GTbank MD, Agbaje, earned more than other bank CEOs in 2020

Segun Agbaje

Managing Director/CEO of Gtbank, Segun Agbaje earned more in salaries and other emoluments than any other bank CEO in Nigeria 2020, according to banks executive compensation reports.

According to GT Bank’s audited financial statements for 2020, Segun Agbaje earned an annual income of N399.7 million unchanged from 2019.

The bank posted a record profit after tax of N201 billion in 2020 up from N197 billion in 2019. The bank also posted an impressive return on average equity of 26.8 per cent.

He is closely followed by Ebenezer Onyeagwu, GMD/CEO of Zenith Bank Plc who earned N230 million in 2020, according to data obtained from the Financial Statement of Zenith Bank Plc. His exec comps was N221 million in 2019.

Zenith Bank under his leadership remains the most profitable bank in the country with about N235.5 billion in profits up from N209 billion in 2019.

Surprisingly, former CEO of Union Bank, Eme Emuwa who retired last month, came third ahead of UBA and Stanbic IBTC.

Based on Union Bank Plc’s full-year 2020 financial statements, Mr. Eme’s total annual salary as the CEO of the bank was N164 million. It dropped from the N172 million paid in 2019.

Union Bank reported a profit after tax of N25 billion in 2020 up from N24 billion a year earlier suggesting that his turnaround efforts are going as planned.

Demola Sogunle, CEO of Stanbic IBTC Holdings Plc, according to Stanbic IBTC’s FY 2020 results, earned an annual income of N158 million. It is up from N155 Million paid a year earlier.

In terms of performance, Stanbic IBTC has rewarded shareholders immensely with profit after tax jumping to N83.2 billion in 2020 up from N75 billion.

In terms of capital appreciation, the bank shares rose by 7 per cent during the year but are up 16 per cent year to date (Q1 2020). Stanbic is clearly on its way to being a Tier 1 bank under his watch.

Kennedy Uzoka, CEO of United Bank for Africa Plc (UBA), earned a sum of N143 million in 2020 as the highest-paid director in the bank.

In 2020, the CEO helped the bank grow its profits to N113.7 billion from N89 billion, one of the better performances by any bank in 2020. Shareholders of the bank were also rewarded as its share price rose by 21% YTD in 2020, one of the best performances by a bank.

UBA has also consistently paid dividends to its shareholders under his watch. The bank’s customer deposits also rose the highest during the year from N4 trillion to N6 trillion in 2020.

CEO of FBN Holdings, UK Eke earned N122 million in 2020, while Herbert Wigwe of Access Bank Plc, Nnamdi Okonkwo who recently retired as Fidelity Bank CEO and Ladi Balogun earned N120, N110, and N101.9 respectively.