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By AfricanCEO Magazine Editorial Team

The AfricanCEO Magazine has unveiled its much-anticipated Top 100 CEOs in Africa for 2024, a comprehensive ranking that celebrates the best-performing business leaders on the continent.

This year’s list highlights CEOs who have demonstrated exceptional leadership, delivering financial growth while addressing pressing social and environmental issues.

Challenges of the CEO Role in Africa

The position of a CEO is both demanding and precarious. According to AfricanCEO’s analysis, nearly 25% of CEO departures in Africa from 2020 to 2024 were involuntary, resulting in significant losses in shareholder value.

Such high stakes emphasize the complexity of identifying and nurturing effective leaders who can meet the challenges of the C-suite.

While critics often accuse business leaders of focusing on short-term gains, the AfricanCEO ranking identifies those who excel by taking the long view, balancing shareholder returns with sustainability and governance practices.

The 2024 Ranking Criteria

This year’s list is the culmination of an extensive evaluation process that goes beyond quarterly or annual performance metrics. The ranking primarily assesses:

1. Long-Term Financial Returns (80%):
   • Total shareholder return.
   • Market capitalisation growth over the CEO’s tenure.
2. Environmental, Social, and Governance (ESG) Performance (20%):
   • Sustainability practices, derived from company ESG reports.
   • Social and environmental initiatives integrated into corporate strategy.

The rankings focus on CEOs who assumed their roles before 2020, ensuring a robust analysis of long-term performance. However, some recent appointees with remarkable results since 2020 have also been included.

Key Insights from the 2024 List

Representation and Diversity

The list features CEOs from 18 African countries, representing a diverse range of industries and cultures.

Notably, women constitute 15% of the top performers, signalling a significant, albeit gradual, shift towards gender diversity in corporate leadership.

Regional Trends

• Nigeria leads the pack, with the most CEOs featured on the list. This dominance is attributed to the availability of comprehensive data on Nigerian business leaders, coupled with their longer average tenure compared to peers in other regions.
• Kenya and South Africa follow closely, with accessible information on CEO qualifications, tenure, and governance practices aiding their representation.
• Francophone Africa, while home to capable leaders, remains underrepresented due to challenges in accessing consistent and detailed data on its CEOs.

Industry and Governance Standards

CEOs of companies listed on stock exchanges dominate the rankings. Publicly traded firms are held to higher standards of corporate governance, financial reporting, and sustainability, making their CEOs more likely to meet the rigorous criteria of the ranking.

A Shift Towards ESG Accountability

The integration of ESG metrics into the ranking reflects a growing awareness that social and environmental issues directly impact long-term financial success.

“The business of business is no longer just business,” said Peter SaSellu, publisher and editor of AfricanCEO Magazine. “We’re in an era where investors, employees, and consumers expect companies to prioritise sustainability alongside profitability.”

Nigerian CEOs Shine Brightest

Nigerian CEOs secured the top spots on the list, aided by their consistent performance and the availability of comprehensive data.

Their companies’ ability to deliver strong financial returns while demonstrating ESG leadership contributed to their success.

Kenyan and South African CEOs also performed strongly, representing sectors such as finance, technology, and manufacturing, where corporate governance and ESG considerations have become integral.

Challenges in Francophone Africa

Tracking CEO performance in Francophone Africa remains a challenge. CEOs in these regions often transition between countries, complicating the evaluation of their long-term impact. Efforts are underway to improve data collection and reporting standards across the continent.

Promoting Leadership Excellence Across Africa

The AfricanCEO Magazine’s Top 100 initiative is more than just a ranking; it’s a call to action for greater transparency and accountability in African businesses. By profiling these exceptional leaders, the magazine aims to foster dialogue on leadership, sustainability, and growth, inspiring the next generation of CEOs.

Looking Ahead

As the business landscape evolves, so will the criteria for evaluating leadership. The inclusion of ESG metrics in this year’s ranking underscores the growing importance of sustainability in corporate strategy.

