement, Proshare Research

Ebenezer Onyeagwu

Total annual CEO remuneration at Zenith Bank has rapidly increased over the last four years. It

increased by from N105.89m in 2017 to N215m in 2018 while in the period between 2019 and +103.04%

2020, total compensation saw a rise of from N238.75m in 2019 to N369.5m in 2020 (+54.76% see Chart

19 below).

Onyeagwu earned a basic pay of N230m and ranked as tenth when basic salary only was considered, he

moves one step up after considering other income. After the addition of his N139.5m dividend income the

Zenith Bank boss' total earning amounts to N369.5m.

Chart 19: Zenith Bank CEO's Total Compensation 2017 - 2020 (N'm)

Source: Zenith Bank's Financial Statement, Proshare Research

Roger Brown*

Roger Brown assumed the CEO position at Seplat Energy in June 2020 and so earned a prorated basic salary of N242m, when added to his dividend income for the year which amounted to N116.51m. This brings his earnings as Seplat Energy CEO to N358.51m in the year 2020. Roger Brown thereby makes a first-time entry into the list of the highest remunerated CEOs for the year claiming the tenth position (see Chart 20 below).

340.2

190.5

270.5

379.39

2017 2018 2019 2020

105.89

215238.75

369.5

2017 2018 2019 2020

CRemuneration



Chart 20: Seplat Energy CEO's Total Compensation 2017 - 2020 (N'm)


490.08 490.08

770

358.51

2017 2018 2019 2020

Gender Collaboration: Women and The Corporate Suite

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Gender Collaboration: Women and The Corporate Suite

It is worthy of note that no female ranks on the list of the top 10 CEOs. Proshare analysts forecast that this

may not be the case in the next edition of Proshare's CEO Remuneration report in 2022, with the

emergence of Miriam Olusanya as the CEO of GT Bank. However, on the flip side, the financial institution

now operates as a HoldCo, so either the CEO of the HoldCo and/or the banking subsidiary which is led by

Miriam Olusanya makes the list of the top highest-paid executives in 2021.

With no female making the list, this once again raises valid questions about equity of opportunities for

both genders. On a brighter note, the emergence of Miriam Olusanya, as the CEO of GT Bank, and Yemisi

Edun has also been appointed CEO of FCMB means that in the future we could see a possible inclusion of

more women on the list of the highest-paid CEOs in the country. Yet it must be borne in mind that several

women lead and even own big companies which only happen to not be listed in the stock market for

strategic reasons, a case in point is that of Chinyelu Okoli founder and CEO of EMZOR plc (see


The International Finance Corporation (IFC) report on gender equity says there is evidence of improved

performances in banks led by women CEOs. Experts are also of the opinion that a gender diversified

board is not only a matter of political correctness, or fairness but of effective governance and inclusive

economic growth.

Nigerian women are shattering glass ceilings, especially in the banking sector, the ascension of women to

top executive positions is seen by many as a positive development and a step towards achieving gender

equity in the corporate suite.

Illustration 11


CRemuneration


Illustration 11: Women in the Corporate Suite-The New Masters of the Boardroom

Women in The Corporate Suite: Winning Through Professionalism


Miriam OLUSANYA

Nnneka ONYEALI-IKPE

Tomi SOMEFUN

Yemi EDUN

Ireti SAMUEL-OGBU

1 2 3

4 5

Bukola SMITH

6

7

Halima BUBA

8

Kafilat ARAOYE

9

Toki MAGOGUNJE

10

Hajiya Saratu IYA ALIYU

11

Dr. Ije JIDENMA

12

Dame Adebola WILLIAMS

13

Dr. Chinyere ALMONA

14

Stella ChinyefuOKOLI

CRemuneration



Recommendations and Legal Guidance

The Central Bank of Nigeria (CBN) under the governorship of Mr Sanusi Lamido Sanusi in 2012 also

introduced a policy to attain gender parity by advocating for a 30% level of female representation on the

board of directors of banks in Nigeria. This policy directive, however, has no force of law and hence does

not count as a legal provision. Also, the CBN under Mr. Godwin Emefiele has buttressed the relevance of

the policy and gender equality in their institutions affirming that 40% of top management positions in

banks be reserved for women.

Gender diversity/equity in corporate governance is a subject that is increasingly gaining support and

popularity in various countries. It has been viewed as not only a channel through which ideals of equity

and representation may be actualized but also a viable tool for achieving improved decision-making.

Therefore, in several jurisdictions (particularly Scandinavian countries), gender quotas have been by law

regarding the composition of the board of directors.

In Nigeria, while there are currently no laws or regulations which specify a gender quota regarding the

composition of a board of directors, there are several laws that encourage diversity on a board to improve

decision-making. Section 2.3 d of the Nigerian Code of Corporate Governance states that when

appointing members of the board, consideration must be lent to diversity targets relating to the

composition of the board. Section 2.4 further stipulates that 'the Board should promote

diversity in its membership across a variety of attributes relevant for promoting better

decision-making and effective governance. These attributes include the field of

knowledge, skills, and experience, as well as age, culture, and gender'. The Code of

Corporate Governance for Public Companies takes a slightly different stance by providing that the board

of directors should be composed in such a way to ensure diversity of experience.

While there are no laws in Nigeria that expressly dictate a gender quota for company boards, there are

clear indications that the idea is strongly supported by various corporate governance codes and policies

which have been introduced to foster its actualization. However, it is necessary for more decisive steps to

be taken by regulators to fully propel it from its status as a mere ideology to a reality in the Nigerian

corporate governance sphere.

The Many Sides of CEO Compensation – Selected Sectoral Analysis of Executive Rewards

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The Many Sides of CEO Compensation – Selected Sectoral Analysis of Executive Rewards

Accessing CEO compensation is an art, interpreting the numbers is not straightforward. Making sense of

these numbers to assess how companies pay their top brass is not easy. Companies adopt different

guidelines in determining the top manager's pay, the focus of these guidelines addresses mainly

questions of how much to pay, and how to pay, this is in terms of bonuses or stock options.

The risk and reward principle is the idea that the top executive's performance provides value to the

organization, that is, the CEO's compensation reflects the performance of the company. This risk is

particularly acute when incentive programs for executives focus on short-term goals without necessarily

promoting the long-term prospects of the company. For the companies practicing this principle, the

CEO's compensation should move in the same direction as the company's earnings - either a rise or a fall.

The year 2020 was a year like no other, summing it into one word would prove difficult. Although

COVID-19 started at the tail end of 2019, the level of its impact on businesses and economic activities was

not expected. The annual resolution of most companies for 2020 in terms of earnings and director's pay

did not factor in the severe impact of COVID-19. This can be seen in situations where the remuneration of

the highest-paid executive grew Y-o-Y while we see a significant decline in earnings of the company.

“I do not like what is going on with executive compensation”

– Warren Buffet.

Annual bonus is another principle considered when setting CEO pay. An annual bonus that varies with

performance is ideal. Executives who know they will be rewarded for performance tend to perform higher

because they have an incentive to work hard. The bonus may be tied to some short-term goal and could be

based on some performance outcomes such as earnings growth, return on equity, or appreciation of the

share price.

While base salary and benefits could be competitive, this depends on several factors, for instance, the

sector in which the company operates, incentives are the most likely drivers of boasting CEO

performance. A stock option is a form of incentive in attracting and keeping executives, it is a part of

management's executive compensation – especially where the business is not yet profitable and/or cash

flow is constrained. Another form of incentive offered to executives is profit sharing, here payment is tied

to company profits ( ). see illustration 12 below

Illustration 12


CRemuneration


Illustration 12: CEO Compensation: Cutting the Revenue Pie

How CEO’s Get Piece of the Revenue and Profit Pie

Source: MaRS, Proshare Research, Ecographics CRemuneration

Bonuses Profit Sharing Stock Options

Financial Sector

In 2020, most banks recorded an increase in profit before tax although marginally, however, that was not

the case for the remuneration of the highest-paid director. Most of the remuneration of the highest-paid

director of these banks was flat on a year-on-year (Y-o-Y) basis.

Looking at just basic remuneration excluding dividends earned by the executives, the top three highest-

paid executives in the banking sector in 2020 were Segun Agbaje of GT Bank, Ebenezer Onyeagwu of

Zenith Bank, and Emeka Okonokowo of Union Bank of Nigeria.

For Polaris Bank (unlisted), the Y-o-Y movement remuneration of the highest-paid director was in

tangent with the movement of PBT. The remuneration of the CEO declined by which was the -22.62%

highest percentage decline amongst the banks under review while PBT fell Y-o-Y by (-18.76% see table 1

below).

Access bank's highest-paid director's basic remuneration had the highest Y-o-Y percentage change

amongst the banks, it rose Y-o-Y by to N120.00m in 2020 while the bank's PBT had a lower +40.91%

percentage growth of +12.51%.

The highest-paid executives of Wema Bank, Polaris Bank, and Unity Bank were at the bottom of the

ranks, they earned N70.05m, N65m, and N41.40m respectively in 2020.

Banking Sub-Sector

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CRemuneration



Table 1: Base Remuneration of Highest-Paid Executives in The Banking Sector

Source: Bank's Financial Statement, Proshare Research, Ecographics CRemuneration

Base Remuneration of Highest-Paid Executives in The Banking Sector

S/NO Bank Name of CEO2020

Base Salary (N'm)

GTB

Zenith Bank

UBN

Stanbic IBTC

UBA

FBNH

Access Bank

Fidelity Bank

FCMB

Wema Bank

Polaris Bank

Unity Bank

ETI

Sterling Bank

1

2

3

4

5

6

7

8

9

10

11

12

13

14

Segun Agbaje

Ebenezer Onyeagwu

Emeka Okonokowo

Demola Sogunle

Kennedy Uzoka

U.K EKE

Herbert Wigwe

Nneka Onyeali-Ikpe

Ladi Balogun

Ademola Adebise

Innocent C. Ike

Oluwatomi Somefun

Ade Ayeyemi

Abubakar Suleiman

399.69

230.00

164.00

158.00

143.00

122.00

120.00

110.00

101.19

70.05

65.00

41.40

NA

NA

In 2020, Herbert Wigwe of Access Bank was the highest-paid director in the banking sector earning over

N1bn in dividends. According to data available, most of the highest-paid executives in the banking sector

held both direct and indirect shares in their banks. Polaris and Unity Bank CEOs earned just base

remuneration in 2020 with zero shares held in their respective banks, according to the data available.

The dividend per share (DPS) was a major factor in determining the dividend earned by the executives.

Although Access bank did not pay the highest DPS, the CEO held the highest number of shares in the

sector making him the highest-paid executive in the banking sector.

Contrary to the ranking of base salaries of highest-paid executives in the banking sector, we also look at

not just the remuneration but also the dividend earned of these executives.


CRemuneration


Ademola Adebisi of Wema bank held the least number of shares and was the lowest-paid executive in the

sector, although the DPS paid by the bank was not the lowest in the sector ( ).see table 2 below

Table 2: Highest-Paid Executives in The Banking Sub-Sector (2020)

Source: Bank's Financial Statement, Proshare Research, Ecographics CRemuneration

Highest Paid Executives in The Banking Sub-Sector

Bank

Access Bank

GTB

Zenith Bank

UBN

Stanbic IBTC

UBA

FBNH

Fidelity Bank

FCMB

Wema Bank

Polaris Bank

Unity Bank

ETI

Sterling Bank

Basic Remuneration

(N'm)

Dividend Earned (000)

120.00

399.69

230.00

164.00

158.00

143.00

122.00

110.00

101.19

70.05

65.00

41.40

-

-

1,214,280

124,884

139,500

49,723

8,290

19,330

38,370

23,045

30,325

901

-

-

-

-

Dividend Per Share (N/K)

Basic Remuneration + Dividend Earned

(N'm)

0.80

3.00

3.00

0.25

4.00

0.52

0.45

0.22

0.15

0.40

1,334.28

524.58

369.50

213.72

166.29

162.33

160.37

133.05

131.51

70.95

65.00

41.40

-

-

Half of the listed insurance companies recorded declines in PBT while the other half had Y-o-Y growth in

PBT. In terms of executive compensation, very few insurance companies had Y-o-Y changes in their

compensation.

The highest-paid director in the sub-sector in 2020 was Kunle Ahmed of Axa Mansard Insurance Plc, he

was paid N89.98m in 2020 which was an increase of from the previous year. The Company’s +15.29%

PBT rose significantly Y-o-Y by following the value approach discussed in Proshare’s +57.54%, CEO

REMUNERATION 2020 Report.

Insurance Sub-Sector

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CRemuneration



Sunu Assurances Nigeria Plc recorded the highest Y-o-Y percentage decline in PBT, PBT declined by -

266.70% -52.85% . Samuel Ogbodu the CEO of Sunu Assurances compensation declined significantly by

to N22.59m in 2020 ( ).see table 3 below

Most executives of the listed insurance companies on the NGX owned shares in these companies,

however, none of the companies paid any dividend in 2020. Therefore, only the basic compensation of

these executives was analyzed in this section.

Veritas Kapital Assurance had the highest Y-o-Y percentage growth in its PBT in 2020, it grew by

+293.72% while the remuneration of the highest-paid executive remained flat at N20.0m 2020.

Table 3: Highest-Paid Executives in The Insurance Sub-Sector (2020)

Source: Companies's Financial Statement, Proshare Research, Ecographics CRemuneration

Highest Paid Executives in The Insurance Sub-Sector

S/NO Bank Name of CEOBase Salary

(N'm)

Axa MANSARD

Cornerstone Insurance

AIICO

NEM Insurance

Sovereign Trust Insurance

SUNU ASSURANCES

Veritas Kapital Assurance

Consolidated Hallmark Insurance Plc

1

2

3

4

5

6

7

8

Kunle Ahmed

Ganiyu Musa

Babatunde Fajemirokun

Tope Smart

Olaotan Soyinka

SAMUEL O. OGBODU

Kenneth Egbaran

Eddie Efekoha

86.98

51.91

48.58

38.00

25.49

22.59

20.00

12.00

Oil and Gas Sector

Excluding Oando Plc whose result has not been updated for the past year, Seplat and Total Nigeria made

the list of highest-paid executives in the oil and gas sector (O&G) in terms of basic remuneration the

executives received.

Austin Avuru of Seplat Energy earned N679.00m in 2020 which included his 2019 bonus, making him

the highest earner in the O&G sector. His base salary in 2020 grew by against what he earned in +10.00%

2019, even though, the PBT of the company declined significantly by from N89.9bn in 2019 to a -132.15%

loss of N28.9bn in 2020. Seplat recorded the highest Y-o-Y declined in PBT in the O&G sector.

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CRemuneration


Total Nigeria's highest-paid executive Imrane Barry was the second-highest-paid executive in the sector,

he earned N214.51m in basic salary from N163.42m in 2019 which is a Y-o-Y rise. Total +31.26%

Nigeria's executive remuneration recorded the highest Y-o-Y percentage growth amongst other

executives in the O&G sector while its PBT declined marginally by in 2020. -5.26%

MRS Oil and Rak Unity's highest-paid executive earned the least in the sector, both earned N3.11m and

N2.50m respectively ( ).see table 4 below

Eterna oil had the highest Y-o-Y percentage growth in PBT, it grew remarkably by to +391.88%

N548.15m in 2020, however, the basic remuneration of the highest-paid executive remained flat in

2020, Mahmud Tukur earned N80.75m.

Table 4: Base Remuneration of Highest-Paid Executives in the O&G Sector


Base Remuneration of Highest Paid Executive in The O&G Sector

S/NO Company Name of CEOBase Salary

(N'm)

Seplat

Total

NDEP

11 Plc

Eterna

Conoil

MRS Oil (Ag)

Rak Unity

Ardova

Oando

1

2

3

4

5

6

7

8

9

10

Austin Avuru

Imrane Barry

Layi Fatona

Adetunji Oyebanji

Mahmud Tukur

Kheterpal Singh

Marco Storari

James Ogungbemi

Olumide Adeosun

NA

679.00

214.51

127.73

88.88

80.75

24.00

3.11

2.50

NA

NA

*NDEP Data as of 2019

*Austin Avuru stepped down as CEO in July 2020

*Mahmud Tukur retired as CEO in August 2020 AG - Acting

One major finding in this category was the gap in earnings between Austin Avuru and the second-highest

earner in the sector. This was propelled by the number of units of shares held by Avuru and the amount of

dividend paid by Seplat.


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CRemuneration



The ranking is slightly different when the dividend earned by these executives is included. Avuru of

Seplat still maintained its position as the highest earner in the sector in this category. Austin Auru earned

N2.47bn in dividend in 2020 and a total of N3.14bn in total earned as stated in the financial accounts of

the company. Layi Fatona of Niger Delta Exploration and Production (NDEP) was the next top earner in

the O&G sector, earning N270.33m including dividends earned in 2020. There was no record in Total

Nigeria's financial statement of Imrane Barry owning/holding shares, making him the third-highest

earner in the industry.

For Ardova and Oando Plc, there was no data available for the earnings of the highest-paid director in

2020 ( ).see table 5 below

Table 5: Highest-Paid Executives in the O&G Sector (2020)


Highest Paid Executive in The O&G Sector

*NDEP Data as of 2019

S/NO CompanyBasic

Compen-sation (N)

Seplat

NDEP

Total

11 Plc

Eterna

Conoil

MRS Oil

Rak Unity

Ardova

Oando

1

2

3

4

5

6

7

8

9

10

679,000,000

127,728,000

214,510,260

88,879,000

80,752,000

24,000,000

3,110,000

2,500,000

Shares Held (Units)

60,098,823

8,388,172

NA

NA

331,103

NA

NA

NA

NA

NA

Dividend Per Share

(N/K)

41.02

17

NA

NA

0.10

NA

NA

NA

NA

NA

Dividend Earned (N)

2,465,253,719

142,598,924

-

-

33,110

-

-

-

NA

NA

Basic Compensation

+ Dividend Earned (N’m)

3,144.25

270.33

214.51

88.88

80.79

24.00

3.11

2.50

NA

NA

For Telcos and IT service providers, Ferdinand Moolman maintained the highest-paid executive in terms

of basic remuneration in 2020. Although this was a Y-o-Y decline of from 2019 to N567.00m in -3.23%

2020. Raghunath Mandava, the highest-paid executive in Airtel Africa was the second-highest earner

amongst the listed companies in the sector, he earned N347.19m as a base salary in 2020, which grew by

+17.13% Y-o-Y. The basic salary of Adewale Adeyipo of CWG Plc remained flat for the period, earning

N47.24m in 2020 ( ).see table 6 below

I.C.T

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CRemuneration


Table 6: Base Remuneration of Highest-Paid Executives in The ICT Sector


Base Remuneration of Highest Paid Executive in The ICT Sector

S/NO Company Name of CEOBase Salary

(N'm)

MTN

Airtel

CWG Plc

1

2

3

Ferdinand Moolman

Raghunath Mandava

Adewale Adeyipo

567.00

347.19

47, 242

Raghunath Mandava was the highest-paid executive in the industry as bonuses and dividend earned was

added to the executive's earnings. He earned N1.28bn in total in 2019/2020 which is growth +38.46%

from the previous year. Moolman did not own or hold any shares in MTN Nigeria, therefore making him

the second-highest executive in the industry, which was the same as Adewale Adeyipo ( ). see table 7 below

Table 7: Highest-Paid Executives in The ICT Sector (2020)


Highest Paid Executives in The ICT Sector

S/NO Company Name of CEOBasic Salary+Bonus

+ Dividend Earned (N'm)

Airtel Africa

MTN Nigeria

CWG Plc

1

2

3

Raghunath Mandava

Ferdinand Moolman

Adewale Adeyipo

1,445.09

567.00

47, 242

Only a few highest-paid executives in the consumer goods sector held/owned shares in their companies.

Therefore, the ranking of the highest-paid executive both in terms of base salary and total compensation

including dividends earned by these executives was the same.

Consumer Goods

CRemuneration



Oyeyimika Adeboye of Cadbury Nigeria owned/held 54,000 units of shares, the company paid N0.18k in

dividend per share (DPS) in 2020, making Oyeyimika earn N9,720 in dividend. Taiwo Adeniyi of

Vitafoam Nigeria held/owned 864,000 units of shares, the company paid N0.70k in DPS, Taiwo earned

N604,800 in dividends. Flour Mills of Nigeria's highest-paid executive, Paul Gbededo held/owned

2.72m units of shares, the company paid N1.40k in DPS, he earned N3.81m in dividends.

Gert Kriek, Georgios Polymenakos, and Chimaraoke Ekpe were the least earners in the sector in 2020

while data was not available for Olanrewaju Bamidele and Paul Farrer of Honeywell Flour Mills and

Nascon Allied Industries ( ).see table 8 below

Jordi Bel of Nigerian Breweries was the highest-paid executive amongst listed companies on the NGX

under the consumer goods sector in 2020. He earned N379.39m which is a Y-o-Y increase. This +40.00%

was a different narrative from 2019, Nigerian Breweries' highest-paid executive was the second-highest

executive in the sector. Baker Magunda was the second-highest earner in the sector, his remuneration

also grew Y-o-Y by to N255.00m from N193m in 2019. Unilever Nigeria's highest-paid +32.12%

executive Carl Cruz was the third earner in the industry, which is a Y-o-Y decline from N302.52m -19.01%

earned by his predecessor Yaw Nsarkoh in 2019.

Highest Paid Executives in The Consumer Goods Sector in 2020

S/NO Company Name of CEOBasic Salary+ Dividend

(N'm)

Jordi Borrut Bel

Baker Magunda

Carl Cruz

David Butler

Wassim Elhusseini

Ravindra Singhvi

Oyeyimika Adeboye

Panagiotis Katsis

Hugo, Dias Rocha

Taiwo A. Adeniyi

Paul Miyonmide Gbededo

Gert Jacobus Kriek

Nigerian Breweries

Guinness Nigeria Plc

Unilever Nigeria Plc

Food Concepts

Nestle Nigeria Plc

Dangote Sugar Refinery

Cadbury Nigeria Plc

PZ Cussons Nigeria

International Breweries Plc

Vitafoam Nigeria

Flour Mills of Nigeria

NNFM

379.39

255.00

245.00

225.00

161.35

134.63

122.51

94.37

47.49

38.64

37.06

16.61

1

2

3

4

5

6

7

8

9

10

11

12

Table 8: Highest-Paid Executives in The Consumer Goods Sector (2020)

https://www.proshareng.com/marketequities/company-CADBURY

https://www.proshareng.com/marketequities/company-VITAFOAM

https://www.proshareng.com/marketequities/company-HONYFLOUR

https://www.proshareng.com/marketequities/company-NB

https://www.proshareng.com/marketequities/company-UNILEVER

https://www.proshareng.com/marketequities/company-HONYFLOUR

https://www.proshareng.com/marketequities/company-NASCON


CRemuneration



S/NO Company Name of CEOBasic Salary+ Dividend

(N'm)

NNFM: Northern Nigeria Flour Mills Plc

Georgios Polymenakos

Chimaraoke Ekpe

Olanrewaju Bamidele

Paul Farrer

Champion Breweries Plc

McNichols Consolidated

Honeywell Flour Mills

Nascon Allied Industries

12.00

1.82

NA

NA

13

14

15

16

Yusuf Binji of Bua Cement Plc held/owned 7,093 units of shares, the company paid a DPS of N2.067k

making Binji earned N14,661 in dividend according to the data provided in the financials. Although

Onajite Okoloko of Notore Chemical held/owned 1.24bn units of shares, the company declared no

dividend in 2020. For the case of Lafarge Africa, Khaled El Dokani received a bonus of N113.68bn in

2020.

The narrative of a few highest-paid executives holding/owning shares in their companies was also seen in

the industrial sector, while several companies in the sector did not have data on the compensation of the

highest-paid executive.

