The African CEO Magazine has unveiled its 2024 list of the Top 100 CEOs in Africa, spotlighting leaders who have excelled in driving financial performance and sustainable growth. This annual ranking is a testament to long-term success and strategic leadership across diverse industries on the continent.
Context and Criteria
Selecting a top-performing CEO is no easy task. Between 2020 and 2024, nearly 25% of CEO departures in Africa were involuntary, often leading to significant financial losses for companies. African CEO sought to answer a pressing question: What distinguishes successful CEOs from their peers?
The 2024 rankings focus on CEOs who have delivered consistent financial results and prioritized environmental, social, and governance (ESG) practices. These leaders were evaluated based on total shareholder returns, market capitalization growth, and ESG performance. Financial metrics weighed 80%, and ESG factors accounted for 20%.
To ensure robust analytics, the rankings primarily included CEOs who began their tenures before 2020—though a few exceptions were made for leaders who demonstrated exceptional results after that period. The methodology also focused on CEOs of companies listed on stock exchanges. The goal? To prioritize transparency and accountability.
Regional Representation and Challenges
The 100 CEOs represent 18 African countries and industries ranging from banking and finance to telecommunications and agriculture. Notably, Nigerian CEOs dominated the list. This was due to better data availability and longer tenure stability compared to their peers in Francophone countries. Kenya and South Africa also featured prominently due to accessible and detailed CEO profiles.
Despite its breadth, the ranking process faced challenges. CEOs in Francophone Africa often move between countries, complicating the tracking of their performances. Additionally, limited data availability in some regions hindered comprehensive evaluations.
Gender Diversity in Leadership
While progress is evident, gender diversity remains a significant challenge. Women account for only 15% of the Top 100 CEOs, highlighting the need for greater representation in leadership roles. However, leaders like Ijeoma Agnes Oduonye of Cutix Plc. (Nigeria) and Jane Karuku of East African Breweries Limited (Kenya) are inspiring examples of female excellence in the corporate world.
Why ESG Matters
The inclusion of ESG metrics reflects the growing importance of sustainable and ethical business practices. Companies that excel in these areas often outperform competitors in the long term. African CEO Magazine’s publisher, Peter SaSellu, emphasizes that the “business of business” now requires a long-term perspective—one in which social and environmental considerations are integral to financial success.
Key Insights
The ranking reveals several important trends:
- Nigerian CEOs, supported by stable tenure and accessible data, lead the list.
- Companies listed on stock exchanges tend to perform better due to stricter regulatory and governance standards.
- The integration of ESG metrics highlights a shift toward sustainable leadership practices.
Driving the Conversation
The Top 100 CEOs initiative is more than a ranking—it’s a platform for dialogue about effective leadership in Africa. By highlighting leaders who balance financial success with sustainability, African CEO Magazine aims to inspire a new generation of executives to adopt holistic and forward-thinking approaches.
Below are the top 10 from the list. To see the full list, visit African CEO magazine.
- Wale Tinubu (CON) – Oando Plc (Nigeria)
Industry: Oil and Gas
- Ijeoma Agnes Oduonye (Mrs.) – Cutix Plc (Nigeria)
Industry: Manufacturing (Electrical Cables, Wires)
- Segun Agbaje – Guaranty Trust Holding Company (GTCO) (Nigeria)
Industry: Banking and Finance
- Frank Nneji, OON – ABC Transport Plc (Nigeria)
Industry: Transport and Logistics
- Moruf Oseni – Wema Bank Plc (Nigeria)
Industry: Banking and Finance
- Abdul Samad Rabiu, CFR, CON – BUA Group (Nigeria)
Industry: Cement, Sugar, Flour, Real Estate
- Oliver Alawuba – UBA Group (Nigeria)
Industry: Banking and Finance
- Lolu Alade-Akinyemi – Lafarge Africa Plc (Nigeria)
Industry: Building Materials
- Omoboyede Olusanya – Flour Mills of Nigeria (Nigeria)
Industry: Food and Agribusiness
- Alhaji Sayyu Dantata – MRS Oil Nigeria Plc (Nigeria)
Industry: Oil and Gas