Future rankings will continue to refine this balance, recognizing leaders who deliver value for shareholders while contributing to a more sustainable and equitable Africa.

About the AfricanCEO Magazine’s Top 100 CEOs List
The Top 100 CEOs in Africa is an annual initiative by AfricanCEO Magazine that celebrates outstanding business leadership across the continent.

The ranking is a data-driven analysis of financial performance and ESG initiatives, to promote transparency, sustainability, and excellence in African corporate governance.

	West Africa
	Nigeria
#	Company	Industry	CEO/Managing Director	Gender	Nationality
1	Oando Plc.	Oil and Gas	Wale Tinubu (CON)	M	Nigeria
2	Cutix Plc.	Manufacturing (Electrical Cables, Wires)	Ijeoma Agnes Oduonye (Mrs.)	F	Nigeria
3	Guaranty Trust Holding Company (Gtco)	Banking and Finance	Segun Agbaje	M	Nigeria
4	ABC Transport Plc.	Transport and Logistics	Frank Nneji, OON	M	Nigeria
5	Wema Bank Plc.	Banking and Finance	Moruf Oseni	M	Nigeria
6	BUA Group	Cement, Sugar, Flour, Real Estate	Abdul Samad Rabiu, CFR, CON	M	Nigeria
7	UBA Group	Banking And Finance	Oliver Alawuba	M	Nigeria
8	Lafarge Africa Plc	Building Materials	Lolu Alade-Akinyemi	M	Nigeria
9	Flour Mills of Nigeria	Food And Agribusiness	Omoboyede Olusanya	M	Nigeria
10	MRS Oil Nigeria Plc.	Oil and Gas	Alhaji Sayyu Dantata	M	Nigeria
11	FBN Holdings	Banking and Finance	Wale Oyedeji	M	Nigeria
12	Zenith Bank Plc.	Banking and Finance	Dame (Dr.) Adaora Umeoji	F	Nigeria
13	Eterna Plc.	Energy, Oil and Gas	Abiola Lukman Lawal	M	Nigeria
14	Dangote Industries Limited	Conglomerate (Diversified)	Aliko Dangote, GCON	M	Nigeria
15	Unity Bank Plc.	Banking and Finance	Mrs Tomi Somefun	F	Nigeria
16	Transnational Corporation Plc. (Transcorp)	Conglomerate (Power, Hospitality)	Dr. Owen Omogiafo, OON	F	Nigeria
17	John Holt Plc.	Hospitality	Dr. Christopher Ezeh	M	Nigeria
18	Fidelity Bank Plc.	Financial Services	Nneka Onyeali-Ikpe	F	Nigeria
19	Royal Exchange Plc.	Financial Services	Irene Opara	F	Nigeria
20	Livestock Feeds Plc.	Agriculture (Animal Feed)	Adegboyega Adedeji	M	Nigeria
21	SAHCO Plc.	Services	Adenike Aboderin (Mrs.)	F	Nigeria
22	Guinea Insurance Plc.	Financial Services	Ademola Abidogun	M	Nigeria
23	Vitafoam Nigeria Plc.	Consumer Goods (Foam Manufacturing)	Taiwo Ayodele Adeniyi	M	Nigeria
24	Honeywell Group	Conglomerate	Obafemi Otudeko	M	Nigeria
	Ghana
25	Ecobank Ghana	Banking and Finance	Abena Osei-Poku (Mrs.)	F	Ghanaian
26	Enterprise Group	Conglomerate	Daniel Larbi-Tieku	M	Ghanaian
27	Standard Chartered Bank Ghana, Plc.	Banking and Finance	Mansa Nettey	F	Ghanaian
28	Agricultural Development Bank Plc.	Banking and Finance	Alhassan Yakubu-Tali	M	Ghanaian
29	Cocoa Processing Company Plc.	Agriculture (Manufacturing)	Hon. Kojo Ofori-Safo	M	Ghanaian
