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Companies listed on the Nigerian Exchange paid out significant sums in employee wages and salaries in 2025, with the ten highest-spending firms collectively disbursing approximately N2.13 trillion in staff compensation during the year.

The data was compiled by Nairametrics Research from the audited financial statements and annual reports of companies listed on the Nigerian Exchange.

Wages and salaries figures used in this analysis reflect amounts disclosed under that specific line item in company financial statements.

Pension contributions and other employee-related costs disclosed separately are not included.

Six of the top 10 companies are financial institutions, with the remaining spots taken by firms from the industrial goods, construction, oil and gas, and telecommunications sectors.

For financial institutions, revenue performance is assessed using gross earnings, while non-bank companies are evaluated on revenue, reflecting differences in how income is structured across sectors.

While nominal salary costs rose sharply across most firms, part of the increase reflects inflationary wage adjustments and naira depreciation pressures, particularly for firms with dollar-linked compensation structures.

Here are the top 10 companies that paid the highest wages and salaries in 2025 

Note: Average wage per employee is computed by dividing total wages and salaries by the disclosed workforce figure for each company. Monthly figures are derived by dividing the annual average by 12. Salary band figures are annual unless otherwise stated. 

MTN Nigeria Communications Plc paid a total of N88.84 billion in staff salaries in 2025, up from N71.77 billion in 2024, a 23.80% increase.

With a workforce of 2,001 employees, this works out to an average annual salary of N44.40 million per employee, or roughly N3.70 million per employee every month. The 2024 average was N37.54 million annually, or N3.13 million per month.

MTN Nigeria’s total wage bill represented 1.71% of its revenue of N5.20 trillion in 2025, meaning the company spent N1.71 for every N100 it earned on staff salaries. Profit after tax rose to N1.11 trillion in 2025, from a loss position of N400.44 billion in 2024.

Salary band data shows that 32.9% of MTN’s employees – 659 out of 2,001 – earned above N29.5 million annually in 2025, meaning their monthly take-home exceeded N2.46 million. That proportion was 17.5% in 2024.

At the other end, only 6 employees out of 2,001 – 0.3% of the workforce – fell in the lowest disclosed band of N3 million to N4.5 million annually, equivalent to N250,000 to N375,000 per month. This suggests that the vast majority of MTN’s employees earned above N4.5 million a year in 2025.