Nigerian executive Olusegun Ogunsanya pockets $2.4 million as Airtel Africa CEO

Nigerian executive Olusegun Ogunsanya – the outgoing CEO of Airtel Africa — received a compensation package of R2.43 million, from the leading provider of telecommunications and mobile money services across Africa, at the end of its 2023 fiscal year.

The package – which represents a 73.36-percent surge from the previous year’s total reward of $1.4 million – reflects the exceptional financial performance achieved by the group under Ogunsanya’s leadership.

Since taking charge in October 2021, Ogunsanya has played a key role in Airtel Africa’s impressive financial performance. His compensation includes a $0.95-million base salary, a $0.32 million short-term incentive, and a $1.06-million long-term incentive, showcasing his exemplary leadership in the telecommunications giant.

From Coca-Cola to Airtel Africa: Ogunsanya’s trailblazing career and historic CEO tenure

Airtel Africa, a subsidiary of Bharti Airtel, operates in 14 Sub-Saharan African nations, serving 140 million customers. Globally, Bharti Airtel is the third-largest mobile service provider by subscribers. Airtel Africa holds a significant position in the African market, trailing behind South African telecom giants Vodacom and MTN Group.

Ogunsanya, who assumed the role of Airtel Africa plc CEO in October 2021, previously served as CEO of Airtel Nigeria since 2013. With over 25 years of experience in banking, consumer goods, and telecoms in Ghana, Kenya, and Nigeria, he is the first African to hold this position.

Before Airtel, Ogunsanya held leadership roles at Coca-Cola in Ghana, Kenya, and Nigeria, and served as CEO of Nigerian Bottling Company Ltd. and head of retail banking at Ecobank Transnational Inc. Airtel Africa recently announced Ogunsanya’s retirement, effective July 1, 2024, and the appointment of Sunil Taldar as his successor.

Beyond boardroom: Ogunsanya’s $9.6-million stake signals commitment to Airtel Africa’s prosperity

Under Ogunsanya’s leadership, Airtel Africa delivered a record increase in its financial performance, with a notable 11.84-percent increase in revenue, climbing from $4.71 billion to $5.26 billion in 2023.

Profits also saw a substantial surge of 14.46 percent, reaching $1.76 billion from $1.54 billion in 2022. Total assets showed a modest increase of 0.67 percent, moving from $4.084 billion in 2022 to $4.11 billion by the close of 2023.

In addition to his executive and governance roles, Ogunsanya holds a 0.12 percent stake in Airtel Africa, owning 4,325,282 shares valued at $9.60 million. This aligns his interests with the company’s ongoing success, showcasing both his strategic leadership and financial commitment.