Access, UBA on List of Top 10 Commercial Banks in Nigeria Ranked by Workers' Salaries

Access, UBA on List of Top 10 Commercial Banks in Nigeria Ranked by Workers' Salaries

  • Banking remains one of the most attractive sectors for graduates due to the relatively good pay
  • Government data shows over 90,000 Nigerians are working in different banks in the country
  • has provided a breakdown of commercial banks with the highest expenses on workers' salaries, other payments

Ten listed commercial banks on the Nigerian exchange paid a combined sum of N1.30 trillion to their staff in 2022 to cover their personnel expenses, which include wages, salaries and pensions.

The amount represents a significant increase of 13.10% compared to the N1.15 trillion recorded in 2021 as workers' expenses by the banks.

The banks surveyed for the analysis include Access Bank, First City Monument Bank(FCMB), Fidelity Bank, Guaranty Trust Bank (GTB), Stanbic IBTC Bank, United Bank for Africa(UBA), Unity Bank, Wema Bank, Zenith Bank, and Ecobank.

Bank workers in Nigeria
Bank workers in Nigeria are one of the highest-paid employees. Photo credit: Klaus Vedfelt
Source: Facebook's breakdown shows that Ecobank recorded the highest staff expenses in 2022, followed by UBA and Access Bank. In contrast, those with the lowest costs are Unity, Fidelity, and Wema.

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Ecobank also had the highest staff expense increase of all the banks analysed, paying N75 billion more than the previous year.

Overall, the analysis shows the banks surveyed experienced increased staff expenses from 2021 to 2022.

Kunle Ajayi, an economist in Lagos, explained:

"This is not surprising as banks are expected to hire more staff to meet the growing demands of their customers and the industry."

Here is a breakdown of banks salary expenses and changes

BanksStaff expenses in 2022Staff expenses in 2021difference

Fidelity targets five banks across Africa

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In another report, Fidelity Bank is looking at acquiring five commercial banks across the continent.

This move comes after the bank recently finalised an acquisition in the United Kingdom.

Fidelity is currently the sixth-largest lender in Nigeria, with assets worth N4 trillion, and the bank has set new growth targets.


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