Ecobank Leads as 10 Commercial Banks Spend Over N400bn on Staff Salaries, Wages In 12 Months

Ecobank Leads as 10 Commercial Banks Spend Over N400bn on Staff Salaries, Wages In 12 Months

  • Working in the banking industry is a dream for many Nigerian graduates because they believe there is a lot of money to be made
  • And indeed there is, as 10 commercial banks paid workers salaries and wages of over N400 billion in 2021
  • The amount captured in this report only covers salaries and wages and does not include other staff costs, pension contribution that makes up personnel cost

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Working in the Nigerian banking sector comes with perks and while many work as contract staff, those with full-time employment have a lot to cheer monthly.

Data shows ten Nigerian banks in 2021 spent N444.9bn on salaries and wages of their staff, a 10.14 per cent increase from N404bn spent in 2020.

The figure was obtained from the full-year results of the banks submitted to the Nigerian exchange.

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Ecobank best-paying bank as 10 Commercial Banks spend over N400bn on staff salaries, wages in 12 months
Logos of Nigerian banks
Source: Getty Images

The banks surveyed by include Eco Bank, First City Monument Bank (FCMB), Fidelity Bank, Guaranty Trust Holding Company(GTCO), Jaiz bank,

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Others are Zenith Bank, Wema, Unity, United Bank for Africa (UBA), Sterling bank.

The likes of Access Bank and First Bank are yet to release their full-year performance.

Breakdown of salary cost

According to the data, Eco Bank paid the most in salaries and wages since it operates in many African nations, while Fidelity paid the least among the banks surveyed.

Eco Bank paid N183.8 billion to employee salaries and compensation, followed by UBA's N86.5 billion in salaries and wages for 6,634.

Zenith Bank spent N70 billion and stated in its report that it will have 7,517 workers by the end of December 2021.

GTCO ranks second with N33.2 billion and 4,617 employees, followed by FCMB with N23.2 billion.

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Other banks' salary expenses captured are:

  • Sterling bank- N13.6 billion
  • Wema- N12.2 billion
  • Unity Bank- N10.1 billion
  • Jaiz bank- N6.7 billion
  • Fidelity Bank- N5.52 billion

Zenith, Gtbank lead list of Nigeria's most valuable Banks in January

Meanwhile in an earlier report revealed that Zenith Bank is starting 2022 as the most valuable commercial bank in Nigeria as the total value of Nigerian bank closed at N194.5 billion.

In second-most valuable bank is Guaranty Trust Bank followed by Stanbic IBTC Holdings to complete the top three most valuable banks.

Also, the aggregate market cap of all the banks under review went up by N46.6 billion to stand at N3.84 trillion.


Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: