Top Nigerian Bank CEOs Kick Off 2022 in Riches. Here is How Much they Made in January 2022

Top Nigerian Bank CEOs Kick Off 2022 in Riches. Here is How Much they Made in January 2022

  • Chief Executive Officers of Nigerian banks made a lot of money during the first four trading weeks of January 2022
  • Herbert Wigwe is the highest-paid executive among the commercial banks listed on the Nigerian Exchange Group
  • However, it was not all good news for the CEOs as Demola Sogunle of Stanbic Bank lost N4 million

Findings by has revealed that Chief Executive Officers of some of the most valued banks had a lot to cheer for the month of January 2022.

According to data from Nigerian exchange the CEOs attached to Zenith Bank, Stanbic IBTC, Access Bank and United Bank of Africa all made over N900 million in the first 20 trading days of 2022.

The earnings reported in this story is solely based on their direct and indirect investments in their various banks in relation to share price movement.

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Four Top Nigerian bank CEOs kick off 2022 in riches. Here is how much they made
Nigerian Bank CEOs Credit: Access, Stanbic, Zenith, UBA
Source: Facebook

Breakdown of what they made in January 2022

Access Bank's CEO Herbert Wigwe stands at the top of the list of CEOs who had a significant gain in wealth in the month of January.

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Wigwe pocketed N906.7 million in January as a result of a 6.48 % gain in Access Bank shares.

Wigwe has made a direct investment of 201.23 million and an indirect ownership of 1.31 billion through three companies: United Alliance Company of Nigeria Limited, Trust and Capital Limited, and Coronation Trustees Tengen Mauritius.

This is followed by Ebenezer Onyeagwu the Group Managing Director of Zenith Bank, where he holds 46.50 million direct holdings.

Onyeagwu earned N20.92 million in the first month of 2022 due to Zenith Bank's share price increasing by 1.77 percent.

It was also a fantastic first month of the year for UBA's CEO, Kennedy Uzoka, who owns 37.17 million direct ownership shares.

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Uzoka made N13 million in January as a result of the rise in UBA shares from N8.05 to N8.4.


However, Demola Sogunle, the CEO of Stanbic IBTC, did not have a good month.

His direct investment of N2.07 million in Stanbic IBTC cost him N4.65 million as the bank's share price fell 5.92 percent to N35.75 a share at the end of the month.

CBN reduces charges on electronic transactions

Meanwhile, the Central Bank of Nigeria has revealed the right bank charges in response to Nigerians' complaints about high bank charges.

CBN also announced a decrease in electronic costs one of the contentious issues between banks and customers.

Nigerian banks are making a lot of money from electronic transactions, and recorded a profit of N200.45 billion from e-business transactions in 2021.


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