List of Highest Paid Bank CEOs in Nigeria as 8 Share N1.6bn Salary in 2022

• The new list of the highest-paid bank CEOs in Nigeria for 2022 has been revealed
• Data showed that seven bank CEOs received a total of N1.32 billion payment in 2022
• The top earners are GTB bank's Segun Agbaje, who earned a whopping N445.9 million, followed by Zenith Bank

The chief executive and managing directors of eight commercial banks have reported a significant surge in salary and compensation.

According to data from the banks' financials, N1.61 billion was paid to the chief executive officers (CEOs) in 2022.

Findings by Legit.ng showed that the amount represents a 33.89% increase compared to the N1.20 billion the CEOs received 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).

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A financial analyst, Tunde Olusehun, explained:

"The Chief Executive/Managing Director, the most senior executive in the organisation, has the responsibility of making sound corporate decisions, supervising the implementation of the corporate strategy, and, most significantly, ensuring that the shareholders' return is maximised.

"Due to the enormity of these responsibilities, they receive a significant compensation package."

Breakdown of bank CEOs' earnings and performance

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

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

The increase in his compensation coincided with the bank's transition to a holding company and profit before tax of N214.2 billion in 2022.

Agbaje was the GMD/CEO of Guaranty Trust Bank Plc before becoming the Group MD/CEO of GTCO Holding Company.

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

Complete list of bank CEOs' salaries

• 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 the year before.
• GTB: Segun Agbaje - paid N445.7 million in 2022 compared to N171.9 million in 2021.

CBN to close millions of bank accounts in Access, UBA, Zenith, and others

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In another report, Legit.ng revealed that CBN plans to close bank accounts without BVN to clean up the sector and reduce fraud.

BVN is a unique identifier capturing biometric data used to verify customer identities and prevent fraud.

Twenty-four commercial banks are operating in Nigeria, including Access, UBA, Zenith, and other financial institutions that require BVN.

Source: Legit.ng