30	GCB Bank Plc.	Banking and Finance	Kofi Adomakoh	M	Ghanaian
31	Republic Bank (Ghana) Plc.	Banking and Finance	Benjamin Dzoboku	M	Ghanaian
32	CalBank Plc	Banking and Finance	Carl Selasi Asem	M	Ghanaian
33	GOIL Plc.	Oil and Gas	Hon. Kwame Osei-Prempeh	M	Ghanaian
34	SIC Insurance Company Limited	Financial Services	Hollistar Duah-Yentumi	F	Ghanaian
	Senegal
35	Sonatel Group	Telecommunication	Sékou Dramé	M	Senegalese
36	Bank of Africa (Senegal)	Banking and Finance	Sadio Cissé	M	Senegalese
37	Societe General Senegal	Banking and Finance	Harold Coffi	M	Ivorian
38	Total Energies Senegal	Oil and Gas	Badara Mbacké	M	Senegalese
	Togo
39	Ecobank Transnational Incorporated	Banking and Financial Services	Jeremy Awori	M	Kenyan
40	Oragroup SA	Banking and Financial Services	Ferdinand Ngon Kemoum	M	Cameroonian
	Ivory Coast
41	Bank of Africa CI	Banking and Finance	Redouane TOUBI	M	Moroccan
	Burkina Faso
42	Coris Bank Group	Banking and Finance	Idrissa Nassa	M	Burkina Faso
	North Africa
	Egypt
43	Commercial International Bank (CIB)	Banking and Finance	Hussein Majid Abaza	M	Egyptian
44	Orascom Construction	Engineering and Construction	Osama Bishai	M	Egyptian
45	Telecom Egypt	Telecommunication	Mohamed Nasir Eldin	M	Egyptian
46	Emaar Misr	Real Estate Development	Mostafa Mounir El Kady	M	Egyptian
47	El Sewedy Electric	Electrical Equipment and Energy	Ahmed Ahmed Sadek El Sewedy	M	Egyptian
48	Eastern Company, SAE	Manufacturing, Trading and Tobacco	Hany Aman Hussain Attia	M	Egyptian
49	Palm Hills Development	Real Estate Development	Yasseen Mansour	M	Egyptian
50	Juhayna Food Industries	Food and Beverages	Seif Thabet	M	Egyptian
51	Organge SAE	Telecommunication	Yasser Shaker	M	Egyptian
	Morocco
52	Attijariwafa Bank	Banking and Finance	Mohamed El Kettani	M	Moroccan
53	Bank of Africa (BMCE)	Banking and Finance	Othman Benjelloun	M	Moroccan
54	OCP Group	Mining and Chemicals	Mostafa Terrab	M	Moroccan
55	Maroc Telecom	Telecommunications	Abdeslam Ahizoune	M	Moroccan
56	Managem Group	Mining	Imad Touni	M	Moroccan
	Tunisia
57	Banque International Arabe De Tunisie	Banking and Finance	Elyes JEBIR	M	Tunisian
58	Societe Tunisiene De L’air (Tunisair)	Aviation	Khaled Chelly	M	Tunisian
59	Poulina Group Holding	Food Processing, Construction	Mahjoub Langar	M	Tunisian
60	Tunisian Company of Electricity and Gas	Energy (Electricity and Gas)	Mohamed Ammar	M	Tunisian
61	Carthage Cement	Cement and Building Materials	Brahim Sanaa	M	Tunisian
	East Africa
	Kenya
62	Safaricom Plc.	Telecommunication	Peter Ndegwa	M	Kenyan
63	Equity Group Holdings	Banking and Finance	Dr. James Mwangi	M	Kenyan
64	Kenya Commercial Bank Group	Banking and Finance	Paul Russo	M	Kenyan
65	Kenya Airways Plc.	Aviation	Allan Kilavuka	M	Kenyan
66	Centum Investment Company	Investment and Asset Management	Dr. James Mworia Mwirigi	M	Kenyan
