Full List: Names of Bank CEOs With Highest Salaries in Nigeria
- Nigerian banks recorded strong financial performance in 2024, resulting in higher payouts for their executive
- Data shows that the combined take-home pay of CEOs from nine commercial banks totalled over N2 trillion
- Zenith Bank CEO, Adaora Umeoji, leads the list with the highest executive compensation for 2024
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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The chief executives and managing directors of nine leading commercial banks collectively received N2.3 trillion in salaries and compensation for the year 2024.
Although this is a 30% decline from N3.76 trillion aggregate salary in 2023, the mirrors the perks that come with the pressure of leading a top financial institution.
Source: Facebook
The figures is according to data, sourced from publicly listed banks on the Nigerian Exchange Limited (NGX).
The banks' CEOs captured for the analysis include Access Holdings Plc, Zenith Bank Plc, First Holdco Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa (UBA), FCMB Group, Stanbic IBTC Holdings Plc, Wema Bank, and Fidelity Bank. bank
Breakdown of how much each bank paid its CEOs
BusinessDay reports that among the banks, Zenith Bank paid out the highest amount to its executive.
There was a significant reduction in the compensation for executives as part of measures to cut costs.
Zenith Bank: Adaora Umeoji (N874m)
Adaora Umeoji, the Group Managing Director and CEO of Zenith Bank, is the highest-earning among the executives surveyed. Data shows that Zenith Bank paid Umeoji N874 million in 2024.
This is a 59% decline from the N2.16 billion paid to her predecessor in 2023. Umeoji became the CEO of Zenith Bank on June 1, 2024, making history as the first woman to lead the bank.
GTCO: Segun Agbaje (N471m)
Segun Agbaje is the second highest earning CEO among the banks surveyed, with a compensation package of N471 million, slightly higher than the N456.5 million he received in 2023.
He has held the position of Group CEO of GTCO since August 2021 following the bank’s transformation into a holding company.
FCMB Group: Ladi Balogun (N329m)
Ladi Balogun, who has led FCMB Group since 2017, was paid N329 million, a significant increase from the N183 million he received in 2023. Balogun has over 28 years of experience in commercial and investment banking across Africa, Europe, and the US.
UBA: Oliver Alawuba (N254m)
UBA's compensation to Oliver Alawuba, its CEO, was N254 million in 2024, a slight increase from the N247 million paid in 2023.
Alawuba has a distinguished career with the bank, having held leadership positions across Africa. Alawuba’s extensive experience in banking and regional leadership has significantly contributed to UBA's success across 19 countries.
Stanbic IBTC Holdings Plc: Kunle Adedeji (N215m)
Kunle Adedeji became the acting CEO of Stanbic IBTC Holdings in November 2024, succeeding his predecessor with a wealth of experience gained over 25 years in banking.
For his efforts, he was compensated N215 million in 2024, a reduction from the N330 million his predecessor received in 2023.
Source: Getty Images
Access Holdings Plc: Bolaji Agbede (N180m)
Bolaji Agbede assumed the role of acting CEO at Access Holdings in February 2024, following an illustrious career with the bank since 2003.
With nearly three decades of experience, Agbede has held several senior positions, including Group Human Resources Head and Executive Director.
Access Holdings paid Agbede N180 million in 2024, up from N88 million in 2023, reflecting the company's ongoing leadership changes.
Fidelity Bank: Nneka Onyeali-Ikpe (N110m)
Nneka Onyeali-Ikpe, who became CEO of Fidelity Bank in January 2021, is a seasoned banker with a background in regional management. She maintained her salary at N110 million in 2024, consistent with the previous year’s earnings.
Wema Bank: Moruf Oseni (N106m)
Moruf Oseni, who joined Wema Bank in 2012 and became CEO in 2019, has led the bank through significant transformations. The bank paid him N106 million in 2024, an increase from N79 million in 2023.
First HoldCo Plc: Wale Oyedeji (N97m)
Wale Oyedeji, appointed CEO of First HoldCo in November 2024. His compensation from First HoldCo was N97 million in 2024, a slight decrease from N107 million in 2023.
Oyedeji has a rich banking background, having worked for institutions like Ernst & Young and Guaranty Trust Bank.
Banks with the highest earnings from fees, commissions
Earlier, Legit.ng reported that nine Nigerian banks earned about N2.59 trillion in fees and commission revenue in 2024.
Fees and commission income are revenue earned from various fees and commissions charged for services to customers.
They include charges for account maintenance, transaction fees, and fees regarding credit card purchases, digital banking, and other financial services.
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Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
