Top 10 Nigerian Companies With Highest Salaries - 2021


Top 10 Nigerian Companies With Highest Salaries - 2021
Top 10 Nigerian Companies With Highest Salaries - 2021

With an average yearly salary paid per staff of N20.26 million, N19.29 million, and N17.54 million, respectively, MTN, Seplat Energy, and Lafarge maintained their top positions as the highest paying firms per employee in 2021.

Nairalytics' aggregation of data from the 50 biggest firms listed on the Nigerian Exchange reveals that over 102 000 employees received wages of N846.88 billion in 2021 as opposed to N756.38 billion the year before.

This data excludes companies that are not publicly quoted.

Pay has traditionally been associated with employee loyalty and output. Notably, it is suggested that a planned performance and reward system is a critical component for every firm to protect its resources and generate profits through higher employee productivity.

  • A closer examination of the data reveals that FBN Holdings, which spent N116.26 billion on total staff salaries for the year, was in the lead, while Dangote Cement had the biggest workforce size of 17,747 in 2021.
  • Despite an increase in the average income per employee, the majority of the employees of the organizations under evaluation were paid less than the average.
  • According to the breakdown of staff remuneration range for the year, the data, for instance, shows that only roughly 39.4 percent of the employees were paid within the range of the average annual income.

We compiled a list of the top ten for the year in ascending order.

1.    MTN Nigeria – N20.26 million

The big Nigerian telecommunications company spent N48.38 billion on human costs in 2021, which covered basic salary and other benefits for employees.

  • However, N34.42 billion total was spent on pay for the company's 1,699 workers.
  • As a result, this points to an average compensation of N20.26 million per employee in 2021 as opposed to an average salary of N16.41 million paid in 2020 and a salary of N1.69 million each month.
  • In terms of employee remuneration per capita for the review year, MTN tops the list.
  • MTN Nigeria gave 36 percent of its employees an average compensation of above N12.5 million in 2021, showing that a higher proportion of staff did actually earn less than the annual average salary of N20.2 million.

2.    Seplat Energy – N19.29 million

Seplat Energy, an oil and gas upstream firm, came in second on the list with 532 employees earning an average yearly pay of N19.29 million.

  • In contrast to the N8.48 billion spent the year before, the corporation paid a total of N10.26 billion in salaries in 2021.
  • Despite having 532 employees instead of the 528 it had in 2020, the company remained in second place. However, its yearly average income per worker increased from 16.02 million to 19.29 million due to a 21.3 percent increase in staff compensation.
  • This suggests that the average monthly take-home pay for each employee was N1.61 million.
  • Take note that in 2021, 38% of employees received yearly salaries of N14.69 million or more indicating a high percentage of the company earns lower than the average salary.

3.    Lafarge Africa – N17.54 million

Lafarge Africa, a company that makes cement, is ranked third on the list, holding onto its spot from the previous year.

  • Lafarge paid a total of N23.69 billion in basic salaries to its 1,351 employees, resulting in an average yearly compensation of N17.54 million per employee.
  • From N20.29 billion paid in the prior year to N23.69 billion in 2021, the corporation increased personnel salaries by 16.8% annually.
  • About 27.2 percent of Lafarge Africa's workers had yearly salaries of more than N10 million in 2021.

4.    Total Energies – N17.32 million

Total Energies, which has increased its remuneration per employee from N14.72 million to N17.32 million for 2021, is fourth on the list of public firms with employees earning high salary in Nigeria. 

With the gain, the company's ranking rose three positions from its 2020 position of seventh.

In contrast to the N5.81 billion paid to 438 firm employees the year before, N7.55 billion was paid to the company's 436 employees in 2021 as basic compensation. A closer look at the company's compensation breakdown reveals that in 2021, roughly 37.6% of the workforce received salaries exceeding N15 million.

5.    United Capital – N15.05 million

United Capital spent N1.59 billion on personnel costs in 2021, which included N1.55 billion for staff salaries and N38.48 million for contributions to defined contribution plans for its 103 employees, for a total of N14.79 million in yearly salaries paid to employees.

  • The corporation raised its average yearly wage for each employee from N14.04 million in 2020 to N15.05 million in 2021, or N1.25 million per month.
  • It is important to note that only approximately 15,5% of the employees received yearly salaries exceeding N10 million during the review year.

6.    Nigerian Exchange Group – N14.79 million 

The Nigerian Exchange Group, a recent addition to our list, recorded an annual compensation per staff of N14.79 million to stand in sixth place, two positions higher than its eighth position from the previous year.

  • The Exchange paid 205 employees N3.03 billion in salaries in 2021, or N14.79 million per employee.
  • In 2021, the bourse paid over N9.5 million in annual salaries to 82 members of staff, or 40% of the whole workforce it employed.
  • Thus, almost 60% of this staff's annual salary is less than N9.5 million, and perhaps more earn less than N14.79 million, indicating that a sizeable minority worked for the organization and earned significantly more.

7.    Nigerian Breweries – N14.72 million

Nigerian Breweries, a global manufacturer of consumer goods and beer, paid N40.5 billion in salaries to its 2,740 employees in 2021, averaging 14.72 million per employee and moving the company up four positions from the year before.

  • The corporation pays its employees an average yearly wage of N14.72 million, or N1.23 million per employee, or N1.23 million per month. For 2020, it paid N9.99 million in personnel salaries per capital.
  • Only 23.9% of the employees of Nigerian Breweries received annual salaries greater than N10 million throughout the review period.
  • This indicates that despite the average income per employee being over N14.7 million, the majority of employees make less than N10 million.

8.    FBN Holdings – N14.21 million

The amount of N116.26 billion that FBN Holdings paid in staff salaries to its 8,179 employees in 2021 indicates that the average wage per employee for the year was N14.21 million.

  • This moves the banking HoldCo up one spot from the previous year to ninth place.
  • The holding company that houses tier-1 banking major First Bank paid its 8,342 employees N89.26 billion in total staff salaries in the preceding year.
  • 44.2 percent of the personnel received annual salaries of more than N9 million during the year under review.

9.    Stanbic IBTC Holdings – N14.18 million

In comparison to the N42.18 billion spent the year before, Stanbic IBTC Holdings paid a total of N41.06 billion as personnel salaries for the 2021 fiscal year.

  • The number of employees on its payroll decreased from 2,972 in 2020 to 2,895 in the review year, following a similar pattern.
  • As a result, the company's ranking slid five places to ninth in 2021 with an average yearly wage per employee of N14.18 million.
  • It is noteworthy that 62% of bank workers received salaries above N6 million during the review year.

10.    Union Bank – N13.85 million

In spite of an increase in its yearly wage per employee from N13.58 million in 2020 to N13.85 million in 2021, Union Bank falls down four points from the previous year and currently occupies the tenth slot on the ranking list.

  • In comparison to the N31.74 million paid to 2,337 employees the year before, the bank paid N30.33 billion in staff salaries to its 2,190 employees in 2021.
  • According to a quick glance at the bank's financial statements, 69.6 percent of the staff received salaries of N5 million or more in 2021.

Source: Nairmetrics

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