67	East African Breweries Limited	Beverages and Manufacturing	Jane Karuku	F	Kenyan
68	Co-Operative Bank of Kenya	Banking and Finance	Gideon Muriuki	M	Kenyan
69	Kenya Electricity Generating Company Plc.	Energy and Power	Eng. Peter Njenga	M	Kenyan
70	Britam Holdings Plc.	Financial Services	Tom Gitogo	M	Kenyan
71	Kenya Power & Lighting Co Ltd.	Energy and Power	Dr. (Eng.) Joseph Siror	M	Kenyan
	Tanzania
72	NMB Bank Plc.	Banking and Finance	Ruth Zaipuna	F	Tanzanian
73	CRDB Bank Plc.	Banking and Finance	Abdulmajid Mussa Nsekela	M	Tanzanian
74	Tanzania Breweries Limited	Beverages and Manufacturing	Michelle Kiplin	F	South African
75	TOL Gases Limited	Energy, Oil and Gas	Daniel M. Warungu	M	Tanzanian
	Uganda
76	Uganda Clays Limited	Manufacturing	Reuben Tumwebaze	M	Uganda
77	Jubilee Holdings Limited	Financial Services	Dr. Julius Kipngetich	M	Uganda
78	DFCU Limited	Banking and Finance	Charles-M.-Mudiwa	M	Uganda
	Rwanda
79	Bank of Kigali Plc.	Banking and Finance	Dr. Diane Karusisi	F	Rwanda
	Southern Africa
	South Africa
80	Anglo American	Mining	Craig Miller	M	South African
81	Standard Bank Group	Banking and Finance	Simpiwe “Sim” Tshabalala	M	South African
82	Firstrand Limited	Banking and Finance	Mary Vilakazi	F	South African
83	Vodacom Group	Telecommunications	Mohamed Shameel Aziz Joosub	M	South African
84	Shoprite Holdings	Retail (Supermarkets)	Pieter Engelbrecht	M	South African
85	Nedbank Group	Banking and Finance	Jason Patrick Quinn	M	South African
86	Sasol Limited	Energy and Chemicals	Simon Baloyi	M	South African
87	Bidvest Group	Service, Freight, Finance	Mpumi Madisa	F	South African
88	Tiger Brands	Food and Beverages	Tjaart Kruger	M	South African
89	Discovery Limited	Insurance and Finance	Adrian Gore	M	South African
	Botswana
90	Debswana Diamond Company	Mining (Diamonds)	Andrew Maatla Motsomi	M	Botswana
91	First National Bank of Botswana	Banking and Finance	Steven Lefentse Bogatsu	M	Botswana
92	Letshego Holdings Limited	Financial Services	Aobakwe “Aupa” Monyatsi	M	Botswana
	Namibia
93	Capricorn Group Limited	Investment and Asset Management	David Nuyoma	M	Namibian
94	Alpha Namibia Industries Renewable Energy Power Limited (ANIREP)	Energy Services	Iyaloo Ya Nangolo	M	Namibian
	Mauritius
95	MCB Group	Banking and Finance	Jean Michel Ng Tseung	M	Mauritius
	Central Africa
	Angola
96	Sonangol	Oil and Gas (State-Owned)	Sabastiao Gaspar Martins	M	Angolian
97	Banco Angolano Investmentos (BAI)	Banking and Finance	Luis Filipe Rodrigues Lelis	M	Angolian
98	Endiama (National Diamond Company)	Mining (Diamonds)	José Manuel Ganga Júnior	M	Angolian
99	Banco De Poupance E Credito (BPC)	Banking and Finance	Antonio Andre Lopes	M	Angolian
100	Banco de Fomento Angola	Financial Services	Luís Roberto F. Gonçalves	M	Angolian