The earnings of bank chief executives in Nigeria often mirror their institution’s performance, with boards structuring compensation to reward success and align leadership with shareholder interests.
Recent data from Nigerian banks listed on the Nigerian Exchange Limited (NGX) reveal how top executives are competitively compensated to drive their institutions forward.
The banks surveyed include 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.
In total, these nine banks paid their CEOs an aggregate sum of ₦2.63 trillion in 2024, a noticeable decline of 30 percent from ₦3.76 trillion in 2023.
Adaora Umeoji – Zenith Bank
Adaora Umeoji broke new ground in 2024 by becoming the first female Group Managing Director and CEO of Zenith Bank, officially stepping into the role on June 1, 2024.
She possesses an extensive academic background, with a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting, and a First-Class degree in Law from Baze University, Abuja.
Additionally, she holds a Master of Laws from the University of Salford, United Kingdom, and an MBA from the University of Calabar. Umeoji also earned a doctorate in business administration from Apollos University, USA.
Her international education includes a Certificate in Economics for Business from MIT Sloan School of Management and executive programmes at institutions like Wharton Business School, USA.
In 2024, Zenith Bank paid Umeoji ₦874 million, reflecting a 59 percent decrease from the ₦2.16 billion earned by her predecessor in 2023.
Segun Agbaje – GTCO
Segun Agbaje has been the Group CEO of GTCO Plc since August 2021, following the transition of Guaranty Trust Bank Plc into a holding company structure.
He began his career at Ernst & Young in San Francisco before joining the nascent GTBank in 1991. Rising swiftly through the ranks, he became an Executive Director in 2000 and Deputy Managing Director in 2002.
In 2024, Agbaje received ₦471 million from GTCO, an increase from the ₦456.5 million paid in 2023.
Ladi Balogun – FCMB Group
Ladi Balogun has served as Group Chief Executive Officer of FCMB Group Plc since March 14, 2017.
His banking journey began at Morgan Grenfell and Co Limited in 1993, followed by a stint at Citibank in New York. He returned to Nigeria in 1996, working closely with leadership at First City Merchant Bank Limited (now FCMB).
With over 28 years of experience across continents, Balogun’s 2024 earnings rose to ₦329 million from ₦183 million the previous year.
Oliver Alawuba – UBA
Oliver Alawuba serves as CEO and Managing Director of United Bank for Africa Plc, having led various roles across UBA’s African operations.
His leadership has shaped landmark transactions in countries such as Cote d’Ivoire and Ghana, eventually overseeing UBA’s 19 African subsidiaries.
UBA compensated Alawuba with ₦254 million in 2024, a slight increase from ₦247 million in 2023.
Kunle Adedeji – Stanbic IBTC Holdings Plc
Kunle Adedeji took up the role of Acting CEO at Stanbic IBTC Holdings Plc on November 1, 2024.
With over 25 years of banking experience, Adedeji’s qualifications include an MBA in Finance from the University of Lagos and a Doctorate in Business Administration from SBS Swiss Business School.
In 2024, Stanbic IBTC paid Adedeji ₦215 million, a reduction compared to the ₦330 million paid to his predecessor in 2023.
Bolaji Agbede – Access Holdings Plc
Bolaji Olaitan Agbede assumed duties as Acting CEO of Access Holdings Plc on February 11, 2024.
Joining Access Bank in 2003, Agbede’s career spans nearly three decades across banking and consultancy roles. Before her new appointment, she served as Head of Group Human Resources and later as Executive Director, Business Support.
Her academic background includes a Bachelor’s Degree in Mathematics and Statistics from the University of Lagos and an MBA from Cranfield University, UK.
Access Holdings paid Agbede ₦180 million in 2024, doubling the ₦88 million paid to her predecessor in 2023.
Nneka Onyeali-Ikpe – Fidelity Bank
Nneka Onyeali-Ikpe has been at the helm of Fidelity Bank since January 1, 2021.
Formerly the Executive Director for Lagos and South West, she is recognised as an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria.
Her salary remained steady at ₦110 million in 2024.
Moruf Oseni – Wema Bank
Moruf Oseni’s association with Wema Bank dates back to 2012 when he joined as an Executive Director. He later served as Deputy Managing Director before becoming Managing Director and CEO.
With over 25 years of professional experience, Oseni has previously held leadership roles at MG Ineso, Renaissance Capital, and Citigroup in London.
Oseni’s educational credentials include an MBA from INSEAD, a Master’s in Finance from London Business School, and a B.Sc. in Computer Engineering from Obafemi Awolowo University.
Wema Bank paid Oseni ₦106 million in 2024, compared to ₦79 million in 2023.
Wale Oyedeji – First HoldCo Plc
Wale Oyedeji was appointed Group Managing Director of First HoldCo Plc on November 13, 2024.
Prior to this, he led Nova Commercial Bank and was instrumental in its transition to a commercial bank. His career journey includes leadership roles at Guaranty Trust Bank UK and board-level experience at GTBank Nigeria.
In 2024, First HoldCo paid Oyedeji ₦97 million, a slight dip from ₦107 million in 2023.
