The financial fortunes of most chief executive officers (CEOs) often rise and fall with their company’s performance. To ensure that value is delivered to the organisation and its shareholders, boards of directors use compensation contracts to align executive actions with company success.
Data obtained from listed Nigerian banks on the Nigerian Exchange Limited (NGX) reveals how these institutions maintain competitive staff compensation, especially for their chief executives, who are pivotal in driving organisational performance.
The banks surveyed include Access Holdings Plc, Zenith Bank Plc, First Bank Holdings Plc (First HoldCo), Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa (UBA), FCMB Group, Stanbic IBTC Holdings Plc, Wema Bank, and Fidelity Bank.
In 2024, these nine banks paid their CEOs an aggregate salary of N2.63 billion, representing a 30 percent decline from N3.76 billion in 2023.
Adaora Umeoji – Zenith Bank
Adaora Umeoji made history in 2024 as the first woman to lead Zenith Bank as its Group Managing Director and CEO, effective June 1, 2024.
She holds a bachelor’s degree in sociology from the University of Jos, a bachelor’s in accounting, and a first-class honors in law from Baze University, Abuja. She also has a Master of Laws from the University of Salford, UK, an MBA from the University of Calabar, and a Doctorate in business administration from Apollos University, USA.
Umeoji holds a certificate in Economics for Business from the MIT Sloan School of Management, USA, and has attended various management programmes at globally renowned institutions, including the Strategic Thinking and Management Programme at Wharton Business School, USA.
Zenith Bank paid Umeoji N874 million in 2024—a 59 percent decline from the N2.16 billion paid to the former CEO in 2023.
Segun Agbaje – GTCO
Segun Agbaje became the Group CEO of GTCO Plc in August 2021, following the corporate reorganisation of Guaranty Trust Bank Plc into a holding company structure.
He began his career at Ernst & Young in San Francisco and joined GTBank in 1991. He rose through the ranks to become Executive Director in 2000 and Deputy Managing Director in 2002.
GTCO paid Agbaje N471 million in 2024, up from N456.5 million in 2023.
Ladi Balogun – FCMB Group
Ladi Balogun has been Group CEO of FCMB Group Plc since March 14, 2017.
He began his banking career in 1993 at Morgan Grenfell and Co. Limited, worked at Citibank in New York, and later joined First City Merchant Bank in 1996. He has over 28 years of banking experience spanning Europe, the US, and Africa.
FCMB paid Balogun N329 million in 2024, up from N183 million in 2023.
Read also:Here are the highest-paid bank CEOs in 2023
Oliver Alawuba – UBA
Oliver Alawuba is the Managing Director/CEO of United Bank for Africa (UBA) Plc. He has served in various leadership capacities within the UBA Group, including CEO roles in UBA Ghana and UBA Cote d’Ivoire, and as Regional CEO for West Africa.
UBA paid Alawuba N254 million in 2024, up from N247 million in 2023.
Kunle Adedeji – Stanbic IBTC Holdings Plc
Kunle Adedeji became Acting CEO of Stanbic IBTC Holdings Plc on November 1, 2024.
He holds an MBA in Finance from the University of Lagos and a Doctorate in Business Administration (DBA) from SBS Swiss Business School. Adedeji also currently serves as Chief Finance and Value Management Officer of the company.
Stanbic IBTC paid Adedeji N215 million in 2024, down from N330 million paid to his predecessor in 2023.
Bolaji Agbede – Access Holdings Plc
Bolaji Olaitan Agbede became Acting CEO of Access Holdings Plc on February 11, 2024.
She joined Access Bank in 2003 and has held various leadership positions, including Head of Group Human Resources and Executive Director, Business Support.
Agbede holds a Bachelor’s degree in Mathematics and Statistics from the University of Lagos and an MBA from Cranfield University, UK. She is also a member of the Chartered Institute of Management, UK, and the Chartered Institute of Personnel Management of Nigeria.
Access Holdings paid Agbede N180 million in 2024, up from N88 million paid to the former CEO in 2023.
Nneka Onyeali-Ikpe – Fidelity Bank
Nneka Onyeali-Ikpe assumed office as Managing Director/CEO of Fidelity Bank on January 1, 2021. She was formerly Executive Director of the Lagos and South West Directorate.
She is an honorary senior member of the Chartered Institute of Bankers of Nigeria.
Fidelity Bank paid Onyeali-Ikpe N110 million in 2024, the same as in 2023.
Read also: Meet the female CEOs steering Nigerian banks
Moruf Oseni – Wema Bank
Moruf Oseni became Managing Director/CEO of Wema Bank after serving as Deputy Managing Director for four years. He joined the bank in 2012 as an Executive Director.
Oseni holds an MBA from INSEAD (France), a Master’s in Finance from London Business School, and a B.Sc. in Computer Engineering from Obafemi Awolowo University (OAU).
Wema Bank paid Oseni N106 million in 2024, up from N79 million in 2023.
Wale Oyedeji – First HoldCo Plc
Wale Oyedeji was appointed Group Managing Director of First HoldCo Plc on November 13, 2024. He previously served as MD/CEO of Nova Commercial Bank and was formerly the MD of GTBank UK and Executive Director of Corporate Banking at GTBank Nigeria.
First HoldCo paid Oyedeji N97 million in 2024, down from N107 million in 2023.
