Seplat Energy, Total Lead List Of Highest Paying Companies In Nigeria

The personnel expenses of major Nigerian companies have increased to about N1 trillion in 2022, rising from N900 billion the year before, as the workforce skyrocket across several sectors.

Note that the stated personnel expenses were drawn from 50 publicly listed companies on the Nigerian stock market, Nigerian Exchange Limited (NGX).

The stated personnel expenses increased by about N100 billion or 11 per cent year-on-year due to the employment of about 100,000 workers in 2022. 

Personnel expenses cover salary, bonuses, and other compensations, as well as the cost of training for workers in the review of 50 blue-chip companies.

It was gathered that Seplat Energy, TotalEnergies, MTN Nigeria, Nigerian Breweries and Access Holdings are the highest-paying companies in Nigeria in 2022, according to Nairalytics, a research arm of Nairametrics.

List Of Highest-Paying Companies In Nigeria

Seplat Energy

Seplat Energy recorded an average annual cost on employees for 2022 was N38.91 million, in contrast to the N32.4 million incurred in 2021. 

• However, the firm incurred total personnel expenses of N23.19 billion in 2022, up from N17.27 billion the year before, reflecting an increase of 34.3 per cent.
• The oil and gas company paid N12.32 billion as a basic salary last year. This is more than the N10.26 billion Seplat’s employees received in 2021.
• The increase trailed the rise in the firm’s workforce, which rose from 532 employees in 2021 to 596 workers the next year.

Total Energies

At the end of 2022, Total Energies reported N11.06 billion as total personnel cost. This is 18.2 per cent increase when compared to the N13.08 billion expended on personnel costs in 2021. 

• Total Energies saw its salary payment increase to N9.76 billion last year, from N8.71 billion in 2021. It grew by 1.61 per cent year-on-year.
• The firm’s salary-spend rose despite the workforce dropping by 1.61 per cent to 429 employees in 2022, from 436 workers the preceding year.

MTN Nigeria

Workers of MTN Nigeria received N33.93 billion in total salary in 2022, falling short of the N34.42 billion the telecommunications company paid in 2021. 

• The N33.93 billion salary was paid to 1,675 employees last year. Note that the workforce of MTN Nigeria reduced by 1.41 per cent to 1,699 staff the year before.
• The decline in salary payment reflected in MTN Nigeria’s personnel cost, which fell by 6.82 per cent from the N48.38 billion expended in 2022 to N45.08 billion total employee cost in 2022.

Nigerian Breweries

Nigerian Breweries’ employees were paid N38.76 billion in salary in the review year. This surpassed the N36.51 billion wages received by workers in the company in 2021. 

• Nigerian Breweries’ employee remuneration increased despite the company’s workforce decreasing to 2,685 workers, from 2,740 staff reported in 2021.
• In all, the soft and alcoholic drink producer incurred N51.34 billion in total personnel costs in 2022, inching higher from N51.01 billion the previous year.

Access Holdings

Access Holdings completed the top five list as 6,824 workers earned N105.6 billion in salaries at the end of 2022, according to the report. 

• The salary paid out last year was more than the N91.1 billion incurred on 6,875 staff working at Access Holdings in 2022.
• At the end of the year, the total strength staff costs Access Holdings N116.6 billion in personnel expenses, increasing by 20.7 per cent from N96.6 billion recorded in 2021.