Michel Puchercos of Dangote Cement was the highest earner in the industrial sector in 2020, he earned

N448.00m which rose Y-o-Y by from the earnings of the former CEO Joseph Makoju. El +311.01%

Dokani was the second-highest-paid executive in the sector, he earned a total of N334.89m, his base

salary was N221.22m which is a decline of from N271.65m earned by the former CEO Michel -18.56%

Pucheros-now a CEO in Dangote Cement ( ). see table 9 below

Industrial

Table 9: Highest-Paid Executives in The Industrial Goods Sector (2020)

Highest-Paid Executives in The Industrial Sector in 2020

S/NO Company Name of CEOBasic Salary+

Dividend Earned (N'm)

1

2

Michel Puchercos

Khaled El Dokani

Dangote Cement Plc

Lafarge Africa Plc

448.00

334.89

https://www.proshareng.com/marketequities/company-BUACEMENT

https://www.proshareng.com/marketequities/company-NOTORE

https://www.proshareng.com/marketequities/company-WAPCO

https://www.proshareng.com/marketequities/company-DANGCEM

CRemuneration



UAC Nigeria's highest-paid executive led the charts amongst companies under NGX Conglomerate. He

earned N216.06m in 2020 which is higher than N127.59m earned by his predecessor Abdul +69.34%

Akhor Bello in 2019. He earned N335.32m in dividends making a total of N551.37m in his total

compensation in 2020 according to available data. Owen Omogiafo of TransCorp was the second-highest

executive amongst listed conglomerates, earning N90.76m including dividends earned in 2020 while

Christopher Ezeh earned the least according to available data ( ).see table 10 below

Conglomerate


Highest Paid Executives in Conglomerate in 2020

S/NO Company

UAC Nigeria Plc

Transnational Corporation of Nigeria Plc

John Holt Plc

Chellarams Plc

Scoa Nigeria Plc

1

2

3

4

5

Name of CEO

Folasope Aiyesimoju

Owen Omogiafo

Christopher Ezeh

Aditya Suresh Chellaram

Massad F. Boulos

Base Salary (N'm)

Dividend Earned (N)

Base Salary+Dividend

Earned (N'm)

216.06

90.00

7.00

NA

NA

335,315,966.40

763,418.80

NA

NA

NA

551.37

90.76

7.00

NA

NA


S/NO Company Name of CEOBasic Salary+

Dividend Earned (N'm)

3

4

5

6

7

8

9

10

CAP*Chemical and Allied Products

Onajite p. Okoloko

Yusuf Haliru Binji

Darren Bennett-Voci

Bolarin Okunowo

Anjan Sircar

David Wright

Ijeoma Oduanye

Oluwatouin Okeowo

Notore Chemical Industries

Bua Cement Plc

Beta Glass Plc

Portland Paints and Products Nigeria

Berger Paints Nigeria Plc

CAP

Cutix Plc

Meyer Plc

150.09

75.31

7.02

6.17

NA

NA

NA

NA

Table 10: Highest-Paid Executives in Conglomerates (2020)

https://www.proshareng.com/marketequities/company-UACN

https://www.proshareng.com/marketequities/company-TRANSCORP


CRemuneration


There is no record of the highest-paid executives in the construction & real estate sector listed on the NGX

owning/holding shares in their respective companies. Lars Richter of Julius Berger Nigeria Plc was the

highest-paid executive in the sector with N316.64m as compensation in 2020, his remuneration grew Y-

o-Y by Deborah Nicol-Omeruah of UPDC was the second-highest earner in the sector, she +45.87%.

earned N29.36m up by in 2019 ( ).+49.64% see table 11 below

Construction & Real Estate

Table 11: Highest-Paid Executives in Construction & Real Estate (2020)


Highest Paid Executives in Construction and Real Estate in 2020

S/NO Company Name of CEO Basic Salary (N'm)

Julius Berger Nigeria

UPDC

Arbico Plc

1

2

3

Lars Richter

Deborah Nicol-Omeruah

Alkimos Makaronidis

316.64

29.36

NA

UPDC: UACN Property Development Company

CEO Remuneration: According to the Trading Board

https://www.proshareng.com/marketequities/company-JBERGER

https://www.proshareng.com/marketequities/company-UPDCREIT

https://www.debtorsafrica.com/Subscriber/Registration?freeMode=Free


CRemuneration


CEO Remuneration: According to the Trading Board

The year 2020 was unusual, the severe impact on earnings of businesses was not forecasted, this could be

seen in an increase in some CEO's pay or the remuneration remained flat. However, earnings of most

companies dipped significantly, and operating expenses grew significantly, which further ate dip into

earnings. For most companies listed on the NGX, the growth pattern of revenue and PBT were not like the

trend in CEO's pay in recent years. Although for companies like MTN Nigeria and GT Bank, the

emolument of CEO either remained flat or declined with a marginal rise in revenue/PBT. However,

Nigerian Breweries had a different story to tell, PBT has declined for three years consecutively while

CEO's remuneration has grown significantly in recent years.

MTN Nigeria/Moolman

MTN's Revenue/CEO's Pay

The Telco company's revenue to CEO's basic pay declined significantly in 2018, this was propelled by an

+89.07% +17.13% despite a growth in revenue.

In two years, MTN Nigeria has recorded consecutive growth in revenue to CEO's pay. In 2020 revenue-

to-CEO's pay was 2,374.59, this means that for every N1 paid to Moolman, he generated N2,374.59 in

revenue in 2020. It could also be looked at as the revenue of the company could pay Moolman pay

2,374.59 times in 2020 ( ). see chart 21 below

Chart 21: MTN Nigeria's Revenue/CEO's Base Pay 2017 - 2020


2,937.68

1,819.821,996.50

2,374.59

2017 2018 2019 2020

MTN's Revenue/CEO's Pay

In 2020, the CEO was able to generate N527.11 in profit for every N1 he was paid ( ).see chart 22 below

PBT-to-CEO's pay has been on steady growth in the last four years. Although 2019 recorded the highest

percentage growth of while 2020 had the lowest Y-o-Y percentage growth 0f +28.24%, +6.04%.

The company's PBT rose marginally Y-o-Y by while CEO's pay fell slightly by in 2020. +2.61% -3.23%

CRemuneration



Chart 22: MTN Nigeria's PBT/CEO's Base Pay 2017 - 2020


357.25

387.64

497.11527.11

2017 2018 2019 2020

MTN's Revenue vs CEO's Pay

The growth movement of MTN Nigeria's revenue and CEO's pay has been on the same trajectory in recent

years. Although, in 2020 revenue inched up Y-o-Y by while CEO's pay fell marginally by +15.09% –3.23%

( ). see chart 23 below

Chart 23: MTN Nigeria's Revenue vs CEO's Base Pay 2017 - 2020


887180

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MTN's Staff Cost

MTN Nigeria's staff cost had its highest percentage growth in 2020, staff cost grew Y-o-Y by +47.60%

while 2019 records its lowest percentage growth of Over the years staff cost of the company has +13.09%.

been consistent ( ).see chart 24 below


CRemuneration


Chart 24: MTN Nigeria's Staff Cost 2017 – 2020 (N'm)


MTN's Staff Cost vs CEO's Pay

One major difference between the trend in CEO's pay and staff cost was in 2020. Staff cost recorded its

highest percentage rise of while CEO's Pay declined by ( ). +47.60% –3.23% see chart 25 below

Chart 25: MTN Nigeria's Staff Cost vs CEO's Pay 2017 – 2020 (N'm)


MTN's Staff Cost vs Revenue

Staff cost and revenue of the company both have an upward trend between 2017 and 2020. In 2018,

revenue had the highest percentage change of while in 2020, the company had the highest +17.13%

percentage growth in staff cost ( ). see chart 26 below

22683.48

27152.45

30707.96

45325

2017 2018 2019 2020

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CEO's Pay Staff Cost

CRemuneration



Chart 26: MTN Nigeria's Staff Cost vs Revenue 2017 – 2020 (N'm)


MTN's Staff Cost vs PBT

PBT of MTN Nigeria has been growing at a decreasing rate with the highest Y-o-Y percentage growth

recorded in 2018, PBT grew by while staff cost has been rising at an increasing rate. The +105.16%

relationship between PBT and staff has been positive, however, the degree of change is significantly

different ( ) see chart 27 below

Chart 27: MTN Nigeria's Staff Cost vs PBT 2017 – 2020 (N'm)


Dangote Cement's Revenue/CEO's Pay

The cement manufacturer's revenue-to-CEO's pay has not been consistent, this is attributable to the Y-o-

Y changes both in revenue and CEO's basic pay. In 2019, revenue-to-CEO's pay rose significantly by over

+200%, this was supported by a Y-o-Y decline in CEO's pay. In the same year, revenue fell –74.59%

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PBT Staff Cost

Dangote Cement/ Puchercos


CRemuneration


slightly by –1.06%.

In 2020, there was a significant rebound in CEO's pay, it increased by +311.01% to N448m, while revenue

rose Y-o-Y by The growth in CEO's pays further pushed the ratio down to N2,308.47 in 2020. +15.98%.

This means that Puchercos generated N2,308.47 in revenue for every N1 he was paid in 2020 (see chart

28 below).

Chart 28: Dangote Cement's Revenue-to-CEO's Pay 2016 – 2020

Source: Dangote Cement Financial Statement, Proshare Research

Dangote Cement's PBT/CEO's Pay

The PBT and the CEO's pay both have an upward trend, and have a positive relationship, although not

directly. A rise in PBT does not necessarily lead to a rise in CEO pay.

Michel Puchercos generated N833.28 in PBT for every N1 that he was paid in 2020 ( ). see chart 29 below

In 2020, the company recorded the highest percentage growth in CEO's pay while 2017 records the

highest percentage growth in PBT.

2023.36 1979.31 2100.72

8180.46789

2308.47

2016 2017 2018 2019 2020

Chart 29: Dangote Cement's PBT-to-CEO's Pay 2016 – 2020


595.16711.52 701.17

2297.97

833.28

2016 2017 2018 2019 2020

CRemuneration



In recent years Dangote Cement's staff cost has been on an upward path, with 2020 recording the highest

percentage growth of while 2017 records the lowest Y-o-Y percentage growth. +15.08%

Staff cost increased by in 2020, this was despite a marginal decline of in the total +15.08% –0.28%

number of full-time employees employed during the year ( ). see chart 30 below

Chart 30: Dangote Cement's Staff Cost 2016 – 2020 (N'bn)


Dangote Cement's Staff Cost vs CEO's Pay

2019 seems to be an anomaly for the company's CEO's pay, which is also the lowest a CEO has received in

5 years in Dangote Cement. Staff cost rose by in the same period. In 2020, a rise in staff cost was +9.61%

also accompanied by a outstanding rise in CEO's pay ( ). +311.01% see chart 31 below

Chart 31: Dangote Cement's Staff Cost vs CEO's Pay 2016 – 2020 (N'bn)


Dangote Cement's Staff Cost

45.6949.96

57.28

62.78

72.25

2016 2017 2018 2019 2020

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2016 2017 2018 2019 2020



CRemuneration


In 2020, staff costs inched up by while revenue was up by to N1.03trn (+15.08% +15.98% see chart 32

below).

Ideally, staff cost and revenue should have a negative relationship all things being equal. However, a

decline or rise in staff cost – which is part of administrative expenses, may not lead to a rise or decline in

earnings. The growth pattern of revenue and staff cost of Dangote cement is similar.

Chart 32: Dangote Cement's Staff Cost vs Revenue 2016 – 2020 (N'bn)


Dangote Cement's Staff Cost vs PBT

Between 2018 and 2019, PBT and staff cost of the company had a negative relationship, staff rose by

+9.61% while PBT declined by which was the highest percentage decline in PBT in recent years. –16.73%

In 2020, staff cost rose by while PBT grew significantly by ( ). +15.08% +49.04% see chart 33 below

Chart 33: Dangote Cement's Staff Cost vs PBT 2016 – 2020 (N'bn)


Dangote Cement's Staff Cost vs Revenue

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PBT Staff Cost

CRemuneration



In 2020, Agbaje generated N1,138.94 in revenue for every N1 paid to him ( ).see chart 34 below

Gross earnings-to-CEO's pay of the bank has a downward trend, that is, revenue generated for every N1

paid to Segun Agbaje has been on a decline in recent years. However, in 2020, gross earnings-CEO's pay

was up Y-o-Y by to N1,138.94. +4.58%

Gross earnings grew Y-o-Y by to N455.23bn which is the highest percentage growth recorded in 5 +4.58%

years, while CEO's basic pay remained flat in 2020.

Chart 34: GTB's Gross Earnings-to-CEO's Pay 2016 – 2020


GT Bank's PBT/CEO's Pay

Also, the PBT of the bank has been growing at a declining rate with 2017 recording the highest percentage

growth while 2020 records the lowest percentage growth in PBT during the period under review (see

chart 35 below).

The bank's PBT covered the CEO's pay by 595.69 times in 2020 which is a Y-o-Y rise from 579.71 +2.76%

in 2019.

Agbaje generated N595.69 in PBT for every N1 he got as remuneration. 2017 records the highest PBT

generated by the CEO between 2016 and 2020.

