The salaries of Nigerian bank chiefs are once again in the spotlight, with new data revealing the highest-earning Nigerian bank CEOs in 2024. According to filings from the Nigerian Exchange Limited (NGX), executives across major banks took home a combined N2.63 trillion last year, marking a sharp 30% dip from the N3.76 trillion recorded in 2023.
Among the top names leading the chart is Adaora Umeoji of Zenith Bank. Making history as the bank’s first female Group Managing Director and CEO, Umeoji assumed office on 1 June 2024. Her appointment was a major milestone, not only for Zenith but for the Nigerian banking sector as a whole.
Umeoji’s 2024 earnings stood at N874 million, a significant 59% drop compared to the N2.16 billion paid to her predecessor in 2023. Nevertheless, her take-home pay still placed her firmly among the highest-paid executives. She boasts an impressive academic background, holding degrees in Sociology, Accounting, and Law from institutions including the University of Jos and Baze University. She also earned a Master of Laws from the University of Salford, alongside a Doctorate in Business Administration from Apollos University.
In addition, Umeoji holds a Certificate in Economics for Business from MIT Sloan School of Management and has attended management courses at leading global universities such as Wharton Business School.
Other Top Earners in the Sector
GTCO’s Segun Agbaje also ranked prominently among the highest-earning Nigerian bank CEOs. Like Zenith Bank, GTCO is known for fostering strong executive compensation structures that reward performance and strategic success. Both banks are part of a group of nine lenders surveyed, including Access Holdings, First Holdco, UBA, FCMB Group, Stanbic IBTC Holdings, Wema Bank, and Fidelity Bank.
The Ministry of Foreign Affairs had earlier highlighted the importance of maintaining governance standards to protect Nigerian investments and economic credibility. As banking remains a key sector, executive earnings continue to draw attention, especially when fluctuations reflect broader financial trends.
Experts argue that aligning CEO compensation with performance is critical. As noted in recent analyses, “competitive pay structures not only drive success but also attract and retain top talent in a fiercely competitive market.”
For context, the Nigerian banking sector is facing increased regulation and pressures to cut costs, which may have influenced the reduction in executive packages seen in the latest reports.
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