- Nigerian banking sector is one of the highest employers of labours in the country with over 90,000 Nigerians
- Chief Executive/Managing Directors are saddled with the responsibilities not to only ensure salaries are paid but also profits are made
- These enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank
The banking sector, especially commercial banks, is one of Nigeria's most profitable sectors, generating billions in profits.
The Chief Executive/Managing Director, the highest-ranking executive in the organisation, is in charge of making the best corporate choices, overseeing the execution of the organization's corporate strategy, and, most importantly, maximizing the shareholders' return.
Thus, these enormous responsibilities also come with a considerable executive compensation for their service making them ostensibly the highest-ranking staff of the bank.
Listed below in no particular order are the five highest-paid banking executives in 2020 based on data sourced from the published audited accounts of the banks.
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Kennedy Uzoka (UBA) – N143 million
In 2020, the Kennedy Uzoka earned a sum of N143 million in 2020 as the bank’s highest-paid director after helping the bank grow its profits to N113.7 billion from N89 billion reported the previous year.
Demola Sogunle (Stanbic IBTC Holdings) – N158 million
Demola Sogunle received N158 million in yearly income in full year 2020, according to Stanbic IBTC's reports, up from N155 million in 2019.
Emeka Emuwa (Union Bank) – N164 million
Eme Emuwa, the bank's immediate past CEO, retired on March 31, 2021 after serving the bank for eight years.
Mr. Eme's total yearly compensation as the bank's CEO was reduced to N164 million before his resignation from N172 million in 2019.
Ebenezer Onyeagwu (Zenith Bank) – N230 million
In 2020, Ebenezer earned a sum of N230 million according to data obtained from the Financial Statement of Zenith Bank Plc.
Under the leadership of Ebenezer Onyeagwu, Zenith Bank remains the most profitable bank in the country with about N235.5 billion in profits, up from N209 billion in 2019.
Segun Agbaje (GT Bank) – N399.70 million
Segun Agbaje, the current Chief Executive Officer of Guaranty Trust Holding Company (GTCO) earned an annual income of N399.7 billion unchanged after the bank posted a record profit after tax of N201 billion in 2020, up from N197 billion in 2019.
CBN spends N538.59m disposing of 1.51 Billion Dirty Naira notes in 2020
The naira notes which are unfit and disposed of range from N1000 to N5 note with N500 accounting for 38.2%.
The dirty notes were put into 151,427 boxes according to CBN and disposed of with the sum of N538.59 million.