Nigerian Big 5 Banks Double Staff Wage Bills, Release Full Breakdown
- Nigerian banks, including First HoldCo and UBA, have increased their personnel expenses
- Data shows personnel expenses across all five banks rose in 2025 compared with 2024
- The increase reflects higher staff-related costs, including wages, benefits and retention-driven compensation
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s largest tier-one lenders, collectively known as the FUGAZ banks, recorded increases in personnel expenses amid rising inflation, salary adjustments and expanded hiring.
Source: UGC
FUGAZ is an acronym for the top five, largest, and most systemically important tier-one banks in Nigeria. These banks dominate the Nigerian stock market, controlling over 70% of customer deposits and leading in profitability and market influence.
The group comprises First HoldCo Plc, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Access Bank and Zenith Bank.
Total (FUGAZ banks combined): ~N1.23 trillion
Analysis of the latest financial statements on the Nigerian Exchange shows that personnel expenses rose across all five lenders compared with 2024.
The five banks collectively spent an estimated N1.23 trillion on personnel costs in their latest reporting periods.
First HoldCo Plc: N385.91 billion
First HoldCo Plc reported personnel expenses of N385.91 billion for the year ended December 31, 2025, up from N308.47 billion in the corresponding period of 2024.
Although its fourth-quarter personnel costs stood at N96.99 billion, this was slightly lower than the N98.07 billion recorded a year earlier.
Source: UGC
UBA: N256.61 billion
United Bank for Africa reported wages and salaries of N256.61 billion for the period ended September 2025, compared with N216.04 billion in the same period of 2024.
The increase reflects continued expansion across its pan-African operations, as the lender sustains investment in human capital to support growth and service delivery.
GTCO: N101.05 billion
Guaranty Trust Holding Company recorded personnel expenses of N101.05 billion for the full year ended December 2025, up from N85.40 billion in 2024.
Access Bank: N358.56 billion
Access Bank reported personnel expenses of N358.56 billion for the nine months ended September 2025, compared with N282.18 billion in the same period of 2024.
Zenith Bank: N182.08 billion
Zenith Bank similarly reported personnel expenses of N182.08 billion for the nine months ended September 2025, up from N150.67 billion in 2024.
CBN approves as another bank begins operation in Nigeria
Earlier, Legit.ng reported that Bank78 MFB has officially commenced operations as a private digital lender in Nigeria.
The bank stated that although it is inspired by private-banking culture and mindset, it is deliberately designed for the mass-affluent everyday Nigerian, offering a secure and premium digital banking experience.
The bank noted that it is fully licensed by the Central Bank of Nigeria (CBN), insured by the Nigeria Deposit Insurance Corporation (NDIC), and fully compliant with the Nigeria Data Protection Regulation (NDPR) and will prioritise transparency, security, and dependable transactions.
Source: Legit.ng
