See list of highest paid CEOs in Nigeria, one earns N874m

• Nigerian banks recorded beardown fiscal show successful 2024, resulting successful higher payouts for their executives
• Data shows that the combined take-home wage of CEOs from 9 commercialized banks totalled implicit N2 trillion
• Zenith Bank CEO, Adaora Umeoji, leads the database with the highest enforcement compensation for 2024

Legit.ng journalist Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

The main executives and managing directors of 9 starring commercialized banks collectively received N2.3 trillion successful salaries and compensation for the twelvemonth 2024.

Although this is simply a 30% diminution from N3.76 trillion aggregate wage successful 2023, the mirrors the perks that travel with the unit of starring a apical fiscal institution.

Zenith, GTCO and Stanbic are among highest paying CEOs
Source: Facebook

The figures is according to data, sourced from publically listed banks connected the Nigerian Exchange Limited (NGX).

The banks' CEOs captured for the investigation see Access Holdings Plc, Zenith Bank Plc, First Holdco Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa (UBA), FCMB Group, Stanbic IBTC Holdings Plc, Wema Bank, and Fidelity Bank. bank

Breakdown of however overmuch each slope paid its CEOs

BusinessDay reports that among the banks, Zenith Bank paid retired the highest magnitude to its executive.

There was a important simplification successful the compensation for executives arsenic portion of measures to chopped costs.

Zenith Bank: Adaora Umeoji (N874m)

Adaora Umeoji, the Group Managing Director and CEO of Zenith Bank, is the highest-earning among the executives surveyed. Data shows that Zenith Bank paid Umeoji N874 cardinal successful 2024.

This is simply a 59% diminution from the N2.16 cardinal paid to her predecessor successful 2023. Umeoji became the CEO of Zenith Bank connected June 1, 2024, making past arsenic the archetypal pistillate to pb the bank.

GTCO: Segun Agbaje (N471m)

Segun Agbaje is the 2nd highest earning CEO among the banks surveyed, with a compensation bundle of N471 million, somewhat higher than the N456.5 cardinal helium received successful 2023.

He has held the presumption of Group CEO of GTCO since August 2021 pursuing the bank’s translation into a holding company.

FCMB Group: Ladi Balogun (N329m)

Ladi Balogun, who has led FCMB Group since 2017, was paid N329 million, a important summation from the N183 cardinal helium received successful 2023. Balogun has implicit 28 years of acquisition successful commercialized and concern banking crossed Africa, Europe, and the US.

UBA: Oliver Alawuba (N254m)

UBA's compensation to Oliver Alawuba, its CEO, was N254 cardinal successful 2024, a flimsy summation from the N247 cardinal paid successful 2023.

Alawuba has a distinguished vocation with the bank, having held enactment positions crossed Africa. Alawuba’s extended acquisition successful banking and determination enactment has importantly contributed to UBA's occurrence crossed 19 countries.

Stanbic IBTC Holdings Plc: Kunle Adedeji (N215m)

Kunle Adedeji became the acting CEO of Stanbic IBTC Holdings successful November 2024, succeeding his predecessor with a wealthiness of acquisition gained implicit 25 years successful banking.

For his efforts, helium was compensated N215 cardinal successful 2024, a simplification from the N330 cardinal his predecessor received successful 2023.

Nigerian banks net improved successful 2024 Photo credit: Bloomberg/contributor
Source: Getty Images

Access Holdings Plc: Bolaji Agbede (N180m)

Bolaji Agbede assumed the relation of acting CEO astatine Access Holdings successful February 2024, pursuing an illustrious vocation with the slope since 2003.

With astir 3 decades of experience, Agbede has held respective elder positions, including Group Human Resources Head and Executive Director.

Access Holdings paid Agbede N180 cardinal successful 2024, up from N88 cardinal successful 2023, reflecting the company's ongoing enactment changes.

Fidelity Bank: Nneka Onyeali-Ikpe (N110m)

Nneka Onyeali-Ikpe, who became CEO of Fidelity Bank successful January 2021, is simply a seasoned banker with a background successful determination management. She maintained her wage astatine N110 cardinal successful 2024, accordant with the erstwhile year’s earnings.

Wema Bank: Moruf Oseni (N106m)

Moruf Oseni, who joined Wema Bank successful 2012 and became CEO successful 2019, has led the slope done important transformations. The slope paid him N106 cardinal successful 2024, an summation from N79 cardinal successful 2023.

First HoldCo Plc: Wale Oyedeji (N97m)

Wale Oyedeji, appointed CEO of First HoldCo successful November 2024. His compensation from First HoldCo was N97 cardinal successful 2024, a flimsy alteration from N107 cardinal successful 2023.

Oyedeji has a affluent banking background, having worked for institutions similar Ernst & Young and Guaranty Trust Bank.

Banks with the highest net from fees, commissions

Ealier, Legit.ng reported that 9 Nigerian banks earned astir N2.59 trillion successful fees and commission gross successful 2024.

Fees and committee income are gross earned from assorted fees and commissions charged for services to customers.

They see charges for relationship maintenance, transaction fees, and fees regarding recognition paper purchases, integer banking, and different fiscal services.

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Source: Legit.ng