Meet Top 5 Nigerian Banks Paying the Highest Salaries in 2025, Zenith, Access Lead the Pack
- About five Nigerian banks have unveiled their staff salaries for the past 12 months, showing an improved staff compensation
- Filings with the Securities and Exchange Commission (SEC), shows that the banks ₦644.01bn on personnel expenses in 2025
- The banks were led by Access Bank, Zenith, UBA, Stanbic IBTC, and Guaranty Trust Bank
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s top banks are paying record-breaking salaries as competition intensifies to retain skilled talent amid economic pressures and a rising cost of living.
Fresh half-year financial filings from Zenith Bank, Access Holdings, GTCO, UBA, and Stanbic IBTC reveal that the five banking giants collectively spent ₦644.01 billion on personnel expenses in June 2025, a steep jump from ₦493.19 billion in June 2024.
Source: Getty Images
This marks a 30.58% year-on-year surge in wage expenditure, reflecting not just salary reviews and bonuses, but also increased headcount across the industry.
According to filings with the Securities and Exchange Commission (SEC), combined, these five banks now employ 39,903 staff, up from 35,284 a year earlier, a 13% rise.
Access Bank tops salary chart with ₦229bn in staff costs
Access Holdings Plc emerged as the biggest spender on personnel, recording ₦229.21bn in staff expenses by mid-2025 — a 44.29% increase from ₦158.88bn in June 2024.
The group’s salary distribution reveals a generous compensation structure.
- 2,928 employees earned between ₦17.95m and ₦21.94m per annum,
- 2,118 employees earned ₦11.36m–₦14.95m,
- 1,994 staff earned between ₦7.48m and ₦8.76m yearly.
Notably, no staff earned less than ₦900,000. The lowest-paid 30 employees received between ₦900,001 and ₦1.99m.
Despite the steep rise in overall salary costs, key management compensation dipped slightly to ₦655m from ₦765m in 2024, signaling tighter control at the executive level.
UBA employees enjoy salary boost as pay rises 29%
At United Bank for Africa (UBA), total staff compensation (including executive pay) surged 28.65% to ₦172.21bn from ₦133.86bn last year.
Salary distribution showed that:
- 5,001 employees earned ₦9m and above,
- 3,067 earned ₦6.5m–₦7.8m,
- Only 493 employees earned ₦300,001–₦2m — a sharp drop from 1,181 in 2024.
This trend suggests that UBA has significantly raised pay at the lower end of its structure, helping more staff cross into higher income bands.
Zenith Bank rewards 5,579 staff with ₦9m and above
Zenith Bank Plc, a consistent top player in Nigeria’s financial sector, maintained strong salary competitiveness. Out of its 10,520 employees, a remarkable 5,579 earned ₦9m and above annually, while only 114 employees fell into the ₦300,001–₦2m bracket.
The bank’s total personnel expenses rose to ₦134.57bn in June 2025 from ₦115.9bn in 2024, a 16% increase.
Key management compensation (excluding certain benefits) stood at ₦6.5bn, showing the bank’s focus on rewarding its leadership team while maintaining balance across employee levels.
GTCO raises salaries by 40% to cushion inflation
According to a report by Punch, Guaranty Trust Holding Company (GTCO) took a proactive approach to inflation by increasing staff salaries by 40%, according to TechCabal.
Personnel costs jumped 31.08%, reaching ₦54.39bn from ₦41.5bn a year earlier.
- 1,404 employees earned ₦4.53m–₦5.93m,
- 1,001 were in the ₦720,001–₦1.4m band,
- Around 1,000 employees earned ₦9m and above.
The group’s key management pay rose to ₦9.19bn, driven partly by a ₦7.49bn increase in Share Appreciation Rights, a unique incentive plan under its Staff Investment Trust.
Stanbic IBTC: No staff earns below ₦3m
Stanbic IBTC Holdings Plc maintained one of the most competitive pay structures in the sector. None of its 3,304 employees earned below ₦3m per annum.
- The lowest-paid seven employees received between ₦3m–₦4m,
- A dominant 2,979 employees earned ₦6m and above.
Key management compensation declined to ₦2.87bn from ₦3.35bn, reflecting cost discipline even as salaries remain high.
Banking sector defies economic pressures with rising pay
Despite Nigeria’s inflationary challenges, foreign exchange volatility, and regulatory costs, the banking sector continues to expand and reward its workforce generously.
Access Holdings, UBA, and Zenith Bank together accounted for over 80% of total staff spending, underscoring their dominance in employee remuneration.
Source: Getty Images
Industry analysts say the sustained salary growth and increased headcount suggest confidence in long-term profitability and a deliberate effort to attract and retain top talent amid rising competition from fintech and digital banks.
In a year marked by economic headwinds, Nigerian banks are not just counting profits, they are also investing heavily in their people.
CBN confirms 14 banks meet recapitalisation target
Legit.ng earlier reported that with six months to the March 31, 2026, deadline, the Central Bank of Nigeria (CBN) has confirmed that 14 banks have scaled the recapitalisation hurdle.
The governor of the CBN, Olayemi Cardoso, disclosed this on Tuesday, September 23, 2025, during the Monetary Policy Committee (MPC) meeting in Abuja.
The CBN boss said the financial sector has remained resilient, with most financial soundness indicators remaining within the projected benchmarks.
Source: Legit.ng
