Five banks’ top bosses pocket bulk of N644bn pay

Top executives in banks cornered the largest slice of the N644bn staff compensation as of the first half of the year,

According to the half-year reports of Zenith Bank, Access Holdings, Guaranty Trust Holding Company, Stanbic IBTC and United Bank for Africa, filed with the Nigerian Exchange Limited, total personnel expenses rose from N493.19bn in June 2024 to N644.01bn in June 2025.

Zenith Bank Plc’s detailed employee earnings distribution shows a significant number of staff in the highest ranges. As of June 2025, about 5,579 out of 10,520 employees earned N9,000,001 and above. Others were below that range, with the least being 114 employees who earned between N300,001 and N2m.

Zenith Bank Plc reported that key management compensation, excluding certain benefits, for the half-year period stood at N6.50bn, while total personnel expenses for the group rose to N134.57bn from N115.90bn in the previous year. Personnel expenses at Zenith Bank included salaries and wages, other staff costs (productivity expenses, medical expenses, and professional staff subscriptions), and pension contributions.

Guaranty Trust Holding Company Plc reported total key management personnel compensation of N9.19bn, including N7.49bn from the increase in Share Appreciation Rights. The share appreciation scheme is a cash-settled, share-based compensation plan managed by a special purpose vehicle, Guaranty Trust Bank Staff Investment Trust. The scheme was introduced as a compensation plan for the bank’s qualifying personnel to enhance employee retention by offering the shares acquired by the SPV to qualifying members of staff at the prevailing net book value of the bank.

GTCO’s data revealed that the highest number of its staff (1,404) earned between N4,530,001 and N5,930,000, followed by 1,001 earning the lowest range, N720,001–N1,400,000 per annum. Those earning N9m and above were about 1,000. In the period under review, the bank’s employee headcount increased slightly to 5,864 from 5,827 as of June 2024. Personnel expenses went up by 31.08 per cent to N54.39bn from N41.50bn.

The increase in GTCO’s personnel costs may be traced to the 40 per cent increase in staff salaries introduced in response to the high cost of living, according to TechCabal.

For Access Holdings Plc, the highest number of employees (2,928 out of 9,820) earned N17,950,001–N21,940,000 per annum, followed by 2,118 employees who got between N11,360,001 and N14,950,000, then 1,994 employees, who earned N7,489,001–N8,760,000. The group didn’t have anyone earning less than N900,000. The lowest earners at Access Holdings were 30 employees, and they were paid N900,001–N1,990,000 a year.

Personnel costs rose by 44.29 per cent to N229.21bn, just as the number of employees also increased to 9,820 from 8,009 as of June 2024. Compensation for key management personnel declined to N655m from N765m in June 2024.

Stanbic IBTC Holdings Plc, which has the lowest number of employees as of June 2025 (3,304) of the five reviewed financial groups, didn’t have any employee earning below N3m. Its lowest-paid staff were seven as of June 2025, and they earned between N3,000,001 and N4,000,000. The majority of its employees (2,979) earned N6m and above annually.

Key management compensation comprising salaries and other short-term benefits, post-employment benefits and the value of share options and rights expensed stood at N2.87bn, down from N3.35bn in the corresponding period.

At UBA, compensation for employees (including executive directors) increased to N172.21bn from N133.86bn, indicating a 28.65 per cent rise in this expense line. The majority of UBA employees (5,001 out of 10,393) earned N9m and above, excluding pension contributions.

This was followed by 3,067 employees who earned N6,500,001–N7,800,000 annually. The lowest earners at UBA were 493 employees who got N300,001–N2,000,000, and there was a significant reduction in the number of employees in this category compared to last year, when it was 1,181.

UBA’s data tell a story of salary increases between last year and the current financial year.

Combined, these financial groups have expanded their workforce as of half-year 2025, driving personnel costs up by about 30.58 per cent compared to the previous year, from N493.19bn in June 2024 to N644.01bn in June 2025.

Combined staff strength across GTCO, Zenith Bank, UBA, Access Holdings, and Stanbic IBTC rose to 39,903 employees in 2025, up from 35,284 in 2024, marking a 13 per cent increase.

Access Bank led the pack with the highest personnel spend at N229.21bn, followed by UBA (N172.21bn) and Zenith Bank (N134.57bn). GTCO’s wage bill climbed to N54.39bn, while Stanbic IBTC posted N53.63bn.

Among the banks, Zenith Bank and Access Bank showed the steepest rise in headcount, expanding by 29 per cent and 23 per cent, respectively. GTCO maintained relative stability with a modest increase from 5,827 to 5,864 employees.

The growth in staff numbers and compensation underscores the sector’s ongoing expansion despite macroeconomic pressures.