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  CEO Remuneration in the Consumer Goods sector

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One notable occurrence within this sector in 2021 is that although there were minimal changes in the company’s CEOs, there was a drastic change in CEO’s base remunerations. Firstly, there was a major shift in the top highest-paid executives, where Ravindra Singhvi of Dangote Sugar Refinery jumped to be the highest-paid executive within the sector from the sixth position last year, with a +115.19% rise in base pay from N134.63m to N289.71m. This displaced Baker Magunda of Guinness Nigeria who had a -4.70% decline from N255m in 2020 to N243m in 2021 bringing him to the third highest. Hans Essaadi, the new CEO of Nigerian breweries became the second highest paid in 2021 with a base pay of N243.088m from N379.39m earned by the previous CEO Jordi Borrut.

Paul Gbededo, Georgios Polymenakos and Chimaraoke Ekpe of Flour mills of Nigeria, champion breweries and McNichols consolidated, respectively maintained the status quo as the least paid executives for 2021 as at the previous year

Concerning the dividend, due to the several management changes, it is evident that companies such as Nigerian breweries and Dangote Cement had their top CEOs with the highest earnings have been displaced as their new CEOs have no shares in their respective companies. Oyemika Adeboye of Cadbury with about 54,000 shares owned in Cadbury at a dividend per share price of 0.18kobo had a total dividend earned of N9.72m increasing total remuneration by +16.12%.

Paul Gbededo of Flour mills, with a basic remuneration of N36.15Mn, had a higher number of shares owned of 10,836,154 with a DPS of N1.65K summing to a total remuneration of N54.05m. Notably, Ravindra Singhi remains the Highest paid with no shares in possession  .

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