Zenith Bank leads banks’ N6.9bn spending on welfare benefits for CEOs

According to the financials of 10 leading banks operating in the country, Zenith Bank Plc set aside the most money for the welfare of its MDs and CEOs in 2021 compared to the other nine Nigerian banks.

The records state that the 10 banks spent more than N6.96 billion on sitting remuneration and allowance in 2021, a 3.32 percent increase over the N6.74 billion directors received in 2020.

The 10 banks include Guaranty Trust Holding Company Plc, Zenith Bank Plc, FBN Holdings, and United Bank for Africa Plc.

Others are Union Bank for Nigeria Plc, Stanbic IBTC Holdings Plc, FCMB Group Plc, Wema Bank Plc, Fidelity Bank Plc and Unity Bank Plc.

A breakdown shows Zenith Bank, followed by Stanbic IBTC Holdings, reported the highest sitting allowances and compensation, while Unity Bank reported the least payment on welfare package for its MD/CEO.

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Zenith Bank in 2021 reported a total of N1.65bn executive compensation, fees and sitting allowances, an increase of 18.06 per cent from the N1.4bn reported in 2020.

For Stanbic IBTC Holdings, the total sitting allowance and compensation to its directors rose by 19.9 per cent to N1.672m in 2021 from N1.394m reported in 2020.

FBN Holdings’ executive sitting allowances and compensation rose by 15.7 per cent to N162m in 2021 from N140m in 2020.

GTCO executive compensation dropped to N757.35m in 2021 from N921.36m in 2020, and UBA’s executive compensation, fees and sitting allowances dropped from N762m in 2020 to N714m in 2021.

For FCMB Group, N828.12m was spent on the welfare of directors in 2021, an increase of 22.9 per cent from N674.09m in 2020, while Union Bank of Nigeria Plc reported a 9.6 per cent drop in its directors’ sitting allowance and executive compensation to N525m in 2021 from N581m 2020.

As Wema Bank reported N297.84m executive compensation/fees for the second consecutive year, Unity Bank grew its sitting allowances by 3.9 per cent to N38.6m in 2021 from N37.15 in 2020.

In addition, Fidelity Bank reported N312m executive compensation, fees, and sitting allowances in 2021, a decline of 41 per cent from N529m reported in 2020.