THE Chief Executive Officer of Access Bank group Herbert Wigwe has emerged tops in the ranking of Five CEOs based on total remuneration earned for the financial year of 2021.
The ranking covered top Ten Total Remuneration Including Benefits, Bonuses, and Dividend Payments.
Others are: Roger Brown of Seplat Energy, Olusegun Ogunsanya of Airtel Africa, Michel Purcheros of Dangote Cement, and FolasopeAiyesimoju of UAC PLC.
In a recent report by Proshare Research titled: CEO Remuneration 2022: The Full Weight of the Nigerian CEO’s Pay Packet,
Herbert Wigwe was reported to have a total remuneration of N1.64 billion, lifted by a high dividend income of N1.52billion.
However, with a base salary of 120 million, Herbert Wigwe did not make the list of top ten earners.
Coming in second place was Roger Thompson Brown of Seplat Energy who, in addition to the base salary of N475million, had a dividend earning of N134.94million, leading to a total remuneration of N609.94million.
According to the report, weighing the pay packets of top earning CEOs cannot be effective without taking a broader look at all possible forms of earnings that the CEOs receive at the end of the financial year.
This takes into consideration, not just base salary, but also bonuses, profit-sharing, and beneficial equity.
Executives receive bonuses that are tied to performance, and benefits that may vary based on the company.
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CEOs also possess several shares and as such are entitled to dividends, thus, adding to total earnings, which may particularly be significant in cases where the company is present in a highly competitive industry.
Similar to the last ranking, the full pay packet significantly alters the rankings of the highest paid CEOs. Unlike in the base salary ranking where Michel Purcheros of Dangote Cement ranks as the highest earner, Herbert Wigwe of Access bank ranks as the highest earner for the financial year of 2021 with the addition of dividends earned, bonuses or benefits.
The report further showed that the top five CEOs had an average total remuneration of N773.39million, but only Herbert Wigwe earned above the average.
The average compensation of the five CEOs saw a significant decline in comparison to previous year’s average of N881.79million. remarkably, some CEOs that were in the top 10 ranking as of last year either got displaced from the list entirely or experienced a decline.