GT Bank's Revenue/CEO's Pay

GT Bank/Agbaje

2030.041870.25

1131.56 1138.93

2016 2017 2018 2019 2020

1089.09


CRemuneration


Chart 35: GTB's PBT-to-CEO's Pay 2016 – 2020


GT Bank's Staff Cost

Staff cost rose marginally in 2020, it was up Y-o-Y marginally by to N33.49bn from N33.32bn in +0.52%

2019. In 2017 the bank had its highest percentage growth in staff cost while 2020 records its lowest

percentage growth in staff cost during the period ( ). see chart 36 below

Chart 36: GTB's Staff Cost 2016 – 2020 (N'bn)


GT Bank's Staff Cost vs CEO's Pay

There was no clear relationship between the movement in GT Bank's Staff cost and its CEO's

remuneration. CEO's pay had its highest percentage growth in 2017, it rose by while 2017 +71.38%

records the highest percentage growth in staff cost. In 2020, the CEO's pay was flat while staff cost was up

slightly by +0.52% ( ).see chart 37 below

808.53

881.90

561.19579.70 595.68

2016 2017 2018 2019 2020

27.37

30.3432.71 33.32 33.49

2016 2017 2018 2019 2020

CRemuneration



Chart 37: GTB's Staff Cost vs CEO's Pay 2016 – 2020 (N'm)


GT Bank's Staff Cost vs Gross Earnings

Percentage growth of gross earnings has been relatively stable which is not like the bank's growth pattern

in staff cost. Although both have recorded consistent growth over the years, the degree of change has

been different. For gross earnings, its highest percentage change was in 2020 while 2017 records the

highest percentage change in staff cost of the bank ( ).see chart 38 below

Chart 38: GTB's Staff Cost vs Gross Earnings 2016 – 2020 (N'bn)


GT Bank's Staff Cost vs PBT

There was a positive relationship between GT Bank's staff cost and PBT in recent years, although, the

degree of change was also different. Both are also increasing at a decreasing rate ( ).see chart 39 below

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434.69 435.31

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30.34 32.71

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Gross Earnings Staff Cost


CRemuneration


Chart 39: GTB's Staff Cost vs PBT 2016 – 2020 (N'bn)


Revenue-to-CEO Pay

Between 2016 and 2020, the revenue-to-CEO's pay rose only in 2018, it grew significantly by +71.02%,

which was propelled by a decline in CEO's pay and a fall in revenue of the company in -44.01% -4.26%

2018.

In 2020, the beverage maker's revenue-to-CEO pay continued to decline, it fell by to N888.40. -25.59%

This means Borrut Bel generated N888.40 in revenue for every N1 paid to him in remuneration which is a

decline from N1,193.93 he generated in 2019 ( ).see chart 40 below

Chart 40: Nigerian Breweries Revenue-to-CEO's Pay 2016 – 2020


0

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PBT Staff Cost

Nigerian Breweries/Jordi Borrut Bel

1226.47

1075.22

1838.79

1193.92

888.39

2016 2017 2018 2019 2020

PBT-to-CEO Pay

The PBT of the company has been on a steady decline for the past three years, PBT had the highest

percentage growth in 2017, it grew by +17.68%.

CRemuneration



PBT-to-CEO's pay declined significantly in 2020, it declined by to N30.51 from N86.31 recorded -64.65%

in 2019.

CEO pay has grown significantly in the past two years. It recorded its only percentage decline in 2018,

falling by -44.01%.

Borrut Bel generated N30.51 in PBT for every N1 paid to him in remuneration ( ).see chart 41 below

Chart 41: Nigerian Breweries PBT-to-CEO's Pay 2016 – 2020


Staff Cost

Staff costs of Nigerian Breweries have been relatively flat with an exception in 2018 when it had its

highest percentage growth of In 2020, staff costs had a marginal decline of to N29.87bn +4.90%. -0.01%

( ).see chart 42 below

154.89137.06

154.47

86.31

30.51

2016 2017 2018 2019 2020

Chart 42: Nigerian Breweries Staff Cost 2016 – 2020 (N'bn)


28.86

30.05

31.53

29.87 29.87

2016 2017 2018 2019 2020


CRemuneration


Chart 43: Nigerian Breweries Staff Cost vs CEO's Pay 2016 – 2020 (N'm)


Staff Cost vs Revenue.

Staff cost and revenue have not moved in the same direction except in 2019 when both declined slightly,

staff cost fell by while revenue declined by also both had the highest percentage decline in -5.26% -7.77%,

2019.

In 2020, revenue inched higher by to N337.05bn while staff cost remained flat at N29.87bn (+4.35% see

chart 44 below).

Chart 44: Nigerian Breweries Staff Cost vs Revenue 2016 – 2020 (N'bn)


Staff Cost vs CEO's Pay.

CEO's pay had the highest percentage growth in 2019 which is the same year staff cost had the highest

percentage decline ( ). see chart 43 below

The only positive relationship the company's staff cost, and CEO's pay had was in 2017, staff cost was up

by and CEO's pay also recorded a growth of In the last three years, both have moved in +4.14% +32.99%.

opposite directions. Staff cost was relatively flat in 2020 while CEO's pay increased Y-o-Y by +40.23%.

28860

30054

31527

29868 29866

255.81

340.21

190.47

270.54

379.39

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313.74

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CRemuneration



Chart 45: Nigerian Breweries Staff Cost vs PBT 2016 – 2020 (N'bn)


Income-to-CEO Pay

For Airtel Africa Plc, FY2021 is its latest, this is because its financial calendar is different for most

companies listed on the NGX.

Airtel Africa can be excused in reporting its financials in US dollars as it operates in 14 Africa countries.

Although, against the IFRS standard of using the operating currency should be the same as the reporting

currency.

Airtel Africa's income and its CEO pay both have an upward trajectory, however, income has a higher

percentage growth than CEO pay in the past three years. Both had their highest percentage growth in

2021, income grew Y-o-Y by to US$3.92bn while CEO base salary grew by to +13.96% +8.69%

US$888,000 in 2021.

In its 2021 result, Mandava generated US$4,413.39 in income for every US$1 paid to him in base

remuneration ( ). see chart 46 below

Staff Cost vs PBT.

With a steady decline in PBT in the last three years, it is expected that staff costs should decline or remain

unchanged. This was the narrative of the relationship between staff cost and PBT of Nigerian breweries in

the last two years. In 2019 and 2020 PBT declined by and respectively while staff cost -20.63% -50.41%

declined by and was flat in 2019 and 2020 respectively ( ).-5.26% see chart 45 below

39.62

46.63

29.42

23.35

11.5828.86

30.05

31.53

29.87

29.87

27.5

28

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Airtel Africa/Mandava


CRemuneration


Chart 46: Airtel Africa's Income-to-CEO Base Salary 2019 – 2021 (US $)

Source: Airtel Africa's Annual Financial Report, Proshare Research

PBT-to-CEO Pay

The 2021 financial result also shows that the CEO generated US$784.91 in PBT which is a rise +7.24%

from US$731.85 generated in 2020 ( ). see chart 47 below

A similar trend between the Telco's income and CEO's pay was also seen between PBT and CEO's pay.

Both have recorded growth in recent times, although the degree of change in PBT is higher than the CEO's

base pay. In 2020 PBT had its highest percentage growth of while CEO's pay grew by In +71.84% +6.80%.

2021, the CEO's pay had its highest percentage growth of and the PBT of the company grew by +8.69%

+16.56% to US$697m between 2019 and 2021.

Chart 47: Airtel Africa's PBT-to-CEO Base Salary 2019 – 2021 (US $)


Staff Cost

There was a slight decline in staff cost in 2020, it fell by to US$198m while it rebounded -1.98%

significantly in 2021. It rose by Y-o-Y to US$233m, this was driven by the harsh economic +17.68%

realities induced by the COVID-19 ( ). see chart 48 below

4056.20

4209.30

4413.28

2019 2020 2021

454.90

731.94

784.90

2019 2020 2021

CRemuneration



Chart 48: Airtel Africa's Staff Cost 2019 – 2021 (US$'m)


Staff Cost vs CEO's Pay.

The relationship between Airtel Africa staff cost and CEO's pay was mixed, in 2020 staff cost fell slightly

by while CEO's pay rose by -1.98% +6.80%.

In 2021, staff cost had a higher percentage growth than CEO's pay, staff cost rose by while CEO's +17.68%

pay rose Y-o-Y by ( ).+8.69% see chart 49 below

Chart 49: Airtel Africa's Staff Cost vs CEO's Pay 2019 – 2021 (US$)


Staff Cost vs Income.

In 2021, staff cost, and income had a positive relationship, both grew Y-o-Y, although the income of the

company had a higher percentage growth than staff cost. In 2020, staff costs dipped slightly by -1.98%

while income grew a little bit above ( ).+10% see chart 50 below

202198

233

2019 2020 2021

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Staff Cost (US$'m) CEO's Pay


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Chart 50: Airtel Africa's Staff Cost vs Income 2019 – 2021 (US$'m)


Staff Cost vs PBT.

The relationship between the company's staff cost and PBT was like its staff cost and income relationship.

Staff cost which recorded a marginal decline in 2020, PBT grew significantly by In 2021, staff +71.84%.

cost had a higher degree of change than PBT ( ). see chart 51 below

Chart 51: Airtel Africa's Staff Cost vs PBT 2019 – 2021 (US$'m)


Julius Berger Nigeria/Richter

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PBT (US$'m) Staff Cost (US$'m)

Revenue-to-CEO Pay

In 2020, the CEO's pay grew outstandingly, it rose Y-o-Y by to N316.64m while revenue dipped +45.87%

The growth movement of revenue and CEO pay of the construction company has not been similar in the

past two years. Between 2016 and 2018, revenue and CEO pay had Y-o-Y percentage growth, although

not at the same degrees. In 2019 and 2020, there was a different growth trend for both revenue and CEO's

basic pay.

CRemuneration



slightly by to N241.78bn.-9.25%

Also, Richter generated N763.57 in revenue for every N1 he was paid in remuneration in 2020, which

declined by from N1,227.39 in 2019 ( ).-37.79% see chart 52 below

Chart 52: Julius Berger Nigeria Revenue-to-CEO Pay 2016 – 2020


PBT-to-CEO Pay

The latest result of the Julius Berger Nigeria shows PBT-to-CEO pay fell Y-o-Y by to N12.18 from -81.01%

N64.12 in 2019. This also means Richter generated N12.18 in PBT for every N1 he was paid in 2020 (see

chart 53 below).

Between 2016 and 2020, PBT and CEO pay had a negative relationship with 2018 being an exception. In

2018, the PBT of the company inched up significantly, it grew Y-o-Y by while CEO pay had a +172.54%

lower percentage growth of In the same year, PBT-to-CEO pay had its highest percentage +14.98%.

growth of +259.17%.

Chart 53: Julius Berger Nigeria PBT-to-CEO Pay 2016 – 2020


786.13

511.76

610.50

1227.39

763.57

2016 2017 2018 2019 2020

(8.47)

13.48

31.96

64.12

12.17

2016 2017 2018 2019 2020


CRemuneration


Staff Cost

The company's staff was up by to N61.59bn in 2020 from N57.38bn in 2019. Staff cost had the +7.34%

highest percentage change in 2017 with growth while 2019 had the highest percentage decline +14.95%

of which is also the only decline in staff cost between 2016 and 2020 ( ).-13.39%, see chart 54 below

Chart 54: Julius Berger Nigeria Staff Cost 2016 – 2020 (N'bn)


Staff Cost vs CEO Pay.

The construction company's staff cost and PBT have had a positive relationship in recent times and have

both recorded simultaneous growth except in 2019 when the company saw declines in both.

In 2020, staff cost increased Y-o-Y by to N61.59bn while CEO pay had more significant growth of +7.32%

+45.87% ( ).see chart 55 below

50.9

58.51

66.25

57.3861.59

2016 2017 2018 2019 2020

Chart 55: Julius Berger Nigeria Staff Cost vs CEO Pay 2016 – 2020 (N'm)


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In 2020, revenue fell Y-o-Y by to N241.78bn while staff cost inched up by to N61.59bn -9.25% +7.34%

( ).see chart 56 below

Staff cost and revenue had a negative relationship in 2019 and 2020, while both had a positive

relationship between 2016 and 2018, although revenue growth outpaced the growth in staff cost in the

period.

Chart 56: Julius Berger Nigeria Staff Cost vs Revenue 2016 – 2020 (N'bn)


Staff Cost vs PBT.

Julius Berger's staff cost and PBT both moved in the same direction only in 2018 that is, both recorded

positive growths in 2018.

