- The Nigerian banking sector remains the highest employer of labor in the country, with over 90,000 employees
- The robust workforce means that billions are deposited into employees' accounts every month
- The top banks with the highest payouts include Access Bank, First Bank, United Bank of Africa, and Zenith Bank
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Nigerian banks listed on the Nigerian Exchange committed N377.70 billion as personnel expenses to their staff in the first half of 2023.
This represents an increase of 10.43% compared to the N342.01 billion recorded in the corresponding period of last year.
The personnel expenses include wages and salaries and also other benefits to the employees such as pension contributory scheme and defined benefit obligations, amongst others.
The banks surveyed include First Bank, Access Bank, Zenith Bank, Guaranty Trust Holding Company Plc (GTCO Plc), United Bank for Africa (UBA), First City Monument Bank (FCMB), Fidelity Bank, Jaiz Bank, Stanbic IBTC Bank, Sterling, Unity Bank, and Wema Bank.
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Ranking Nigerian banks based on salaries
Using data compiled from the bank's financial statement submitted on the Nigerian Exchange Legit.ng ranked the 12 banks based on their staff expenses.
UBA – N69.38 billion
Data analysis shows that UBA spent the highest amount on personnel expenses in the first half of the year.
The bank, led by Tony Elumelu, committed N69.38 billion on staff in six months of 2023, representing a 32.68% increase compared to the N52.29 billion recorded in the same period of the previous year.
A breakdown of the expenses shows that N65.87 billion was committed as wages and salaries in the review period, an increase from N52.29 billion recorded in the corresponding period of 2022.
Access Bank – N65.12billion
Access Bank spent a total of N65.12 billion on personnel expenses between January and June 2023.
This is an increase of 11.75%, compared to N58.27 billion recorded in the corresponding period of 2022.
Out of this amount, N61.85 billion was used as payment for wages and salaries of its employees in the first six months.
First Bank – N65.22 billion
FBN Holdings, the parent company of First Bank of Nigeria, spent a sum of N65.22 billion on personnel expenses in the first half of 2023.
This is a 17.92% increase when compared to N55.3 billion in personnel expenses reported in the first half of 2022.
First Bank did not release the breakdown of its personnel expenses.
Zenith Bank – N56.25 billion
Zenith Bank spent N56.25 billion on personnel expenses in the first half of 2023, representing a 44.57% increase from N38.90 billion recorded in 2022.
Further check shows that salary and wages expenses also increased to N38.61 billion from N36.7 billion spent in 2022 first half.
Stanbic IBTC – N29.51 billion
This is an increase of 19.58% when compared to N24.68 billion recorded in H1 2022.
A breakdown of salaries and wages was not provided.
Others banks staff expenses
- FCMB: N21.16 billion
- GTBank: N20.79 billion
- Fidelity Bank: N17.29 billion
- Wema Bank: N11.87 billion
- Sterling Bank: N9.77 billion
- Unity Bank: N6.84 billion
- Jaiz Bank: N4.48 billion
Zenith Bank chairman Jim Ovia makes over N13bn in 5 hours, buys more shares
In another report, Legit.ng revealed that Jim Ovia, the owner of Zenith Bank, has purchased additional shares in his bank.
The new shares were purchased after he made over N13 billion from President Tinubu's inaugural speech.
He made money between 9:30 and 14:30, the trading hours of the Nigerian stock market.