CEOs of GTCO, Zenith, UBA, 7 others rake in N2.04bn as salaries in 2022

CEOs of eight leading banks operating in the country raked in the sum of N2.04 billion as salaries in 2022, surpassing the N1.65 billion they recorded as salaries in 2021 by 23.7 per cent.

According to the data compiled from the annual reports of all the major commercial banks, Segun Agbaje of GTCO who serves as the Group Managing Director/CEO of the GTCO, saw a substantial increase in his emolument for the year 2022.

He earned a total of N446 million, marking a significant leap from the N172 million he received in 2021.

During the financial year, the Group’s audited financial statements reported a profit before tax of N214.2 billion, which represented a modest 3.3 per cent decrease from the N221.5 billion recorded in the corresponding period ending December 2021.

This decline was attributed to a N35.6 billion impairment recognized on Ghanaian sovereign securities.

Ebenezer Onyeagwu was appointed Group Managing Director/CEO at Zenith Bank Plc on June 1, 2019 came second, receiving N285 million in 2022, a slight increase from the N246 million earned during the corresponding period in 2021.

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Zenith Bank’s financial performance reported gross earnings of N282.98 billion and a profit after income tax of N31.13 billion for the year ending December 31, 2022.

Demola Sogunle, the Chief Executive of Stanbic IBTC Holdings, saw an increase in his emolument, with a take-home of N245 million in 2022, up from the N204 million recorded in the previous year.

Stanbic IBTC achieved remarkable growth in the review year, with a 41.8 per cent increase in net profit after tax, reaching N80.81 billion in the full year 2022, compared to N56.97 billion in 2021.

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Oliver Alawuba who became the Group CEO at United Bank for Africa on August 1, 2022, earned an emolument of N215 million in 2022.

UBA’s gross earnings rose significantly to N853.2 billion in 2022 from N660.2 billion recorded at the end of the 2021 financial year, representing a strong 29.2 per cent growth.

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Ladi Balogun, the Group Chief Executive of FCMB Group Plc earned N180 million in 2022, a 53 per cent increase from N118 million recorded in 2021.

Under his leadership, the company’s profit for the year 2022 rose by 55.8 per cent to N32.59 billion from N20.92 billion recorded in 2021.

Others include CEO of Fidelity Bank, Nneka Onyeali-Ikpe who earned N110 million, Abubakar Suleiman who leads Sterling Bank received N102 million as salary in 2022.

Nnamdi Okonkwo of FBN Holdings, Dr. Herbert Wigwe of Access Bank and Mudaddir Amray of Union Bank received N98 million, N86 million and N82 million as salaries respectively in 2022.