Its PBT declined remarkably in 2020, it fell by to N3.86bn from N13.92bn in 2019 while staff -72.27%

cost increased by ( ).+7.34% see chart 57 below

Chart 57: Julius Berger Nigeria Staff Cost vs PBT 2016 – 2020 (N'bn)


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Revenue-to-CEO Pay

For revenue, the highest percentage change was recorded in 2017, revenue grew by while its +23.48%

highest percentage decline was in 2020, which declined by -20.63%.

The beverage maker's revenue has a downward trend which also reflects its revenue-to-CEO pay,

although CEO pay has been unsteady during the period under review.

CEO pay records its highest percentage growth in 2018 which was up by while the highest +147.85%

percentage decline was in 2019, which declined by -58.13%.

The rebound recorded in 2019 in terms of revenue-to-CEO pay was not sustained in 2020 as it declined

Y-o-Y by to N409.32 from N681.34 in 2019. That is, Magunda generated N409.82 in revenue for -39.92%

every N1 he was paid ( ).see chart 58 below

Chart 58: Guinness Nigeria Revenue-to-CEO Pay 2016 - 2020

Source: Guinness Nigeria's Financial Statement, Proshare Research

PBT-to-CEO Pay

With PBT trending downwards, CEO pay was forecasted by TheAnalyst to either remain flat or declined

in Proshare’s . CEO REMUNERATION 2020

In 2020, the PBT of Guinness Nigeria continued its downward streak, it fell significantly by -340.35%

from N7.10bn in 2019 to a loss of N17.07bn in 2020 while CEO pay was up Y-o-Y by +32.12%.

PBT-to-CEO pay was also negative, from N36.81 generated by Magunda in 2019 to a loss of N66.96 in

2020 ( ).see chart 59 below

Guinness Nigeria/Magunda

829.04

676.98

310.14

681.33

409.31

2016 2017 2018 2019 2020


CRemuneration



Chart 59: Guinness Nigeria PBT-to-CEO Pay 2016 - 2020


Staff Cost

The Company had its highest percentage growth in staff cost in 2020 while 2019 records the highest

percentage decline in staff cost during the period under review ( ). see chart 60 below

Guinness Nigeria's staff increased in 2020, was up Y-o-Y by from N7.58bn in 2019 to N8.99bn +18.60%

in 2020. This was driven by a Y-o-Y increase in the average number of employees of the Company +5.38%

during the year.

Chart 60: Guinness Nigeria Staff Cost 2016 – 2020 (N'bn)



The growth in CEO earnings over the past five years outpaced the growth in staff cost according to the

financial statement of the company ( ).see chart 61 below

Staff cost and CEO pay moved in the same direction in 2020, staff cost increased by while the +18.56%

highest-paid executive remuneration was up Y-o-Y by +32.12%.

(19.08)

14.3121.56

36.80

(66.95)

2016 2017 2018 2019 2020

9.57 9.66

8.57

7.58

8.99

2016 2017 2018 2019 2020


CRemuneration


Chart 61: Guinness Nigeria Staff Cost vs CEO Pay 2016 – 2020 (N'm)



Revenue and staff costs have not moved in the same direction in recent times. Revenue of Guinness

Nigeria had its highest percentage growth in 2017, while in 2020 staff cost had its highest percentage

growth.

In 2020, revenue declined Y-o-Y by while staff cost increased by ( ).-20.62%, +18.60% see chart 61 below

Chart 62: Guinness Nigeria Staff Cost vs Revenue 2016 – 2020 (N'bn)


Staff Cost vs PBT.

Guinness Plc Staff Cost and PBT have moved in a similar direction in the past few years. While its staff

cost declined consistently, its PBT fluctuated at different years. In 2020, while staff cost inched up PBT

sharply declined. Its staff cost rose by and was also followed by a corresponding decline in PBT +18.60%

by ( ).-340.42% see chart 63 below

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101.97

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Chart 63: Guinness Nigeria Staff Cost vs PBT 2016 – 2020 (N'bn)


Revenue-to-CEO's Pay

The consumer goods manufacturer's revenue increased slightly despite the macroeconomic challenges

caused by the pandemic while CEO pay declined in 2020 making it the second consecutive year the

highest-paid executive's pay has dipped.

The CEO generated N252.90 in revenue for every N1 he was paid in remuneration, this increased Y-o-Y

by from N199.94 in 2019 ( ). +26.48% see chart 64 below

Chart 64: Unilever Nigeria Revenue-to-CEO Pay 2016 – 2020

Source: Unilever Nigeria's Financial Statement, Proshare Research

PBT-to-CEO's Pay

Unilever Nigeria's PBT fell for the second consecutive year in 2020, it dipped Y-o-Y by to a loss of -52.91%

0

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Unilever Nigeria/Cruz

379.78 388.10

281.42

199.94

252.89

2016 2017 2018 2019 2020


CRemuneration


The PBT-to-CEO pay was also a loss, from a loss of N33.29 in 2019 to N19.39 in 2020 (see chart 65

below).

N4.74bn. PBT and CEO's pay moved in the same negative direction for the past two years, although the

decline in PBT exceeded the fall in CEO pay.

Chart 65: Unilever Nigeria PBT-to-CEO Pay 2016 – 2020


Staff Cost

The company's staff cost declined by in 2020, from N5.99bn in 2019 to N5.05bn. The latest -15.74%

audited result also shows the highest percentage decline in staff while 2018 figures of staff cost record the

highest percentage growth during the period under review. The decline in staff cost in 2020 was

supported by a Y-o-Y fall in the number of direct employees of Unilever excluding executive -23.07%

directors ( ).see chart 66 below

Chart 66: Unilever Nigeria Staff Cost 2016 – 2020 (N'bn)


22.35

48.27

38.23

(33.29)

(19.35)

2016 2017 2018 2019 2020

4.674.95

6.05 5.99

5.05

2016 2017 2018 2019 2020

CRemuneration




In 2020, CEO pay dipped by to N245m, and staff cost fell by to N5.05bn (-19.01% -15.74% see chart 67

below).

Staff cost and CEO pay moved in the same direction between 2016 and 2020. Between 2016 and 2018

both saw growth, with CEO pay growth surpassing the growth in staff cost. Also, between 2019 and 2020,

both have seen percentage decline, however, the fall in CEO's pay has outpaced the dip in staff cost in the

period.

Chart 67: Unilever Nigeria Staff Cost vs CEO Pay 2016 – 2020 (N'm)



For most of the time between 2016 and 2020 employee salaries/wages and revenue move in the same

direction except for 2020 where both moved in the opposite direction. In 2020 revenue inched up

slightly while staff cost fell, having a negative relationship ( ).see chart 68 below

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Chart 68: Unilever Nigeria Staff Cost vs Revenue 2016 – 2020 (N'bn)


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Staff Cost vs PBT.

In 2020, staff cost dipped by while PBT declined more significantly by (-15.69% -52.91% see chart 69

below).

A similar trend between staff cost and revenue was also seen between staff cost and PBT of Unilever

Nigeria. Although in 2019 and 2020, both declined significantly, with PBT declining the most.

Chart 69: Unilever Nigeria Staff Cost vs PBT 2016 – 2020 (N'bn)


Seplat's Revenue/CEO's Pay

The company revenue- to-remuneration of the executive pay declined in 2020, it fell Y-o-Y by -18.95%.

Avuru/Brown generated N394.47 in revenue for every N1 of his base salary in 2020.

It also shows the company's revenue covered the CEO's pay by 394.47 times in the period. The decline in

this figure is attributed to harsh macroeconomic realities caused by the COVID-19 pandemic in 2020.

Revenue declined Y-o-Y by to N190.92bn while the CEO's base salary rose by in the -10.85% +10.00%

period ( ).see chart 70 below

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Seplat Energy/Avuru/Brown

CRemuneration



Chart 70: Seplat's Revenue/Base Salary of Highest-Paid Executive 2016 - 2020


Seplat's PBT/CEO's Pay

PBT to highest-paid executive's pay also declined, although it declined more significantly, this was

propelled by the N28.87bn loss recorded by the company in 2020. PBT-to-CEO's pay declined to a loss of

N59.65 from N204.35 in 2019 ( ).see chart 71 below

Chart 71: Seplat's PBT/Base Salary of Highest-Paid Executive 2016 - 2020


Seplat's Revenue vs CEO's Pay

However, the CEO's base pay had a different trend, it declined in 2019 by and reversed in 2020, -8.90%,

rising by The CEO's remuneration was set before the financial year according to general +10.00%.

practice ( ). see chart 72 below

The oil and gas sector was severely impacted by the COVID-19 pandemic and global economic shortfalls

which led to the crash of oil prices in 2020. As a player in the O&G sector, the revenue of the company was

also impacted negatively. Revenue of the upstream player has been on a steady growth between 2016 and

2019. It declined Y-o-Y by -10.85%.

156.50

290.50

472.85 486.72

394.46

2016 2017 2018 2019 2020

(117.08)

28.26

166.87

204.35

(59.65)

2016 2017 2018 2019 2020


CRemuneration


Chart 72: Seplat's Revenue vs Base Salary of Highest-Paid Executive 2016 - 2020


Seplat Energy Staff Cost

In 2020, staff cost rose Y-o-Y by to N9.06bn, although not to 2016 levels ( ). +29.06% see chart 73 below

The company's staff cost rose significantly in 2016, rising by Y-o-Y, there was a reversal in +147.48%

2017. Although there has been a steady rise between 2017 and 2020.

Chart 73: Seplat's Staff Cost 2016 – 2020 (N'bn)


Seplat's Staff Cost vs PBT

All things being equal, the relationship between staff cost and PBT is negative, that is, a rise in staff cost

would translate to a decline in PBT. However, in practical terms, a decline or rise in staff cost would not

necessarily lead to a decline or rise in PBT.

In recent years, the relationship between Seplat Energy's staff cost and PBT has been positive, that is, we

see a rise in staff cost followed by a rise in PBT. In 2016 and 2017, we see a significant decline in staff cost

63.38

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9.33

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9.06

2016 2017 2018 2019 2020

CRemuneration



accompanied by a rise in PBT.

It was also different in 2020, a Y-o-Y rise in staff cost, while PBT fell significantly by Y-+29.06% -132.11%

o-Y ( ).see chart 74 below

Chart 74: Seplat's Staff Cost vs PBT 2016 – 2020 (N'bn)


Seplat's Staff Cost vs Revenue

The revenue of the O&G company has had a steady growth in recent years, except in 2019 and 2020 where

revenue declined by and respectively. During the same period, staff maintained its -6.23% -10.85%

upward trajectory, increasing by and in 2019 and 2020, respectively. Therefore, the +16.61% +29.06%

relationship between the company's revenue and staff cost was positive between 2016 and 2018, while in

2019 and 2020, it was a negative relationship ( ).see chart 75 below

-47.42

13.45

80.5989.91

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9.33

5.02 6.02

7.02

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Chart 75: Seplat's Staff Cost vs Revenue 2016 – 2020 (N'bn)


63.38

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CRemuneration


Seplat's Staff Cost vs CEO's Pay

The degree of change between staff cost and the CEO's basic pay has not been the same. Staff cost has

been rising at an increasing rate for the past three (3) years while the CEO's basic has been rising at a

declining rate in recent years. In 2019, the CEO's remuneration declined by Y-o-Y. In 2020, staff -8.90%

cost rose Y-o-Y by while the basic remuneration for the CEO rose (+29.06% +10.00% see chart 76

below).

