When looking for a job, there are a lot of things to consider; how well the role aligns with your interest, the commute, work-life balance, and most of all the compensation. In Nigeria, where most graduates are underpaid, everyone wants a job that pays well and is willing to compromise for it.
In 2022, Nairalytics made research on 50 Bluechip companies that were listed on the Nigeria Exchange to assess the best-paying companies in Nigeria. Among them, the below are the top 10 based on the average personnel expense per staff (this means the total personnel expense by the company including salaries, training, bonuses and other compensations, divided by the total number of staff).
10 Companies with the highest salaries in Nigeria
10. GlaxoSmithKline Consumer Nig. Plc
GlaxoSmithKline Consumer Nig. Plc is the Nigerian subsidiary of GlaxoSmithKline plc, a British multinational pharmaceutical and biotechnology company. It is a healthcare company that produces consumer healthcare products.
In 2022, the company spent N771.79 million on staff expenses for its 51 staff, averaging about N15.13 million for each staff. This figure puts the company in the number 10 spot in the list compiled by Nairalytics.
9. Geregu Power
Geregu Power Plc is a power-generating company acquired in 2013 and one of Nigeria’s leading GENCOs (Generating Companies). It is registered and domiciled at Ajaokuta, Kogi State, and has its corporate office in Victoria Island, Lagos. It has generating plants in Abeokuta and uses gas turbines as a clean source to generate energy.
The Geregu Power Plant was constructed by the Federal Government of Nigeria and was commissioned into service in the year 2007. The Federal Government currently retains only 20% (jointly held by the Bureau of Public Enterprise and the Ministry of Finance Incorporated) stakes in the plant, while the remaining 80% is held by Amperion Power Distribution Company, by whom it is owned and managed. It generates power and supplies to the National Grid managed by the Transmission Company of Nigeria (TCN).
In 2022, the company employed 130 staff and spent N2.14 billion on staff expenses, an average of N16.45 million for each staff.
8. Stanbic IBTC
Stanbic IBTC Holdings is a financial holding company with headquarters in Victoria’s Island, Lagos. The company is a member of the South Africa-based Standard Bank Group, which is the biggest bank in Africa by assets and earnings with operations in 20 African countries and 13 countries outside Africa. The company has subsidiaries in Banking, Stock Brokerage, Pension Management, Asset Management, Investment Advisory, Life Insurance and Trustees Insurance Brokerage.
In 2022, the company employed 3,008 staff and spent N50.996 billion on staff expenses, an average of 16.95 million for each staff.
7. Access Holdings
Access Holdings is a financial service company with its headquarters in Victoria Island, Lagos and subsidiaries in Nigeria, Ghana, Rwanda, Kenya, Ghana, South Africa, Sierra Leone, Zambia, the Democratic Republic of Congo and the United Kingdom. The group also has representative offices in China, India, Lebanon and the United Arab Emirates.
Access Bank enjoys immense success with more than 42 million customers worldwide. After the merger with Diamond Bank on April 1, 2019, Access Bank Plc became the largest bank in Africa by customer base and the largest bank in Nigeria by assets. The bank has also opened an operational banking subsidiary in Paris, France with the aim of funding trade finance between France and francophone Africa, before opening subsidiaries in French-speaking Africa.
In 2022, the company employed 824 staff and spent N116.62 billion on staff expenses, an average of N17.09 million for each staff.
6. Nigerian Breweries
Headquartered in Surulere, Lagos, Nigerian Breweries Plc is the largest brewing company in Nigeria. The company was founded in 1946 and currently serves the Nigerian market and West Africa. The company produces both alcoholic beverages including Heineken, Star Radler and Ace Rhythms, and non-alcoholic beverages including Maltina, Amstel Malta and Fayrouz.
In 2022, the company spent an average of N19.12 on each of its 2,685 staff, totalling about N51.36 billion on staff expenses.
5. Ardova Plc
Formerly known as Forte Oil Plc, Ardova Plc is an indigenous energy group with its headquarters in Lagos, Nigeria, and extended operations in Ghana. The company has operations in several sectors of the energy value chain, but it operates majorly in the downstream sector of Nigeria’s Oil and Gas industry specializing in the distribution of a wide range of petroleum products, and lubricants.
In 2022, Ardova Plc spent N3.38 billion on staff expenses and employed 168 staff, an average of 20.1 million for each staff.
4. Okomu Oil Palm Plc
Okomu Oil Palm Plc is an oil palm company owned by the Nigerian Federal Government and headquartered in Benin, Edo State. The company produces oil palm, cocoa, coffee, rubber and other tree crops.
In 2022, the company employed 390 staff and spent N10.33 billion on staff expenses, an average of 26.49 million for each staff.
3. MTN Nigeria
MTN Nigeria is the Nigerian subsidiary of MTN Group Limited headquartered in Johannesburg, South Africa. The MTN Group Limited is the largest mobile network operator in Africa, with over 280 million subscribers as of December 2020. MTN Nigeria contributed one-third of the total revenue of MTN Group Limited.
In the year 2022, MTN Nigeria spent a total of N45 billion towards staff expenses, which amounted to an average of N26.91 million per staff for its 1,675 staff.
2. TotalEnergies Plc
TotalEnergies Plc is a French multinational integrated energy and petroleum company. It was founded in 1924 and entered the Nigerian market in 1956.
The company spent a total of N13 billion in the year 2022 on its 429 staff, averaging about N30.48 million per staff.
1. Seplat Energy
Seplat Energy is a Nigerian independent oil and gas company headquartered in Ikoyi, Lagos. Seplat Energy was founded in 2010 and has its major assets in Delta State. The company produces hydrocarbons in Niger Delta, exports oil and delivers gas to power homes and businesses in Nigeria. Seplat Energy is also the first Nigerian company to acquire a UK-listed peer, Erland Oil and Gas Limited.
The company with the highest expense per staff in the year 2022 was Seplat Energies. The average annual expense per staff in the year 2022 was N38.91 million for its 596 staff. Seplat Energies spent a total of N23.19 billion on staff expenses, and N12.32 billion went into basic salaries.
Now that you know the best-paying companies in Nigeria, you might want to target these companies when job hunting. It is important to stay up to date with updates about vacancies and tailor your CV to the job description of each role.
If possible, meet with existing staff in the role you’re interested in to find out details about the hiring process. Stay competitive by garnering skills and experiences that will put you above your peers so that wherever you go competitive salaries await you.