Highest paid Bank MDs in Nigeria

Regardless of the ongoing evolution and digitalization of the Nigerian economy, traditional banks, especially commercial banks, churn in the most profits among all sectors of the Nigerian economy.

In the financial year 2020, the Nigerian banking sector accounted for nearly N1 trillion. With a joint employment base of 93,000 workers across Nigeria, these banks are one of the highest paying employers of labor in the country.

Bank Managing Directors in Nigeria are some of the highest-paid corporate workers. The position of the Executive/Managing Director, in these financial institutions, holds the highest-ranking position. They are responsible for making corporate decisions, mapping strategies, and increasing the profitability of shareholders’ return among others.

According to a recent study, selected bank MDs/CEOs earned more than N1.5 billion in salaries in 2020. The data was put together by the Nairametrics Research team and was sourced from published audited accounts of selected banks.

Segun Agbaje (GT Bank) – N399.70 million

GTB’s audited financial statement for 2020 showed that Segun Agbaje earned an annual income of N399.70 million – unchanged from 2019.  

Agbaje is the chief executive officer at Guaranty Trust Bank (GTB) Plc. He is a Director at PepsiCo, and also serves on Mastercard Advisory Board, Middle East, and Africa. His career kicked off at Ernst Young in San Francisco, until he later joined the then financial startup, GTB in 1991. In January 2000, he became an executive director at the bank, and a decade later, was made the CEO, following the death of former CEO Tayo Aderinokun. Agbaje is set to retire from GTB later this year.

In its audited financial report for FY 2020, GTB posted profit after tax of N201 billion, up from N197 billion a year ago. It also posted an impressive return on average equity of 26.8%, with share price increasing by 9% year-to-date in 2020. Under the leadership of Agbaje, GTB successfully paid shareholders twice annually. The bank has maintained a reputation as the most efficient bank operating at an impressive cost to income ratio of 37%.

Ebenezer Onyeagwu (Zenith Bank of Nigeria) – N230 million

Chief executive director of Zenith Bank Plc., Ebenezer Onyeagwu earned a total of N230 million in 2020, according to the bank’s audited Financial Statement.

Onyeagwu joined Zenith bank as a senior management staff in 2002. Nearly two decades later, he replaced former chief executive Peter Amangbo – whose tenure had expired – on May 31, 2019.

Under Onyeagwu’s leadership, the bank strengthened its position as Nigeria’s most profitable bank, with about N235.5 billion in profits, up from N209 billion in 2019. Although its N8.4 trillion balance sheet makes the bank the second-highest in the country. It beats other banks in Net Assets worth more than N1.1 trillion. In 2020, Zenith Bank’s share price rose 33% year-to-date, making it one of the best performers in capital appreciation.

Eme Emuwa (Union Bank) – N164 million

Eme Emuwa is Union Bank’s immediate past chief executive officer. His tenure officially ended on the 31st of March 2021 after serving in the bank for 8 years. He has been replaced by Emeka Okonkwo, an executive Director in charge of Union Bank’s Corporate Banking Business.

For the financial year 2020, Union Bank reported a profit after tax of N25 billion, up from N24 billion in 2019. In the report, the former CEO’s annual salary for the year was N164 million, down N172 million in 2019.

Demola Sogunle (Stanbic IBTC Holdings) – N158 million

Demola Sogunle was appointed as the CEO is Stanbic IBTC Holdings Plc. in 2020. Before his promotion, he was the bank’s Deputy Chief Executive. He also previously served in different leadership positions in different units of the bank such as Stanbic IBTC Pension Managers, Compliance, and Treasury and Financial Services.

According to Stanbic IBTC’s 2020 financial report, Sogunle earned an annual income of N158 million, up from N155 million in 2019.

Stanbic IBTC has a reputation for paying dividends to its shareholders. It reported an after-tax profit of N83.2 billion in 2020, up from N75 billion in the previous year. The bank also reported a share price increase of 7% and was up 16% YTD in Q1 2020. Under Sogunle’s leadership, the bank is on its way to becoming a Tier1 financial institution.

Kennedy Uzoka (UBA) – 143 million

Kennedy Uzoka is the chief executive officer at United Bank for Africa Plc. Before he was appointed the CEO, he served as the bank’s Deputy Managing Director, tasked with the responsibility of overseeing operations in 18 operating companies.

In FY 2020, UBA reported after-tax profits of N113.7 billion, up N89 billion from the previous year. Shareholders benefitted as the bank’s share price rose 21% YTD in 2020. According to the report, its customer deposits also jumped to N6 trillion, from N4 trillion the same period a year ago.

Uzoka earned an annual income of N143 million in 2020, making him the highest-paid director in the bank.