Chart 76: Seplat's Staff Cost vs CEO's Pay 2016 – 2020


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Nenith Bank/Onyeagwu

The CEO generated N3,028.04 in gross earnings for every N1 he was paid in 2020, which is a rise +1.05%

after declining for two years consecutively. In 2017, gross earnings-CEO pay grew at its highest at

+46.69% while 2019 records its highest percentage decline of during the period under review.-40.58%

For the CEO's pay, data used for 2016 to 2018 was that of the Bank, the data for the Group's highest-paid

executive was not available ( ). see chart 77 below

Chart 77: Zenith Bank's Gross Earnings-to-CEO Pay 2016 – 2020


Gross Earnings-to-CEO's Pay

5772.69

8468.05

5042.75

2996.61 3028.04

2016 2017 2018 2019 2020

CRemuneration



PBT-to-CEO's Pay

Zenith Bank's PBT has a downward trend, that is, it is increasing at decreasing rate. In 2020, PBT grew

slightly by to N255.86bn from N243.29bn in 2019.+5.17%

Onyeagwu generated N1,112.44 in PBT for every N1 paid to him as a base salary in 2020, this is a slight

rebound from the decline in PBT-to-CEO pay recorded in 2019 ( ). -40.60% see chart 78 below

Chart 78: Zenith Bank's PBT-to-CEO Pay 2016 – 2020


The group's personnel salaries/wages were up marginally by to N67.56bn in 2020 from +2.63%

N65.83bn in 2019. This was propelled by a rise in the average number of persons employed +1.88%

during the year. 2019 records the highest percentage growth in employee salaries while 2020 has its

lowest percentage growth ( ).see chart 79 below

Chart 79: Zenith Bank's Employees Salary 2016 – 2020 (N'bn)


Employees Salary

1781.22

2312.05

1853.48

1100.87 1112.43

2016 2017 2018 2019 2020

50.8253.39

57.96

65.83 67.56

2016 2017 2018 2019 2020


CRemuneration


Employees Salary vs CEO Pay.

The credit lender's employee salary and CEO pay moved in the same direction, although CEO pay had a

higher degree of change than personnel salary.

In 2020, personnel salary increased Y-o-Y by to N67.56bn while the remuneration of the +2.62%

highest-paid executive rose Y-o-Y by ( ).+4.07% see chart 80 below

Chart 80: Zenith Bank's Employees Salary vs CEO Pay 2016 – 2020 (N'm)


Between 2016 to 2020, employee salary and gross earnings moved in the same direction except in 2018

where gross earnings dipped by while employee salaries inched up by -15.41% +8.54%.

In 2020, staff salary was up slightly by while gross earnings had a more percentage growth of +2.62%

+5.16% to N696.45bn ( ).see chart 81 below

Chart 81: Zenith Bank's Employee Salary vs Gross Earnings 2016 – 2020 (N'bn)


Employees Salary vs Gross Earnings

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Employees Salary vs PBT

Zenith bank's personnel salaries and PBT have both seen growth in recent years. Although the growth in

PBT has been declining, employee salaries/wages have increased at an increasing rate with 2020 being

an exception.

Employee salaries increased by in 2020 against the growth it recorded in 2019 (+2.63% +13.58% see

chart 82 below).

Chart 82: Zenith Bank's Employees Salary vs PBT 2016 – 2020 (N'bn)


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Understanding the COVID-19 Work-Life Balance - Key Findings

0700-PROSHARE


+2349024075284


https://www.proshareng.com/appdownload

CRemuneration



Understanding the COVID-19 Work-Life Balance-Key Findings

At the end of the survey, the result revealed that 93% of the respondents leaned towards the hybrid

system of work, which is a blend of remote work and brick and work patterns. 6% preferred remote work

while only 1% of the respondents preferred the brick-and-mortar work system ( ).see chart 83 below

The pandemic forced the adoption of new ways of working, Proshare surveyed to find out on a personal

level how the “new normal” has affected work-life balance. We asked several people who are experts and

professionals in different fields, to see how the COVID-19 pandemic has disrupted the “normal” when it

comes to working. The result from the survey had different views from some of the top minds in business,

public health, and many other fields.

Chart 83: Preferred Mode of Work

Source: Proshare Survey

The findings from the survey revealed that there was a huge disparity between the males and the female

gender on the preferred mode of work. All male respondents preferred the hybrid work system. For

female respondents, 88.6% preferred the hybrid work pattern while 11.3% preferred remote work.

The age bracket was group into Baby Boomers, Gen Y, Gen X, and Gen Z. Results of the survey revealed

that 93% of Gen Y & Z wanted the hybrid work system while 7% of them preferred remote work. The same

result was also found for the Gen X respondents. For the Boomers, 84.6% of them preferred the hybrid

work pattern, 7.8% wanted remote work while 7.6% preferred the brick-and-mortar work system (see

table 12 below).

By Gender & Age

Table 12

1%

6%

93%

0% 20% 40% 60% 80% 100%

Brick and Mortar Work

Remote work

A mix of both

Percentage of Preferred Mode

Total: 100%


CRemuneration


Table 12: Age and Gender Preferences- True Colours

Source: Proshare Survey, Ecographics CRemuneration

Understanding The Age and Gender Preference

Preferred Mode of work Male Female

A mix of both

Remote work

Brick-and-mortar work

100% 88.60%

11.30%

Analysis By Gender

Preferred Mode of work

A mix of both

Remote work

Brick-and-mortar work

Analysis By Age

Gen Y & Z

93%

7%

Gen X

93.00%

7%

Boomers

84.60%

7.80%

7.60%

One major finding from the survey, only 20% wanted to continue strictly with the brick-and-mortar work

system and 20% from Education, 16.6% from Professional Services, and 7.5% from financial services

preferred the strictly remote work ( ).see illustration 13 below

We found that many professionals in fields that require higher levels of physical proximity prefer the

hybrid system of work, which is a mix of both remote work and brick and mortar work.

A profession that gave a surprising response was respondents from the agricultural sector, from the

survey 100% preferred the hybrid system. This may be contrary to popular beliefs, that the brick-and-

mortar system would be preferred.

By Profession

CRemuneration



Illustration 13: Analysis by Profession-Who Wants What?

Source: Proshare Survey, Ecographics CRemuneration

Analysis By Profession

Remote work

Brick-and

-mortar work

92.60%

7.50%

-

100% 84%

16.60%

80%

20%

100% 100% 100% 80%

20%

100% 100%

Pre

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Hybrid Work

The global economic downturn sparked by the coronavirus pandemic disrupted business activities at the

global and domestic levels which led to shortfalls in business earnings. At the domestic level, the spread

of the infections has been below the forecast of several international organizations, however, the

economic impact has been severe.

For IGR of Nigerian states, the impact was felt in Q2 2020 which was the peak of the COVID-19

restrictions and lockdowns, where total IGR fell by There was an immediate reversal in Q3 -25.53%.

2020 which was supported by the gradual reopening of economic activities, and some restrictions were

lifted, IGR grew quarter-on-quarter (Q-o-Q) by In Q4 2020, IGR declined marginally by +25.45%. -

0.98% on a Q-o-Q basis.

CEO Remuneration and State IGR


CRemuneration


Linking states IGR to CEO remuneration, investigation found that the total income of the top 10 highest-

paid CEOs in 2020 was higher than the IGR of 12 Nigerian states in the fourth quarter of the year.

The top 10 highest-paid CEOs in 2020 earned a total of N3.67bn which was higher than the Q4 2020 IGR

of states like Bauchi, Benue, Borno, Ekiti, and 8 other states ( ). see table 13 below

Table 13: States IGR in Q4 2020

Source: Source: NBS, Proshare ResearchCRemuneration

States IGR in Q4 2020

StatesS/NoQ4 2020 IGR

(N'm)

2,130.97

2,331.07

2,183.88

3,399.91

1,616.87

2,995.01

2,041.49

2,608.22

1,966.81

2,675.42

1,675.77

1,189.74

1

2

3

4

5

6

7

8

9

10

11

12

Bauchi

Benue

Borno

Ekiti

Gombe

Jigawa

Katsina

Nasarawa

Niger

Plateau

Taraba

Yobe

The implication appears to be that several Nigerian states are far from optimal revenue productivity. The

ten top highest paid corporate executives of listed companies on the NGX appear to be individually better

at running their businesses than governors are at running their states. Of course, this assumes that

executive remuneration is a function of productivity and gross corporate earnings.

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CRemuneration


Conclusion – Work and the Productivity Promise

The work environment may not see glacial changes in many sectors, but some sectors will operate under

completely new realities. The COVID-19 pandemic has forced many corporate executives and workers to

rethink the purpose and method of work.

Many workers are seeing opportunities of providing their services in safer home environments with

minimal interpersonal physical contact. For example, the media business, especially the print end of the

information market was once a bustling beehive of activities with a large network of vendors and agents

has seen these armies of logistics personnel shrivel and disappear as more Nigerians receive their news

from their digital mobile devices. This keys into the new notions of environment, social, and governance

(ESG) concerns. The reduction in physical newspaper circulation would mean fewer trees would be cut,

more plants would receive shaded protection thereby protecting biodiversity, as fresh business value

chains come alive.

The pivot towards digital dissemination of news has resulted in an unforced collaboration between tech

firms and media organizations in which media provides the content for tech company products in the

areas of business and finance. For instance, a tech company concerned about value creation in the

agribusiness market would enhance its value proposition by giving the farming and animal husbandry

communities real-time information on domestic and international crop and animal protein prices and

provide news on legislation, taxes or charges, and weather conditions among other salient industry

information. The collaboration would enable agri-entrepreneurs to take timely business decisions and

hedge against risks associated with weather, policies, and financial conditions.

Productivity in the new work environment is not just about brawn brought to the workplace but about the

speed and efficiency with which information is processed and used. The agile company of today needs to

ensure that the flood of data available to it is filtered in a way that makes it useful for action.

The company hoping to reman sustainable must build into its work culture, filters of flexibility that allow

workers to optimize their time by adjusting to flexible work practices that combine physical workplace

presence with working from home (WFH).

Higher levels of efficiency resulting from flexible work practices should translate into improved

corporate financial bottom lines. This could be an index used for measuring the impact of work flexibility

in a company especially if the company looks at the ratio of its turnover and earnings before tax to its staff

cost for the year.

CEOs are likely to keep a keen eye on the flexible work movement and the rise (or fall) in earnings of the

company, the executives would hope that with hybrid work both turnover and earnings before tax will

grow wings and fly as productivity per employee rises and administrative costs fall.

Nigerian CEOs going forward will have to breach the walls of lethargy and the onslaught of technology to

make their organizations agile enough to cope with glacial changes in the global and local business

Mind over Matter

CRemuneration



environments. The future will be less about the size and the quality of the workforce as it would gravitate

around the adoption and adaptation of technology to the service and product promises to the customers

of tomorrow who are here today.

The CEOs pay will reflect corporate sustainability and the extent to which the CEO and his board and

management can roll down the path of digital evolution to meet the needs of a demanding new

generation of consumers. The poor corporate performance will increasingly mirror the declining pay for

the CEO. Freebies are useful but they will not dictate how the big corporate boss is compensated in years

ahead. The CEOs pay will be an issue of mind over matter, if the CEO falters shareholders will not mind,

but the CEO will not matter as he or she is politely escorted out of the company's premises.

Methodology

CRemuneration


Methodology

Audited Accounts of Listed Companies on the NGX

The report relies on four (4) primary sources of information:

The Nigerian Exchange Group (NGX)

Proshare Investor Relations (IR) Pages

NASD OTC

The report relied on the audited corporate statement of accounts over five years 2016- 2021 for the

remuneration of the highest-paid directors of each company analyzed and listed in the relevant pages of

the report. We also relied on disclosures in notes to the respective accounts. The data sets were

disaggregated for meaningful analysis and interpretation. We equally engaged in other in-house

modeling processes to provide clarity by way of dimensioning time series and cross-sectional data and

carried out a survey. The cut of date for our analysis was June 2021, reports submitted outside this date

were not considered and will be included in any subsequent report we publish on CEO Remunerations of

listed companies on the NSE. Full-year annual accounts used for data analysis were from the financial

year ended December 2016 to the financial year ended in December 2021. We did not take into

consideration the accounts of companies that released their year-end 2020 results after the cut-off date

of 30 June 2021. We also classified as unavailable data on highest-paid executive remuneration that

combined the remuneration of all the top executives of the company. The lack of clarity over who earns

what in these companies required us to govern the reporting process by only those companies that

reported the remuneration of their highest-paid corporate executive separate from other directors.

Where the remuneration of the highest-paid executive is lumped with the pay of other directors, we have

chosen to state that the income of the company's highest-paid executive is not available.


