Leading Ladies: Who are the highest-paid female CEOs in Nigeria?

The world is fast evolving to strike a balance between males and females in all spheres of life, unlike in the past, and it is also helping to break ideologies beyond the circumference of people’s experience.

Women are fast dominating even in the corporate world as much as they are in the social and entertainment world.

Before now, it was almost impossible to see a woman head an organization, religious setting, political setting, or even economic setting, but today it is fast becoming a ritual as women are tirelessly gathering a plethora of knowledge to counter this perspective.

Continuing, Just like we have male Chief Executive Officers (CEO) today, dominating the corporate world, so have we females dominating in their capacities across the world. Nigeria is not left out as there has been a tussle and bustle of women constantly striving to climb up the ladder through cutting-edge success.

Corporate Nigeria persisted in offering services, making payroll, paying taxes, assisting local communities, and rewarding shareholders with dividends despite economic challenges.

The CEOs and Managing Directors of corporations in Nigeria, are the highest-ranked officers and were instrumental in guiding their companies through these economic issues facing the country. They play expedient roles in guiding their companies through both achievements and setbacks, frequently making choices that draw criticism or praise.

Rating women in the corporate sector as company Heads was barely 1 in 2019 when compared to 10 in 2024. 10 banks of 25 major banks in Nigeria are headed by women today, making 36% of bank CEOs women.

Among listed Nigerian corporations, Ebenezer Onyeagwu of Zenith Bank earns N2.1 billion. He is the former Group Managing Director and CEO of Zenith Bank in 2023. Onyeagwu became the highest-paid Director at Zenith Bank after being appointed in June 2019; his compensation increased from N285 million in 2022 to N2.16 billion.

Highest-paid female CEOs in Nigeria

Placed side by side are females who top the charts and the third of them all is Oluwatomi Somefun. Based on Unity Bank’s financial records, her take-home pay is N41.4 million, placing her among the top ten highest-paid bank CEOs in Nigeria.

After 26 years in corporate banking, treasury & investment banking, retail, and commercial banking operations, she is currently the longest-serving female CEO in the banking industry.

Right above her is Onyeali-Ikpe, the CEO of Fidelity Bank Plc, who earned the highest salary of any female CEO. In 2022, she made N110 million, the same as 2021.

Onyeali-Ikpe succeeded Nnamdi Okonkwo, as Managing Director and CEO of Fidelity Bank on January 1, 2021. She has over 30 years of experience working for different institutions. She oversaw the bank’s operations in the six states that comprise the South West area of the bank as Executive Director of Lagos and South West before this.

Recent reports, show that Yemisi Edun, CEO of First City Monument Bank, is currently the highest-paid female CEO.

According to the bank’s financial reports, she was named CEO in 2021 and receives a basic salary of N117.63 million. She also ranks as the eighth-highest-paid bank CEO in Nigeria according to her salary.

Women are fast rising to take up the mantle with men. This affirms the general veneer “what a man can do, a woman can do better.,” and does not subject a woman anymore to the kitchen, home, and family environment. Their salary, benefits, and other financial incentives related to their job role make up their pay package.