List of highest paid bank CEOs in Nigeria and how much earned as 8 shared N1.6bn salary in 2022

The Chief Executive/Managing Directors of eight commercial banks have reported a significant surge in salary and compensation.

According to data sourced from the banks’ financials a total of N1.61 billion was to the CEOs in 2022.

Findings by Legit.ng showed that the amount represents a 33.89 percent increase when compared to N1.20 billion the CEOs receieved in 2021.

The Banks CEOs captured in this analysis include First City Monument Bank (FCMB), Stanbic IBTC Bank (Stanbic), United Bank for Africa (UBA), Wema Bank (WEMA), Zenith Bank (Zenith), Access Bank (Access) holdings, Union Bank of Nigeria (Union), and Guaranty Trust Bank (GTB).

A Financial analysts Tunde Olusehun explained: “The Chief Executive/Managing Director, who is the most senior executive in the organization, has the responsibility of making sound corporate decisions, supervising the implementation of the corporate strategy, and, most significantly, ensuring that the shareholders’ return is maximized.

“Due to the enormity of these responsibilities, they receives a significant compensation package”

Breakdown of the banks CEOs earnings and performance

Based on the compiled list, Segun Agbaje, the CEO of Guaranty Trust is the highest-paid CEO among the surveyed banks.

In 2022, he received a compensation of N445.69 million, which was an increase from the N171.9 million he earned in the previous year.

This increase in his compensation coincides with the bank’s transition to a holding company and profit before tax of N214.2 billion in 2022.

Agbaje is the GMD/CEO of the GTCO, Prior to becoming the Group MD/CEO of the Holding Company, he was the MD/CEO of Guaranty Trust Bank Plc.

His payments include among several others gross salary package , sitting allowances.

Full list of banks CEOs salary

FCMB: Ladi Balogun – paid N179.82 million in 2022 compared to N117.6 million in 2021.

Stanbic: Demola Sogunle – paid N245 million in 2022 compared to N204 million in 2021.

UBA: Kennedy Uzoka – paid N215 million in 2022 compared to N143 million in 2021.

WEMA: Ademola Adebise – paid N79.52 million in 2022 compared to N70.05 million in 2021.

Zenith: Ebenezer Onyeagwu – paid N285 million in 2022 compared to N246 million in 2021.

Access: Herbert Wigwe – paid N86 million in 2022 compared to N120 million in 2021.

Union: Mudassir Amray who became CEO in June 2022 received N82 million compared to N134 million paid to his successor in 2021.

GTB: Segun Agbaje – paid N445.7 million in 2022 compared to N171.9 million in 2021.