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NB Plc’s Jordi Bel leads highest-earning CEOs in Nigeria’s consumer goods sector – Nairametrics


The Chief Executive Officer, Nigerian Breweries Plc, Jordi Borrut Bel ranks as the highest-paid CEO in the consumer goods sector, as of 2020 and also ranks 5th amongst the highest-earning CEOs in Nigeria.

According to information obtained from the financial statements of the top 30 companies listed on the Nigerian Exchange (NGX), the five highest-earning CEOs in the consumer goods sector are as follows:

Ravindra Singh Singhvi, Group Managing Director/CEO of Dangote Sugar Refinery Plc

Ravindra Singh Singhvi

Ravindra Singhvi ranks fifth amongst the top five with a total of N135 million as of 2020. He was appointed by the Board of Directors of the company as substantive Group Managing Director/Chief Executive Officer of Dangote Sugar Refinery Plc, effective October 30, 2020.

Prior to his appointment, Mr Singhvi had been the acting Managing Director of Dangote Sugar Refinery Plc since 18th June 2019, after serving as the company’s Chief Operating Officer.

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Nestle Nigeria
Mauricio Alarcon, Chief Executive Officer of Nestlé Plc

Mauricio Alarcon

The fourth highest-earning CEO in the sector is Mauricio Alarcon of Nestle Plc with emolument of N161 million as of the end of 2020.

He was appointed the Chief Executive Officer of Nestlé Central and West Africa Ltd effective September 1, 2020 by the leading multinational food and drink processing conglomerate. Prior to his appointment, in 2016, he became the Managing Director of Nestlé Nigeria, the largest Nestlé operation in the region.


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Carl Raymond Cruz, Managing Director of Unilever Nigeria Plc

Carl Raymond Cruz

Carl Cruz is currently the third highest-earning CEO in the consumer goods sector. As of the end of 2020, he earned a total of N245 million as the highest-paid director in the company.

The Board of Unilever Nigeria Plc appointed Carl Cruz as its new Managing Director to take over the management and leadership of the company effective, 1st February 2020. Until his appointment, Cruz served as Chairman, Unilever Sri Lanka.


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Baker Magunda, MD/CEO of Guinness Plc

Baker Magunda

Baker Magunda is the current CEO of Guinness Plc with an emolument pegged at N255 million as of the end of 2020 financial year.

He started his career in Sales and Marketing at Coca-Cola Sabco in 1991. He was made Head of Sales in 1996 before joining Diageo in 1999. At Diageo, he served in several marketing roles before becoming Managing Director for Diageo’s businesses in Uganda, Kenya, Cameroon. Prior to joining the Guinness Nigeria team, he was Managing Director of Diageo Ethiopia and the Indian Ocean Markets.


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Jordi Borrut Bel, Managing Director of Nigerian Breweries Plc

Jordi Borrut Bel

Jordi Borrut Bel, Managing Director of Nigerian Breweries Plc, has his annual remuneration pegged at N379 million. He was appointed Managing Director/CEO by the Board of Directors to replace Mr. Johan Doyer, his predecessor on January 22, 2018. He was formerly the Managing Director of Heineken’s subsidiary in Burundi, Brarudi S.A. and a Board Member of Bralirwa Limited, Rwanda, also a Heineken subsidiary in Rwanda.

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