The Highest-Paid CEOs in the Nigerian Banking Industry

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In 2022, Nigerian bank CEOs earned a total of N2.04 billion in salaries, which is a 23.7% increase from the previous year. This information was gathered from the annual reports of major commercial banks. The CEO of a company holds a crucial position and is responsible for making important decisions. Because of this, companies offer competitive salaries to attract top talent, especially in the banking industry where there are significant risks involved.

The Top-Earning CEOs

5. Ladi Balogun (FCMB) – N180 million

Ladi Balogun became the Group Chief Executive of FCMB Group Plc in 2017. In 2022, he earned N180 million, a 53% increase from the previous year. Balogun has over 28 years of experience in commercial and investment banking and holds a bachelor’s degree in economics from the University of East Anglia and an MBA from Harvard Business School. Under his leadership, FCMB Group’s profit for 2022 rose by 55.8% to N32.59 billion.

4. Oliver Alawuba (UBA) – N215 million

Oliver Alawuba became the Group CEO at United Bank for Africa in 2022. He earned N215 million that year. Alawuba has over 25 years of experience in the banking industry and has held various important positions within UBA. In 2022, UBA’s gross earnings rose significantly to N853.2 billion, representing a strong 29.2% growth.

3. Demola Sogunle (Stanbic IBTC) – N245 million

Demola Sogunle, the Chief Executive of Stanbic IBTC Holdings, earned N245 million in 2022. Sogunle has an extensive history within the Stanbic IBTC Group and holds an MBA in Banking and Finance. Stanbic IBTC achieved remarkable growth in 2022, with a 41.8% increase in net profit after tax.

2. Ebenezer Onyeagwu (Zenith Bank) – N285 million

Ebenezer Onyeagwu became the Group Managing Director/CEO at Zenith Bank in 2019. In 2022, he earned N285 million. Onyeagwu has a diverse academic background and has pursued executive-level education at esteemed institutions. Zenith Bank reported gross earnings of N282.98 billion and a profit after income tax of N31.13 billion in 2022.

1. Segun Agbaje (GTCo) – N446 million

Segun Agbaje serves as the Group Managing Director/CEO of Guaranty Trust Holding Company Plc. In 2022, he earned a total of N446 million, a significant increase from the previous year. Agbaje has been associated with GT Bank since 1991 and has held various important positions within the company. During the financial year, GTCo reported a profit before tax of N214.2 billion.

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