Full List: UBA, Access in List of Highest-Paying Banks in Nigeria for 2024

Full List: UBA, Access in List of Highest-Paying Banks in Nigeria for 2024

  • Nigerian banks are spending more on staff salaries and other expenses in 2024 compared to previous years
  • The latest data shows that the cost of keeping banking workers happy increased by 414% amid inflation and naira depreciation
  • The banking industry remains one of the most attractive sectors for graduates due to the relatively good pay

Nigerian banks have significantly increased their salaries and other benefits as the cost of goods and services increases in the country.

Legit.ng data analysis of 10 banks' financial statements shows that their combined personnel expenses rose to N476.06 billion as of March 2024.

This represents a 123.41% increase compared to the N213.08 billion recorded by the banks as workers' expenses in 2023.

Nigerian bank workers
Bank workers in Nigeria are among the highest-paid employees. Photo credit: Klaus Vedfelt
Source: Getty Images

Personnel expenses include salaries(majorly), other benefits, bonuses, and pensions.

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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), Wema Bank, Zenith Bank, First Bank and Ecobank.

How the banks' workers salary changed

Legit.ng analysis also revealed that Ecobank has the highest staff expenses in 2024, followed by Access Bank and United Bank of Africa.

Amachukwu Okafar, Senior Consultant at Native Insight, explained to Legit.ng that Ecobank's figures are higher because of its pan-African presence.

"Expenses from other operations are taken into consideration in their financials, which is why the figures are higher compared to those of local players"

Breakdown of bank expenses on staff

Following the removal of the petrol subsidy and the biting effects of inflation, many Nigerian banks adjusted their employees' salaries and wages in 2023.

This adjustment is reflected in the increased staff expenses reported in 2024.

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Ecobank- N152.48bn

Ecobank reported the highest personnel expenses, totalling N152.48 billion as of March 2024, marking a 178% increase from N54.83 billion in 2023.

Access bank - N79.84bn

Access Holdings, the parent company of Access Bank, is the second bank with the highest staff expenses as of March 2024. Its financial statement submitted to the NGX revealed that the bank spent a total of N79.84 billion, a 137.7% increase from N33.56 billion.

It is important to note that these figures do not only represent banking staff, as Access Holdings also operates a payment and switching services company, a digital lending company, a pension fund company, and an insurance brokerage company.

The staff expenses are captured as a group.

Here is a full breakdown of the ten banks' staff expenses

BankStaff expenses 2024Staff expenses 2023%change
AccessN79.84bnN33.56 bn137.7%
EcobankN152.49 bnN54.83bn178.5%
First BankN64.93bnN31.29bn107.4%
FCMBN16.83 bnN10.40bn61.8%

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UBA joins league of Nigeria's N1trn banks

Legit.ng reported that on Monday, January 8, 2024, the United Bank for Africa (UBA) hit the N1 trillion mark in market capitalisation.

The bank's market value increased due to a rise in its share price, which climbed to N29.90 on Monday, January 8, 2024, from its previous closing price of N28.95 on Friday, January 5, 2023.

UBA's latest performance has helped the bank join the list of Nigerian companies with a market value exceeding N1 trillion.

Source: Legit.ng

Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. 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: dave.ibemere@corp.legit.ng.

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