The role of a chief executive officer is one of the toughest positions to fill, and in Africa, it’s a particularly complex challenge.
From 2020 to 2024, a quarter of CEO departures in Africa were involuntary, reflecting the difficult nature of leading in the continent’s dynamic economic and political landscape.
These leadership changes often come at a steep cost, as forced turnovers can lead to millions of dollars in lost market value for shareholders.
But what does it take for a CEO to thrive and deliver results that stand the test of time? The AfricanCEO magazine’s annual list of the continent’s top-performing CEOs offers some insight by focusing on long-term success rather than short-term victories.
The magazine’s ranking does not rely solely on the latest quarterly results or fleeting financial metrics. Instead, it examines CEOs’ performance from the start of their tenure, evaluating total shareholder returns, market capitalization changes, and most notably, the long-term financial outcomes of their leadership. This data-driven approach goes beyond reputations and anecdotal evidence, allowing a clearer view of true leadership impact.
However, the editorial team at AfricanCEO acknowledges that measuring leadership success isn’t just about financial returns. Social and environmental factors—often encapsulated in the framework of Environmental, Social, and Governance (ESG) performance—are integral to understanding the full impact of a CEO’s leadership. Therefore, for the 2024 list, long-term financial results are weighted at 80%, while ESG performance accounts for 20%.
The focus on ESG reflects a growing recognition that companies’ long-term sustainability depends not only on profits but also on their commitment to addressing pressing social and environmental issues. These new measurements, which incorporate factors like corporate social responsibility, sustainability efforts, and governance standards, are becoming increasingly important as investors and consumers demand more transparency about a company’s values and impact.
In total, the African CEO list represents 100 CEOs from 18 African countries, with an impressive diversity in leadership styles and strategies. Notably, women account for 15% of those in leadership roles, marking an encouraging step toward greater gender inclusivity in Africa’s corporate leadership.
Despite its promise, the methodology of this ranking is not without challenges. One major issue is the difficulty of tracking CEOs in Francophone African countries, where frequent movement between countries and less publicly available information complicates analysis. This makes it harder to evaluate their performance accurately compared to CEOs in more easily accessible English-speaking regions like Nigeria, Kenya, and South Africa. Nevertheless, this ranking emphasizes the importance of data transparency and accessibility, which is a key factor for companies seeking leadership that is both effective and accountable.
The African CEO ranking by AfricanCEO magazine is more than just a list—it is a meaningful conversation starter about how leadership is measured on the continent. As businesses face increasing demands for sustainability and long-term vision, this ranking provides a window into the future of corporate leadership in Africa. With an emphasis on both financial performance and social responsibility, this list not only highlights the top CEOs but also sets the stage for deeper discussions about what it takes to lead businesses in Africa today and in the future. It raises the crucial question: As the world demands greater accountability from corporate leaders, how can the continent’s CEOs ensure they are adapting to the changing expectations of stakeholders, investors, and society at large?
The 2024 Annual list (in no particular order of importance) of the
Top 100 African CEOs: Best Performing CEOs in Africa in 2024
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 |