The highest paying government parastatals in Nigeria are not just rumours but true. Not all government agencies pay the same amount, whether or not they work for the same government. Parastatals in Nigeria pay more than one another, depending on the purpose, goal and the importance of the parastatal in question.
While many young Nigerians target some companies in the private sector because they very well, there are government parastatals in Nigeria that pay well, regardless of the level of its least employee.
Some of the highest paying government parastatals in Nigeria include the Nigerian National Petroleum Corporation (NNPC), Bank of Industry (BOI), Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS), Nigerian Maritime Administration and Safety Agency (NIMASA) amongst a host of others.
In this post, we take a look at these highest-paying government parastatals in Nigeria
Highest-Paying Government Parastatals in Nigeria
Nigerian National Petroleum Corporation (NNPC)
The Nigerian National Petroleum Corporation (NNPC) was set up on the 1st of April 1977. It was the product of the merger between the Nigerian National Oil Corporation and the Federal Ministry of Mines and Steel. The NNPC is involved in managing the joint venture between the Federal Government and a number of foreign multinational corporations, which include Royal Dutch Shell, Agip, ExxonMobil, Total S.A, Chevron, and Texaco (now merged with Chevron).
The company is solely responsible for upstream and downstream developments and is also involved with regulating and supervising the oil industry on behalf of the Nigerian Government.
The NNPC headquarters is located in the NNPC Towers in Abuja. It comprises four identical towers, the complex is located on Herbert Macaulay Way, Central Business District Abuja. NNPC also has zonal offices in Lagos, Kaduna, Port Harcourt and Warri. Additionally, it has an international office located in London, United Kingdom.
The NNPC has several autonomous Business Units. These include the Upstream Company, Downstream Company, Refining Company, Ventures Company as well as the Gas & Power Company
There is also the Corporate Services Units which include the Corporate Services as well as the Finance and Accounts.
If you want to work in the company, some of the strategic Business & Corporate Services units include the National Petroleum Investment and Management Service, Crude Oil Marketing Division, Government & Labour Relations , Marine Logistics, Renewable Energy/Frontiers Exploration, Group Human Resources Division, Nigeria Gas Processing & Transmission Company, NNPC Properties, NNPC Medical Services and many others.
At NNPC, interns earn between ₦18,000 to ₦30,000 while entry-level staff earns between ₦180,000 and ₦350,000. Also, for experienced hires and managerial positions at the NNPC, the salary is between ₦500,000 and ₦1,000,0000.
Bank of Industry (BOI)
The Bank of Industry (BOI) is the oldest and largest Development Finance Institution (DFI) currently operating in Nigeria. The bank is owned by the Ministry of Finance Incorporated (MOFI) Nigeria (94.80%), the Central Bank of Nigeria (CBN) (5.19%) and private shareholders (0.01%).
BOI is a parastatal under the Federal Ministry of Industry, Trade and Investment and the mission of the organization include the provision of financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernization of existing enterprises; as well as rehabilitation of existing ones.
The bank is focused on financing industrial projects in key sectors of the economy such as: Agro and Food Processing, Light Manufacturing, Gas and Petrochemicals, Engineering and Technology, Solid Minerals and Creative Industries (arts and entertainment) which is in line with the Nigeria Industrial Revolution Plan and Economic Recovery and Growth Plan (ERGP).
BOI also focuses on promoting youth entrepreneurship, women-owned businesses and renewable energy projects.
The employees at the Bank of Industry are one of the highest-paid in the country. According to its 2016 annual report, the bank had in its payroll about 335 employees, compared to 318 the year before. Based on this, the average salary per employee comes to a whopping ₦20 million in 2016 alone. This is one of the highest we have seen in the financial services industry and for government-owned entities.
A breakdown of the Bank of Industry (BOI) staff salary also reveals about 141 (42%) of the staff earn above ₦9 million while about 291 (86%) of the staff earn about ₦4 million and above.
Central Bank of Nigeria (CBN)
The CBN is the apex monetary authority of Nigeria. It was established by the CBN Act of 1958 and began operations on July 1, 1959. The bank was set up with the objectives of maintaining the external reserves of the country, promoting monetary stability and a sound financial environment, as well as serving as a banker of last resort and financial adviser to the Federal Government.
When the CBN commenced operations in 1959, its initial functions was to act as the government’s agency for the control and supervision of the banking sector, to monitor the balance of payments according to the demands of the federal government and to tailor monetary policy along the demands of the federal budget.
Over the years, the bank has grown to become instrumental in the growth and financial credibility of commercial banks in the country by ensuring that all the financial banks operating in the country have a capital base (required reserves).
Also, the CBN is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration during the 2011 Global Policy Forum held in Mexico.
For entry-level employees, the Central Bank of Nigeria pays ₦122,000 monthly but the pay actually depends on your department and unit. Although, the figure seems quite low when compared to other banks, however, this small base pay is well compensated for in allowances and bonuses.
Federal Inland Revenue Service (FIRS)
The FIRS was set up to operate a transparent and efficient tax system that optimizes tax revenue collection and voluntary compliance.
FIRS is another federal agency that pays quite well. The entry-level staffs are paid between ₦120,000 and ₦150,000 monthly.
The FIRS salary for officer 1 is between ₦167,000 and ₦184,000. Unlike most of the other salary packages, the Federal Inland Revenue Service have no other remunerations apart from the salary. Thus, all figures given are non-negotiable in the upwards direction.
Nigerian Maritime Administration and Safety Agency (NIMASA)
NIMASA was created in 2006. It was formerly known as the National Maritime Authority (NMA) and it is responsible for regulations related to Nigerian shipping, maritime labor, and coastal waters. The agency is also involved in inspections and provides search and rescue services.
It has been revealed that the entry-level salary of NIMASA staff is between ₦200,000 and ₦240,000.