In the first half of 2022, the managing directors and chief executive officers of six listed Nigerian banks received a total of N821 million in compensation, according to recent findings.
In comparison to the N699 million made in the same period in 2021, this represents a 17.4% increase.
According to Nairametrics, this is based on information obtained from bank financial statements for the second quarter of 2022. Fidelity, GTB, Access, Zenith, UBA, and Stanbic IBTC Bank were among the banks considered.
The Managing Director/Chief Executive is the highest-ranking executive in the company. He or she is in charge of running the business and making sure it is profitable and growing.
While CEOs are at the helm of affairs, and as such, they receive both criticisms for poor performance and praise for stellar company performance.
Listed below are six of the highest earning top banking MDs/CEOs in the first quarter of 2022.
6. Ebenezer Onyeagwu (Zenith Bank) – N70 million
In the first half of 2022, Onyeagwu led Zenith Bank to a net profit of N111.4 billion, up from N106.1 billion in the corresponding period of 2021 by 5%. He received N230 million in salary for the entire 2021 calendar year.
He was promoted from deputy managing director to group managing director and chief executive officer of Zenith Bank Plc on June 1, 2019.
He earned N70 million in compensation during the first half of 2022, a slight decrease from the N73 million he received during the same period in 2021.
5.Herbert Wigwe (Access Bank) – N73 million
Access Holdings earned N88.74 billion in profit after tax in H1 2022, a 2.1% increase over the N86.94 billion earned in the same period in 2021.
In the first half of the year, Mr. Herbert Wigwe received N73 million in emolument. This represents a 5.8% increase over the N69 million earned in the same period in 2021.
He was made the bank’s GMD/CEO in January 2014, after joining the bank as deputy managing director in March 2022 from Guaranty Trust Bank.
However, as a result of the company’s restructuring, he was appointed as a Non-Executive Director in May 2022, and Mr. Roosevelt Ogbonna was given the responsibility of managing director and chief executive officer.
4. Nneka Onyeali-Ikpe (Fidelity Bank) – N110 million
Fidelity Bank was reported to have increased its post-tax profit by 20.7% year on year to N23.31 billion in the first half of the year and as a result, Mrs. Onyeali-Ikpe earned N110 million in emolument during the period.
3. Kennedy Uzoka (UBA) – N128 million
In the first quarter of 2022, UBA made a net profit of N70.33 billion, which is 16.1% higher than the N60.58 billion it made during the same time period in 2021.
And as a result, Mr. Kennedy Uzoka received N128 million in emoluments from UBA during the period under review, a significant increase from N70 million received during the same period in 2021.
Following his resignation on July 31, 2022, he was succeeded by Mr. Oliver Alawuba.
2. Segun Agbaje (GTCO) – N195 million
Mr. Segun Agbaje was appointed in August 2022 as the MD/CEO of Guarantee Trust Bank due to his extensive background and experience in almost all facets of the bank’s operations, including commercial banking, investment banking, treasury, corporate planning and strategy, settlements, and operations.
He held this position before being named Group MD/CEO of the Holding Company.
GTCO’s net profit decreased by 2.3% in the first half of 2022 from N79.42 billion in H1 2021 to N77.56 billion.
1. Demola Sogunle (Stanbic IBTC) – N245 million
In the first half of 2022, Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, received emoluments totaling N245 million, up from N205 million in the corresponding period of 2021.
In terms of performance, Stanbic IBTC saw a 36% increase year over year in its profit after tax, which was N30.67 billion in the first quarter of 2022.
In the first half of 2022, Demola Sogunle, Chief Executive of Stanbic IBTC Holdings, received emoluments totaling N245 million, up from N205 million in the corresponding period of 2021.
