Three NGX Executive Directors Earned N755m as Compensation in 2021

Kayode Tokede

Three Executive Directors of the Nigerian Exchange Group Plc (NGX) earned N754.87 million as compensation in 2021.

This was disclosed in the NGX’s full year results for 2021.
The amount paid to the three executive directors was a 78.41 per cent increase from the N423.12 million compensation collected by the three executive directors in 2020.

The above also implied that each of the executive directors took home an average of N251.6 million as compensation in the year under review.

The 2021 full year report of the NGX explained that, “Executive compensation relates to compensation paid to Chief Executive Officer and Executive Directors who are not Board members.”
The Group had three executive directors in 2021 from two and 26 management staff for the second consecutive year.

On the other hand, its non-management staff dropped to 176 from 241 recorded in prior year.
The group executive committee members on the NGX includes its Group Managing Director/Chief Executive Officer, Mr. Oscar Onyema; Chief Executive Officer, NGX, Mr. Temi Popoola and Chief Executive Officer, NGX REGCO, Ms. Tinuade Awe.

As stated in 2021 financial year report, sitting allowances of NGX directors dropped by 4.7 per cent to N56.74 million, from the N59.55 million reported in 2020.  

The report stated that the remuneration paid to the board members (excluding pension and reimbursable allowances) grew by 68.2 per cent to N811.6 million in 2021, from the N482.66 million reported in 2020.
Also, the Chairman of the board, Otunba Abimbola Ogunbanjo received N6.6 million as remuneration in 2021, which was an increase of 33.3 per cent from the N4.9 million received in 2020.

The highest paid board member, the MD/CEO as revealed in 2021 audited financial report earned N160.02 million as remuneration from N156.2 million in 2020.
In all, salaries and allowance report by the Group rose by 2.5 per cent to N3.03 billion in 2021, from N2.96 billion in 2020.  

The NGX Group reported N2.25 billion in profit, representing a 22 per cent increase from the N1.84 billion reported in 2020, even as its revenue grew by 14.9 per cent to N5.78 billion from N5.03 billion in 2020.

Onyema was quoted to have said the NGX Group in 2021 focused on formulating and executing the strategy of the Holding company, which includes building multiple businesses across the entire capital market value chain with diversified revenues as well as strategic and operational flexibility.

The Nigerian Stock Exchange (NSE) in 2021 demutualised to allows the Exchange to sell its shares to investors and be listed for trading.

This resulted in the creation of a new non-operating holding company, the Nigerian Exchange Group Plc (NGX Group) with Onyema serving as its Group Chief Executive Officer (GCEO,
The listing mandated full disclosure of the Group’s accounts to the investors and general public.