Nigeria’s leading publicly listed companies paid a combined total of **N42.6 billion** to their directors in 2025, showing a steady rise in executive compensation across the corporate sector. A significant portion of this amount—about **N13.78 billion**—went to the highest-paid directors in each of the ten companies reviewed, highlighting the growing gap in earnings among top executives.
The figures were gathered from audited financial reports and span industries such as energy, telecommunications, manufacturing, and banking. Among all the companies, Seplat Energy and MTN Nigeria stood out with the largest payouts. Seplat recorded the highest individual earning, with one director receiving N4.79 billion
Not all companies disclosed full details. Both BUA Cement and Guinness Nigeria did not reveal the pay of their chairmen for the year.
Seplat Energy led across all categories. Its top director’s earnings rose by over 22% from the previous year, while the chairman’s pay dropped by nearly 30%. Altogether, the company spent N16 billion on its 13 directors.
MTN Nigeria followed, although it was the only major company among the top five where director pay declined slightly. Its highest-paid director earned N2.91 billion, while total board compensation stood at N6.08 billion.
Dangote Cement reported steady growth. Its top director earned N1.66 billion,and chairman pay more than doubled. Nigerian Breweries and Nestlé Nigeria also saw increases in both director and chairman compensation, with total board payouts reaching N2.62 billion and N1.60 billion respectively.
The remaining five companies paid less overall but showed more dramatic changes. Lafarge Africa recorded a strong increase in top director pay, while GTCO maintained moderate growth with a smaller board.
Zenith Bank stood out for recording the sharpest increase, with its highest-paid director earning more than double the previous year. On the other hand, Guinness Nigeria saw the biggest drop, with top earnings falling by over 57%.
Beyond executive pay, employee wages varied widely. Dangote Cement had the largest workforce and the highest wage bill at N259.52 billion. Seplat Energy and MTN Nigeria also spent heavily on staff salaries despite having fewer employees.
Among the smaller group, Guinness Nigeria posted the fastest wage growth but reduced its workforce significantly. Meanwhile, GTCO and Zenith Bank ranked among the highest in wage spending overall, reflecting their large employee bases.
