How much do Nigerian bank CEOs make per month?

When it comes to those who are paid highly or rewarded handsomely in terms of job benefits and more, bank CEOs are very much included in that list.

With the amount of profit banks make and the tireless efforts the CEOs put into ensuring continued profitability, you can tell that they deserve the huge sum most of them are rewarded with.

The bank’s highest-ranking executive, the Chief Executive/Managing Director, is responsible for making the best business decisions, overseeing the execution of the organization’s corporate strategy, and, most crucially, maximizing shareholder value.

It is the highest position in the bank’s hierarchy. They make important decisions that affect the bank’s overall operations. A Managing Director/CEO of a bank in Nigeria earns up to N5,000,000 and above on a monthly basis.

Here is a review of past earnings of top Nigerian bank CEOs annually.

Their past earnings will give you an idea of what they earn even if some changes might have taken place in some of the banks and for some of the CEOs.

Kennedy Uzoka (UBA) – N143 million

United Bank for Africa Plc CEO is Kennedy Uzoka (UBA). Before becoming CEO, he served as Deputy Managing Director, where he was in charge of expanding and developing the Group's activities in the 18 countries where they operated.

He attended Harvard Business School (AMP) in Boston, Massachusetts, as well as the International Institute of Management Development (IMD) in Lausanne, Switzerland, and the London Business School in the U.K.

In 2020, the CEO helped the bank increase profits from N89 billion to N113.7 billion, one of the best results of any bank in the year.

Customer deposits at the bank also increased the most during the year, from N4 trillion to N6 trillion in 2020.

He was awarded a monthly salary of N11.9 million. In 2020, he was the bank's highest-paid director, earning N143 million.

Demola Sogunle (Stanbic IBTC Holdings) – N158 million

Stanbic IBTC Holdings Plc is led by Demola Sogunle. He was the CEO of Stanbic IBTC Bank before his appointment in 2020, and he held positions as the bank's Deputy Chief Executive.

Mr. Demola has held positions of leadership in the Group, including Stanbic IBTC Pension Managers, Compliance, Treasury, and Financial Services.

He graduated with honors in Agricultural Science and earned a Ph.D. in Land Resource Evaluation and Management from the University of Ibadan in Nigeria.

He holds an MBA in Banking and Finance from ESUT Business School in Nigeria and has attended the Harvard Business School's Advanced Management Program (AMP).

Stanbic IBTC has rewarded shareholders handsomely in terms of performance, with earnings after tax rising to N83.2 billion in 2020 from N75 billion in 2018. In terms of capital appreciation, the bank's stock climbed 7% in 2019 and was up 16% in the first quarter of 2020. Under his leadership, Stanbic has recorded great progress under his leadership.

He was paid N13.1 per month.

The Director received N158 million, according to Stanbic IBTC's FY 2020 figures. It's a significant increase from the N155 million paid a year ago.

Emeka Emuwa (Union Bank) – N164 million

Emeka Emuwa is the immediate past CEO of Union Bank Plc. Before retiring on March 31, 2021, he worked at the bank for eight years. Emeka Okonkwo, an Executive Director in charge of the Bank's Corporate Banking division, took his position.

Mr. Emuwa started his career at Citibank Nigeria, where he climbed through the ranks to Executive Director in charge of Commercial Banking and Global Subsidiaries in 2009.

He attended the University of Nigeria, Nsukka, where he majored in Civil Engineering. He also has a master's degree in construction management from the University of Lagos and a master's degree in business administration from Warwick Business School in the United Kingdom.

Union Bank turned a profit after tax of N25 billion in 2020, up from N24 billion the previous year, indicating that his turnaround efforts were on track.

He was paid a monthly salary of N13.1 million.

Mr. Emeka’s overall yearly remuneration as the bank’s CEO was N164 million, according to Union Bank Plc’s full-year 2020 financial records. It was down from N172 million paid in 2019.

Ebenezer Onyeagwu (Zenith Bank) – N230 million 

Ebenezer Onyeagwu is the Chief Executive Director of Zenith Bank Plc. He took over after Peter Amangbo, whose contract expired on May 31, 2019. Mr. Onyeagwu began his career with Zenith Bank in 2002 as a Senior Manager in the bank's Internal Control and Audit Group.

His great business acumen and work ethic propelled him fast up the corporate ladder, and he was designated the bank's Executive Director in charge of Lagos and the South-South Zone in 2012.

He holds a Postgraduate Diploma in Financial Strategy and a Certificate in Macroeconomics from the University of Oxford, and he has also studied at the Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, Harvard Business School, and Lagos Business School of the Pan African University in Nigeria.

Zenith Bank has remained the most successful bank in the country under his leadership, with profits of N235.5 billion, up from N209 billion in 2019.

He was awarded a monthly salary of $19.1 million.

According to data gathered from Zenith Bank Plc's Financial Statement, he earned N230 million in 2020. In 2019, his executive compensation was N221 million.

Segun Agbaje (GT Bank) – N399.70 million

Segun Agbaje was formerly the Chief Executive Officer of Guaranty Trust Bank Plc (GTB) but is now the Chief Executive Officer of Guaranty Trust Holding Co PLC. He is also a Director of PepsiCo and a member of the Mastercard Advisory Board, Middle East, and Africa.

He began his career at Ernst & Young in San Francisco and then joined GTB, a then-start-up, in 1991, rising through the ranks to become an Executive Director in January 2000 and, after the demise of former CEO Tayo Aderinokun, he became CEO in June 2011.

In 2020, the bank made a record profit after tax of N201 billion, up from N197 billion the previous year. The bank's return on average equity was similarly strong, at 26.8%.

Segun Agbaje received an annual income of N399.7 billion in 2020, the same as in 2019, and a monthly income of N33 million, according to GT Bank's certified financial documents.

Who earns the highest?

With the data report from 2020, Segun Agbaje of Guaranty Trust Holding Co PLC earned the highest.

Benefits some bank CEOs enjoy.

Apart from the heavy remuneration that bank CEOs receive, they also stand to gain a lot of other benefits which other employees may not be entitled to.

Some of those benefits include security, heavy retirement bonuses, a corporate vehicle alongside a driver, and in some cases a reserved office suite.