The highest paid chief executive among the seven major listed petroleum products marketing companies in Nigeria is the managing director of Mobil Oil Nigeria Plc. His annual remuneration is N85 million per annum, which is about 23 percent more than the next highest paid director. The sum of N85 million per annum comes to about N231, 956 per day (including Saturdays and Sundays).
The Stanbic IBTC managing director, who tops the pay list in the Nigerian banking industry with N177 million, earns N92 million more than Mobil’s chief executive, as indicated in the latest edition of the Nigerian Banks Financial Transparency Report, jointly published by BusinessDay and Source Capital Research.
The second highest paid chief executive in the oil sector is from Oando Plc with total annual remuneration of N69 million or N189,041 per day. This ranking is contained in the maiden edition of the Nigerian petroleum products marketing companies’ disclosure report published by BusinessDay Research Unit.
Forte Oil Plc (formerly African Petroleum Plc) chief executive occupies the third position. He earns N64 million per annum or N175,342 per day. Total Nigeria Plc ranks a close fourth, with its managing director walking home with annual remuneration of N61 million or N167,123 per day. Eterna Oil and Gas Plc and Conoil Plc occupy the fifth and sixth positions, with their chief executives earning N21 million (N57,534 per day) and N15 million (N41,095 per day) per annum respectively. MRS Oil Nigeria plc has the lowest paid managing director in the industry, with a take home of N5 million per annum or N13,698 per day.
When considered in terms of the average pay per director (in each of the companies), Oando Plc displaces Mobil oil Nigeria plc. The average take home pay per director in Oando Plc, including fees and allowances, stood at N62.91 million per annum in 2010.
Mobil follows with average pay per director of N24.57 million, while Total Nigeria Plc ranks third with average pay per director of N10.86 million. Forte Oil plc with N7.95 million average pay per director comes fourth. Eterna oil and gas plc and Conoil Plc occupy the fifth and sixth positions, with average pay per director of N4.28million and N4.15 million respectively. The lowest paid directors in terms of company average, sit on the board of MRS Oil Nigeria Plc with average take home pay of N2.45 million per director.
Another exciting feature of the industry is the board size and composition. Oando Plc has the largest board among the analysed companies. It has a total of 16 members on its board. These details are contained in the Nigerian petroleum products marketing companies’ disclosure report published by BusinessDay Research unit.