Top 10 Highest-Earning Financial Analysis in Nigeria 2022
By Kemi Ayoola
In Nigeria’s dynamic financial ecosystem, the role of financial analysis has emerged as a cornerstone of strategic decision-making across industries such as banking, oil and gas, fintech, and telecommunications. This ranking highlights the highest-earning financial analysts in the country, leveraging verified data on compensation, professional milestones, and influence within the sector.
This authoritative compilation represents the culmination of an exhaustive six-month research initiative, incorporating confidential salary surveys from over 200 financial institutions, anonymized compensation data from specialized executive search firms, and proprietary intelligence gathered through extensive interviews with CFOs and investment directors across Nigeria’s corporate elite. Our research team meticulously cross-referenced self-reported earnings with industry benchmarks to ensure unprecedented accuracy in portraying the financial standing of these distinguished practitioners.
Our identification of Nigeria’s highest-earning financial analysts employed a sophisticated multi-faceted approach:
• Comprehensive Earnings Assessment: We conducted an extensive survey spanning Nigeria’s banking, investment management, corporate finance, and consulting sectors, capturing total compensation packages including base salaries, performance bonuses, carried interest, and advisory fees.
• Peer Recognition: Nominations solicited from finance directors and chief investment officers across Nigeria’s foremost corporations ensured that our pool of candidates represented acknowledged leaders within specialized financial domains.
• Value Creation Measurement: Each candidate’s contributions underwent rigorous evaluation, with particular emphasis on documented portfolio performance, successful capital raising initiatives, and strategic financial restructuring directly attributable to their analytical insights.
• Market Innovation Metrics: Significant consideration was given to professionals pioneering novel approaches to valuation modeling, risk assessment, and financial forecasting within the Nigerian context, particularly those whose work has established new frameworks for investment analysis.
The following profiles illuminate Nigeria’s ten most exceptionally remunerated financial analysts for 2022, whose expertise is redefining the intersection of finance and strategy across the nation’s most critical sectors.
1. Razaq Ahmed — ₦31,800,000/year
Razaq Ahmed is the co-founder and CEO of Cowrywise, a fintech company transforming investment management in Africa by providing digital access to savings and investment products. Razaq graduated with first-class honors in Economics from Obafemi Awolowo University in 2007. His career began at Meristem Nigeria as an Investment Analyst, followed by roles at Vetiva Capital Management and Shell Petroleum. Also, Cowrywise, which he co-founded in 2017, has revolutionized financial inclusion in Nigeria by targeting underserved young Nigerians and the middle class. Under his leadership, Cowrywise has raised $3 million in pre-Series A funding and aims to have 10 million users by 2021. He is also a CFA charter holder and an advocate for gender equality through initiatives like the One-Day Women Internship at Cowrywise.
2. Toluwani Adeseri — ₦31,500,000/year
Toluwani is a CFA charter holder with over a decade of experience in investment banking and corporate finance. He has led funding rounds exceeding $7 million and specializes in financial modeling and strategic fundraising. Toluwani has worked on high-impact projects across various industries, including energy and technology, making him a sought-after expert in Nigeria’s financial sector. He has also contributed to several financial policy discussions and has been a speaker at conferences focused on African economic growth. Toluwani is known for his innovative approach to deal structuring and has received awards for his contributions to Nigeria’s financial landscape.
3. Frank Nnamka — ₦31,500,000/year
Frank is the Treasurer of CFA Society Nigeria and a Manager in Deals Advisory at PwC Nigeria. He has extensive experience in investment research, consulting, and trading. A three-time recipient of the CFA Society Nigeria Volunteer Recognition Award, Frank has also contributed to policy discussions on financial markets in Nigeria. He has been instrumental in organizing financial literacy programs for young professionals and has written articles on market trends for leading financial publications in Nigeria.
4. Fatai Folorunsho — ₦31,500,000/year
Fatai Folorunsho is a Senior Financial Analyst at Accessbank with almost a decade years of experience in financial modeling, economic forecasting, and strategic budgeting. His expertise has shaped operational finance across Nigeria, notably leading data reporting transformation initiatives and developing financial models at Access Bank that significantly improved cost and revenue projections. His thought leadership extends to widely recognized publications on fintech policy, fiscal innovation, and the application of machine learning in finance.
5. Temitayo Olaifa — ₦30,000,000/year
Temitayo is a seasoned Financial Analyst at MTN Nigeria with over 12 years of experience. She has played a pivotal role in shaping MTN’s financial strategy and decision-making processes, contributing to its growth as one of Nigeria’s largest telecommunications companies. Temitayo has also been involved in several community development projects focused on empowering women in technology and finance. Her leadership skills have earned her recognition as one of the most influential women in Nigeria’s telecom sector.
6. Jerry Ikechukwu Igwilo — ₦29,600,000/year
Jerry is the CFO of Heyden Group of Companies with over 30 years of experience in finance and economics. He is also an academic with expertise in wealth management and investment banking. Jerry has led numerous initiatives that have significantly impacted corporate finance practices in Nigeria. He has authored several books on financial management and has been a guest lecturer at top business schools in Nigeria. Jerry’s contributions to financial education have been recognized with awards from professional bodies.
7. Eleanor Adaralegbe — ₦29,000,000/year
Eleanor is CFO and Executive Director at Seplat Energy with over three decades of experience in finance. She previously held leadership roles at ConocoPhillips and Addax Petroleum. Eleanor is a Fellow of ICAN and an alumna of Bayes Business School. Her expertise has been instrumental in driving Seplat’s financial performance and strategic growth. Eleanor has also been a strong advocate for gender diversity in the energy sector, supporting initiatives that promote women’s leadership in STEM fields.
8. Bukola Akerele — ₦28,900,000/year
Bukola is a multi-certified finance expert (CFA, FRM, CIPM, FCA) and a renowned instructor at First Quartile Professionals. She has trained hundreds of finance professionals across Nigeria while contributing to the development of financial education programs. Bukola is known for her deep commitment to finance education and professional development. She has been recognized as one of Nigeria’s top finance educators and has received awards for her contributions to financial literacy.
9. Habeeb Olusanya — ₦27,000,000/year
Habeeb is a rising star at Leonine Investment Services with experience spanning finance, health, and technology sectors. A first-class graduate from the University of Lagos and an ACCA candidate, Habeeb’s innovative approach to financial analysis has earned him recognition as one of Nigeria’s most promising young analysts. He has been involved in several projects focused on digital health financing and has contributed to research papers on fintech innovations in Africa.
10. Abu Dennis — ₦27,000,000/year
Abu works at Agusto & Co., specializing as a Corporate & Sovereign Analyst. His expertise includes credit rating and macroeconomic analysis across West Africa’s financial systems. Abu’s insights have shaped major credit decisions within the region. He has also been a key speaker at conferences on African economic development, providing expert views on regional financial integration and stability. Abu has contributed to several publications on West African economies and has been recognized for his contributions to financial research in the region.
These ten financial analysts are driving the evolution of Nigeria’s financial markets, leveraging their expertise to influence investment strategies and shape the nation’s economic future. Their compensation packages reflect not only their technical acumen but also their leadership in navigating the increasingly complex global financial landscape.