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CRemuneration


List of Charts, Tables & Illustrations in this Report

Chart 1: MTN Nigeria CEO's Base Salary 2016 –2020 (N'm)

Chart 3: GT Bank Plc CEO's Basis Salary 2016 – 2020 (N'm)

Chart 4: Nigerian Breweries CEO's Basic Salary 2016 – 2020 (N'm)

Chart 5: Airtel Africa CEO's Basic Salary 2018 – 2020 (N'm)

Chart 6: Julius Berger Nigeria CEO's Basic Salary 2016 – 2020 (N'm)

Chart 7: Guinness Nigeria CEO's Basic Salary 2016 – 2020 (N'm)

Chart 2: Dangote Cement CEO's Basic Pay 2016 – 2020 (N'm)

Chart 16: GT Bank CEO's Total Compensation 2017 – 2020 (N'm)

Chart 28: Dangote Cement's Revenue-to-CEO's Pay 2016 – 2020

Chart 22: MTN Nigeria's PBT/CEO's Base Pay 2017 – 2020

Chart 12: Airtel Africa CEO's Total Compensation 2018 – 2020 (N'm)

Chart 27: MTN Nigeria's Staff Cost vs PBT 2017 – 2020 (N'm)

Chart 30: Dangote Cement's Staff Cost 2016 – 2020 (N'bn)

Chart 32: Dangote Cement's Staff Cost vs Revenue 2016 – 2020 (N'bn)

Chart 14: MTN Nigeria CEO's Total Compensation 2017 – 2020 (N'm)

Chart 19: Zenith Bank CEO's Total Compensation 2017 – 2020 (N'm)

Chart 23: MTN Nigeria's Revenue vs CEO's Base Pay 2017 – 2020

Chart 31: Dangote Cement's Staff Cost vs CEO's Pay 2016 – 2020 (N'bn)

Chart 18: Nigerian Breweries CEO's Total Compensation 2017 – 2020 (N'm)

Chart 8: Unilever Nigeria CEO's Basic Salary 2016 – 2020 (N'm)

Chart 11: Seplat Energy CEO's Total Compensation 2017 – 2020 (N'm)

Chart 26: MTN Nigeria's Staff Cost vs Revenue 2017 – 2020 (N'm)

Chart 34: GT Bank's Gross Earnings-to-CEO's Pay 2016 – 2020

Chart 17: Dangote Cement CEO's Total Compensation 2017 – 2020 (N'm)

Chart 13: Access Bank CEO's Total Compensation 2017 – 2020 (N'm)

Chart 35: GT Bank's PBT-to-CEO's Pay 2016 – 2020

Chart 15: UACN CEO's Total Compensation 2017 – 2020 (N'm)

Chart 36: GT Bank's Staff Cost 2016 – 2020 (N'bn)

Chart 29: Dangote Cement's PBT-to-CEO's Pay 2016 – 2020

Chart 33: Dangote Cement's Staff Cost vs PBT 2016 – 2020 (N'bn)

Chart 9: Seplat Energy CEO's Basic Salary 2016 – 2017 (N'm)

Chart 37: GT Bank's Staff Cost vs CEO's Pay 2016 – 2020 (N'm)

Chart 39: GT Bank's Staff Cost vs PBT 2016 – 2020 (N'bn)

Chart 40: Nigerian Breweries Revenue-to-CEO's Pay 2016 – 2020

Chart 10: Zenith Bank CEO's Basic Salary 2016 – 2020 (N'm)

Chart 20: Seplat Energy CEO's Total Compensation 2017 – 2020 (N'm)

Chart 41: Nigerian Breweries PBT-to-CEO's Pay 2016 – 2020

Chart 42: Nigerian Breweries Staff Cost 2016 – 2020 (N'bn)

Chart 21: MTN Nigeria's Revenue/CEO's Base Pay 2017 – 2020

Chart 25: MTN Nigeria's Staff Cost vs CEO's Pay 2017 – 2020 (N'm)

Chart 38: GT Bank's Staff Cost vs Gross Earnings 2016 – 2020 (N'bn)

Chart 24: MTN Nigeria's Staff Cost 2017 – 2020 (N'm)

Chart 45: Nigerian Breweries Staff Cost vs PBT 2016 – 2020 (N'bn)

Chart 44: Nigerian Breweries Staff Cost vs Revenue 2016 – 2020 (N'bn)

Chart 43: Nigerian Breweries Staff Cost vs CEO's Pay 2016 – 2020 (N'm)

Chart 47: Airtel Africa's PBT-to-CEO Base Salary 2019 – 2021 (US $)

Chart 51: Airtel Africa's Staff Cost vs PBT 2019 – 2021 (US$'m)

Chart 53: Julius Berger Nigeria PBT-to-CEO Pay 2016 – 2020

Chart 57: Julius Berger Nigeria Staff Cost vs PBT 2016 – 2020 (N'bn)

Chart 60: Guinness Nigeria Staff Cost 2016 – 2020 (N'bn)

Chart 59: Guinness Nigeria PBT-to-CEO Pay 2016 – 2020

Chart 62: Guinness Nigeria Staff Cost vs Revenue 2016 – 2020 (N'bn)

Chart 63: Guinness Nigeria Staff Cost vs PBT 2016 – 2020 (N'bn)

Chart 64: Unilever Nigeria Revenue-to-CEO Pay 2016 – 2020

Chart 66: Unilever Nigeria Staff Cost 2016 – 2020 (N'bn)

Chart 67: Unilever Nigeria Staff Cost vs CEO Pay 2016 – 2020 (N'm)

Chart 69: Unilever Nigeria Staff Cost vs PBT 2016-2020 (N'bn)

Chart 70: Seplat's Revenue/Base Salary of Highest-Paid Executive 2016-2020

Chart 58: Guinness Nigeria Revenue-to-CEO Pay 2016 – 2020

Chart 65: Unilever Nigeria PBT-to-CEO Pay 2016 – 2020

Chart 68: Unilever Nigeria Staff Cost vs Revenue 2016 – 2020 (N'bn)

Chart 71: Seplat's PBT/Base Salary of Highest-Paid Executive 2016-2020

Chart 46: Airtel Africa's Income-to-CEO Base Salary 2019 – 2021 (US $)

Chart 52: Julius Berger Nigeria Revenue-to-CEO Pay 2016 – 2020

Chart 48: Airtel Africa's Staff Cost 2019 – 2021 (US$'m)

Chart 56: Julius Berger Nigeria Staff Cost vs Revenue 2016 – 2020 (N'bn)

Chart 61: Guinness Nigeria Staff Cost vs CEO Pay 2016 – 2020 (N'm)

Chart 50: Airtel Africa's Staff Cost vs Income 2019 – 2021 (US$'m)

Chart 55: Julius Berger Nigeria Staff Cost vs CEO Pay 2016 – 2020 (N'm)

Chart 54: Julius Berger Nigeria Staff Cost 2016 – 2020 (N'bn)

Chart 49: Airtel Africa's Staff Cost vs CEO's Pay 2019 – 2021 (US$)

Chart 80: Zenith Bank's Employees Salary vs CEO Pay 2016-2020 (N'm)

Chart 77: Zenith Bank's Gross Earnings-to-CEO Pay 2016 – 2020


Chart 81: Zenith Bank's Employee Salary vs Gross Earnings 2016-2020 (N'bn)

Chart 72: Seplat's Revenue vs Base Salary of Highest-Paid Executive 2016-2020

Chart 73: Seplat's Staff Cost 2016-2020 (N'bn)

Chart 74: Seplat's Staff Cost vs PBT 2016-2020 (N'bn)

Chart 75: Seplat's Staff Cost vs Revenue 2016 – 2020 (N'bn)

Chart 76: Seplat's Staff Cost vs CEO's Pay 2016 – 2020


Chart 79: Zenith Bank's Employees Salary 2016 – 2020 (N'bn)

Chart 82: Zenith Bank's Employees Salary vs PBT 2016 – 2020 (N'bn)

Chart 83: Preferred Mode of Work

List of Charts

CRemuneration



Table 1: Base Remuneration of Highest-Paid Executives in The Banking Sector

Table 2: Highest-Paid Executives in The Banking Sub-Sector (2020)

Table 3: Highest-Paid Executives in The Insurance Sub-Sector (2020)

Table 4: Base Remuneration of Highest-Paid Executives in the O&G Sector

Table 5: Highest-Paid Executives in the O&G Sector (2020)

Table 6: Base Remuneration of Highest-Paid Executives in The ICT Sector

Table 7: Highest-Paid Executives in The ICT Sector (2020)

Table 8: Highest-Paid Executives in The Consumer Goods Sector (2020)

Table 9: Highest-Paid Executives in The Industrial Goods Sector (2020)

Table 13: States IGR in Q4 2020

Table 10: Highest-Paid Executives in Conglomerates (2020)

Table 12: Age and Gender Preference

Table 11: Highest-Paid Executives in Construction & Real Estate (2020)

List of Tables

Illustration 12: Dipping CEOs Incomes into the Honey Jar

Illustration 1 From Hierarchy to Holacracy

Illustration 3: Corporate Nigeria in Transition

Illustration 5: Six Principles of Leveraging Digital and Analytics

Illustration 2: The Hard Work of Change

Illustration 4: Trapped to Agile

Illustration 6: Nigerian Businesses: The Search for Agility

Illustration 7: Generation in Transition

Illustration 8 – Collaboration: A Tool for Environmental Scanning

Illustration 9: Highest-Paid Directors in Terms of Basic Pay in 2020

Illustration 10: Highest-Paid Directors in Terms of Total Compensation in 2020

Illustration 11: Women in The Corporate Suite

Illustration 13: Analysis by Profession

List of Illustrations

https://www.proshareng.com/market

CRemuneration



Related News/Links

1. CEO Remuneration 2020 Report - Paying the CEO in a Pandemic; The Unanswered Questions

3. CEO Remuneration 2018 – PDF Report

4. All Quoted Companies IR Pages – Proshare MARKETS

2. CEO Remuneration: Making Sense of The Numbers for Listed Companies in Nigeria

Related Links

11. ABCTRANS Declares N479m Loss in 2020 Audited Results, (SP: N0.29k)

16. CILEASING Declares N321m PAT in 2020 Audited Results, Proposes 5K Final Dividend; (SP: N5.00k)

9. MRS Declares N2.3bn Loss in 2020 Audited Results, (SP: N10.90k)

13. GUINEAINS Declares N228m Loss in 2020 Audited Results, (SP: N0.20k)

24. MCNICHOLS Declares N17.8m PAT in 2020 Audited Results, (SP: N0.50k)

2. LASACO Declares N679m PAT in 2020 Audited Results, Proposes 10K Final Dividend; (SP: N1.37k)

12. NSLTECH Declares N31.8m Loss in 2020 Audited Results, (SP: N0.20k)

14. MANSARD Declares N4.5bn PAT in 2020 Audited Results, (SP: N0.90k)

17. INFINITY Declares N411m PAT in 2020 Audited Results, Proposes 4k Final Dividend; (SP: N1.36K)

18. TANTALIZER Declares N422m Loss in 2020 Audited Results, (SP: N0.20k)

3. Mutual Benefits Assurance Declares N5.1bn PAT in 2020 Audited Results (SP: N0.46k)

23. ETERNA Declares N941m PAT in 2020 Audited Results, Proposes 10K Final Dividend; (SP: N5.45K)

1. R.T. Briscoe (Nigeria) Plc Declares N1.1bn Loss in 2020 Audited Results, (SP: N0.20k)

8. WEMABANK Declares N4.6bn PAT in 2020 Audited Results, Proposes 4K Final Dividend; (SP: N0.57K)

25. MEYER Declares N1.1bn PAT in 2020 Audited Results, (SP: N0.91k)

29. STERLNBANK Declares N11bn PAT in 2020 Audited Results, Proposes N0.5K Final Dividend; (SP:

N1.70k)

7. GLAXOSMITH Declares N622m PAT in 2020 Audited Results; Proposes 40K Final Dividend; (SP:

N6.20K)

5. CONOIL Declares N1.4bn PAT in 2020 Audited Results, Proposes 150K Final Dividend; (SP: N18.70k)

6. JAPAULGOLD Declares N1.2bn Loss in 2020 Audited Results, (SP: N1.52k)

4. Coronation Insurance Plc Declares N1.2bn PAT in 2020 Audited Results, (SP: N0.59k)

10. OKOMUOIL Declares N7.8bn PAT in 2020 Audited Results, Proposes N7.00K Final Dividend;(SP:

N90.00k)

15. Unity Bank Plc Declares N2.09bn PAT in 2020 Audited Results, (SP: N0.64k)

19. CHAMS Declares N945m Loss in 2020 Audited Results, (SP: N0.21k)

20. PRESCO Declares N5.3bn PAT in 2020 Audited Results, Proposes 200K Final Dividend; (SP: N72.00k)

21. ARBICO Declares N414m PAT in 2020 Audited Results, (SP: N1.03k)

22. STUDPRESS Declares N38m PAT in 2020 Audited Results, (SP: N1.79k)

27. ACCESS Declares N106bn PAT in 2020 Audited Results, Proposes 55K Final Dividend; (SP: N8.00k)

28. FIDELITYBK Declares N27bn PAT in 2020 Audited Results, Proposes 22K Final Dividend; (SP: N2.39k)

30. UACN Declares N3.9bn PAT in 2020 Audited Results, Proposes 65K Final Dividend; (SP: N9.00k)

31. INITSPLC Declares N83.8m Loss in 2020 Audited Results, (SP: N0.57k)

26. FBNH Declares N89.7bn PAT in 2020 Audited Results, Proposes 45K Final Dividend; (SP: N7.25k)

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CRemuneration


41. COURTVILLE Declares N154m PAT in 2020 Audited Result, (SP: N0.22k)

36. UNILEVER Declares N4bn Loss in 2020 Audited Results;(SP: N13.65K)

37. CAVERTON Declares N1.2bn PAT in 2020 Audited Results, Proposes 10K Final Dividend; (SP: N1.97k)

38. 11 Plc Declares N2.9bn PAT in 2020 Audited Results, (SP: N228.00k)

32. BETA GLASS PLC Declares N3.5bn PAT in 2020 Audited Results, Proposes N1.04K Final Div.; (SP:

N54.00k)

33. PRESTIGE Declares N678m PAT in 2020 Audited Results, (SP: N0.41k)

34. LIVESTOCK Declares N503m PAT in 2020 Audited Result, (SP: N1.93k)

35. VERITASKAP Declares 941m PAT in 2020 Audited Results, (SP: N0.21k)

39. BUACEMENT Declares N72bn PAT in 2020 Audited Results, Proposes N2.067K Final Dividend; (SP:

N73.50K)

40. MULTIVERSE Declares N198m Loss in 2020 Audited Results, (SP: N0.22k)

43. LIVINGTRUST Declares N132m PAT in 2020 Audited Results, (SP: N0.55k)

44. ALEX Declares N149m PAT in 2020 Audited Results, (SP: N8.10k)

47. TOTAL Declares N2.1bn PAT in 2020 Audited results, Proposes N6.08K Final Dividend; (SP: N142.00k)

48. NSLTECH Declares N31.8m Loss in 2020 Audited Results, (SP: N0.20k)

42. MAYBAKER Declares N965m PAT in 2020 Audited Results, (SP: N3.90k)

45. TRANSEXPR Declares N59.9m Loss in 2020 Audited Results, (SP: N0.81k)

49. STANBIC Declares N83bn PAT in 2020 Audited Results, Proposed 360K Final Dividend; (SP: N44.05k)

50. Lafarge Africa Declares N30.8bn PAT in 2020 Audited Results, Proposed N1 Final Div.; (SP: N22.50k)

51. DANGCEM Declares N276bn PAT in 2020 Audited Results, Proposes N16.00K Final Dividend; (SP:

N220.00K)

46. FCMB Declares N19.6bn PAT in 2020 Audited Results, Proposes 15K Final Dividend; (SP: N2.98k)

53. ETI Declares N33.7bn PAT in 2020 Audited Results, (SP: N5.10k)

67. NB Declares N7.4bn PAT in 2020 Audited Results; Proposes N0.69k Final Dividend; (SP: N59.00k)

52. INTBREW Declares N12.4bn Loss in 2020 Audited Results, (SP: N5.40k)

54. UBN Declares N18.7bn PAT in 2020 Audited Results, Proposes N25k Final Dividend; (SP: N5.05k)

60. SEPLAT Declares N30.7bn Loss in 2020 Audited Results, (SP: N530.00k)

62. CUSTODYINS Declares N12.7bn PAT in 2020 Audited Result, Proposes N0.45k Final Dividend, (SP:

N6.00k)

57. Ardova Plc Declares N1.9bn PAT in 2020 Audited Results, Proposes 19k Final Dividend; (SP: N16.25k)

64. MTNN Declares N205bn PAT in 2020 Audited Results; Proposes N5.90K Final Dividend; (SP: N174.00k)

65. ZENITHBANK Declares N231bn PAT in 2020 Audited Results; Proposes N2.70k Final Dividend (SP:

N24.80K)

66. United Capital Plc Declares N7.8bn PAT in 2020 Audited Results, Proposes 70k Dividend;(SP: N6.35k)

68. UNION DICON SALT PLC Declares N53m Loss in Q4 2020 Unaudited Results (SP: N10.95k)

61. NASCON Declares N2.7bn PAT in 2020 Audited Results; (SP: N16.05K)

56. UBA Declares N114bn PAT in 2020 Audited Results, Proposes 35k Final Dividend; (SP: N8.00k)

63. NESTLE Declares N39.2bn PAT in 2020 Audited Results, Proposes N35.50K Final Dividend (SP:1450.0k)

55. GUARANTY Declares N201bn PAT in 2020 Audited Results, Proposes N2.70k Final Dividend; (SP:

N29.80k)

59. DANGSUGAR Declares N29.8bn PAT in 2020 Audited Results, Proposes N1.50K Final Dividend, (SP:

N17.85k)

58. AFRIPRUD Declares N1.4bn PAT in 2020 Audited Results; Proposes 50K Final Dividend, (SP: N5.80k)

https://www.proshareng.com/news/CORPORATE RESULTS/BETA-GLASS-PLC-Declares-N3.5bn-PAT-in-2020-Audited-Results--Proposes-N1.04K-Final-Div---SP-N54.00k-/56601

https://www.proshareng.com/news/CORPORATE RESULTS/PRESTIGE-Declares-N678m-PAT-in-2020-Audited-Results---SP-N0.41k-/56600

https://www.proshareng.com/news/CORPORATE RESULTS/LIVESTOCK-Declares-N503m-PAT-in-2020-Audited-Result---SP-N1.93k-/56599

https://www.proshareng.com/news/CORPORATE RESULTS/VERITASKAP-Declares-941m-PAT-in-2020-Audited-Results---SP-N0.21k-/56598

https://www.proshareng.com/news/CORPORATE RESULTS/UNILEVER-Declares-N4bn-Loss-in-2020-Audited-Results--SP-N13.65K-/56597

https://www.proshareng.com/news/CORPORATE RESULTS/CAVERTON-Declares-N1.2bn-PAT-in-2020-Audited-Results--Proposes-10K-Final-Dividend---SP-N1.97k-/56596

https://www.proshareng.com/news/CORPORATE RESULTS/11-Plc-Declares-N2.9bn-PAT-in-2020-Audited-Results---SP-N228.00k-/56595

https://www.proshareng.com/news/CORPORATE RESULTS/BUACEMENT-Declares-N72bn-PAT-in-2020-Audited-Results--Proposes-N2.067K-Final-Dividend---SP-N73.50K-/56592

https://www.proshareng.com/news/CORPORATE RESULTS/MULTIVERSE-Declares-N198m-Loss-in-2020-Audited-Results---SP-N0.22k-/56581

https://www.proshareng.com/news/CORPORATE RESULTS/COURTVILLE-Declares-N154m-PAT-in-2020-Audited-Result---SP-N0.22k-/56580

https://www.proshareng.com/news/CORPORATE RESULTS/MAYBAKER-Declares-N965m-PAT-in-2020-Audited-Results---SP-N3.90k-/56579

https://www.proshareng.com/news/CORPORATE RESULTS/LIVINGTRUST-Declares-N132m-PAT-in-2020-Audited-Results---SP-N0.55k-/56578

https://www.proshareng.com/news/CORPORATE RESULTS/ALEX-Declares-N149m-PAT-in-2020-Audited-Results---SP-N8.10k-/56551

https://www.proshareng.com/news/CORPORATE RESULTS/TRANSEXPR-Declares-N59.9m-Loss-in-2020-Audited-Results---SP-N0.81k-/56545

https://www.proshareng.com/news/CORPORATE RESULTS/FCMB-Declares-N19.6bn-PAT-in-2020-Audited-Results--Proposes-15K-Final-Dividend---SP-N2.98k-/56522

https://www.proshareng.com/news/CORPORATE RESULTS/TOTAL-Declares-N2.1bn-PAT-in-2020-Audited-results--Proposes-N6.08K-Final-Dividend---SP-N142.00k-/56520

https://www.proshareng.com/news/CORPORATE RESULTS/NSLTECH-Declares-N31.8m-Loss-in-2020-Audited-Results---SP-N0.20k-/56495

https://www.proshareng.com/news/CORPORATE RESULTS/STANBIC-Declares-N83bn-PAT-in-2020-Audited-Results--Proposed-360K-Final-Dividend---SP-N44.05k-/56477

https://www.proshareng.com/news/CORPORATE RESULTS/Lafarge-Africa-Declares-N30.8bn-PAT-in-2020-Audited-Results--Proposed-N1-Final-Div---SP-N22.50k-/56473

https://www.proshareng.com/news/CORPORATE RESULTS/DANGCEM-Declares-N276bn-PAT-in-2020-Audited-Results--Proposes-N16.00K-Final-Dividend---SP-N220.00K-/56471

https://www.proshareng.com/news/CORPORATE RESULTS/INTBREW-Declares-N12.4bn-Loss-in-2020-Audited-Results---SP-N5.40k-/56452

https://www.proshareng.com/news/CORPORATE RESULTS/ETI-Declares-N33.7bn-PAT-in-2020-Audited-Results--SP-N5.10k-/56447

https://www.proshareng.com/news/CORPORATE RESULTS/UBN-Declares-N18.7bn-PAT-in-2020-Audited-Results--Proposes-N25k-Final-Dividend---SP-N5.05k-/56381

https://www.proshareng.com/news/CORPORATE RESULTS/GUARANTY-Declares-N201bn-PAT-in-2020-Audited-Results--Proposes-N2.70k-Final-Dividend---SP-N29.80k-/56374

https://www.proshareng.com/news/CORPORATE RESULTS/UBA-Declares-N114bn-PAT-in-2020-Audited-Results--Proposes-35k-Final-Dividend---SP-N8.00k-/56187

https://www.proshareng.com/news/CORPORATE RESULTS/Ardova-Plc-Declares-N1.9bn-PAT-in-2020-Audited-Results--Proposes-19k-Final-Dividend---SP-N16.25k-/56103

https://www.proshareng.com/news/CORPORATE RESULTS/AFRIPRUD-Declares-N1.4bn-PAT-in-2020-Audited-Results--Proposes-50K-Final-Dividend---SP-N5.80k-/56082

https://www.proshareng.com/news/CORPORATE RESULTS/DANGSUGAR-Declares-N29.8bn-PAT-in-2020-Audited-Results--Proposes-N1.50K-Final-Dividend---SP-N17.85k-/56052

https://www.proshareng.com/news/CORPORATE RESULTS/SEPLAT-Declares-N30.7bn-Loss-in-2020-Audited-Results---SP-N530.00k-/56050

https://www.proshareng.com/news/CORPORATE RESULTS/NASCON-Declares-N2.7bn-PAT-in-2020-Audited-Results---SP-N16.05K-/56040

https://www.proshareng.com/news/CORPORATE RESULTS/CUSTODYINS-Declares-N12.7bn-PAT-in-2020-Audited-Result--Proposes-N0.45k-Final-Dividend---SP-N6.00k-/56039

https://www.proshareng.com/news/CORPORATE RESULTS/NESTLE-Declares-N39.2bn-PAT-in-2020-Audited-Results--Proposes-N35.50K-Final-Dividend--SP-1450.0k-/56035

https://www.proshareng.com/news/CORPORATE RESULTS/MTNN-Declares-N205bn-PAT-in-2020-Audited-Results--Proposes-N5.90K-Final-Dividend---SP-N174.00k-/56031

https://www.proshareng.com/news/CORPORATE RESULTS/ZENITHBANK-Declares-N231bn-PAT-in-2020-Audited-Results--Proposes-N2.70k-Final-Dividend--SP-N24.80K-/55941

https://www.proshareng.com/news/CORPORATE RESULTS/United-Capital-Plc-Declares-N7.8bn-PAT-in-2020-Audited-Results--Proposes-70k-Dividend--SP-N6.35k-/55929

https://www.proshareng.com/news/CORPORATE RESULTS/NB-Declares-N7.4bn-PAT-in-2020-Audited-Results--Proposes-N0.69k-Final-Dividend---SP-N59.00k-/55920

https://www.proshareng.com/news/CORPORATE RESULTS/UNION-DICON-SALT-PLC-Declares-N53m-Loss-in-Q4-2020-Unaudited-Results--SP-N10.95k-/55763

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