The financial destinies of chief executive officers (CEOs) often mirror the performance of the companies they lead. To align executives' actions with shareholder and organizational goals, boards of directors typically tie compensation to company performance through carefully structured contracts. In Nigeria’s banking sector, this dynamic is playing out in real-time, with data showing a shift in remuneration patterns among the industry’s top executives.
An analysis of financial disclosures from Nigerian banks listed on the Nigerian Exchange Limited (NGX) reveals a competitive approach to staff compensation, particularly for CEOs tasked with steering their organisations through an evolving economic landscape. The banks surveyed include Access Holdings Plc, Zenith Bank Plc, First HoldCo Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa (UBA), FCMB Group, Stanbic IBTC Holdings Plc, Wema Bank, and Fidelity Bank.
Changing of the Guard: Highlights from Individual Banks
Adaora Umeoji etched her name into the history books in 2024, becoming the first female Group Managing Director and CEO of Zenith Bank. Effective from June 1, 2024, her appointment signals a new era for the institution. Umeoji brings a formidable academic background, with degrees in Sociology, Accounting, and Law, alongside a Master of Laws from the University of Salford and an MBA from the University of Calabar. Despite her impressive credentials, Umeoji’s total remuneration stood at N874 million in 2024, a 59 percent decrease compared to the N2.16 billion paid to her predecessor in 2023.
Veteran banker Segun Agbaje, who took the helm of GTCO in 2021 after its corporate reorganisation, saw a slight uptick in compensation. His pay rose to N471 million in 2024, up from N456.5 million the previous year. Agbaje’s leadership, rooted in extensive experience gained from Ernst & Young and GTBank’s early days, continues to drive GTCO’s expansion strategy.
At FCMB Group, Ladi Balogun, who assumed the role of Group CEO in 2017, witnessed a significant increase in earnings. His compensation climbed to N329 million in 2024, a sharp rise from N183 million in 2023. Balogun, whose career spans leading financial institutions across Europe, the U.S., and Africa, remains central to FCMB’s growth ambitions.
UBA’s CEO, Oliver Alawuba, brought home N254 million in 2024, slightly up from N247 million in 2023. Alawuba, with a broad portfolio managing UBA’s footprint across 19 African countries, has been instrumental in structuring landmark deals and strengthening UBA’s position across the continent.
Following the exit of the former CEO, Kunle Adedeji stepped in as Acting CEO of Stanbic IBTC in November 2024. A seasoned finance expert with over 25 years of experience, Adedeji’s compensation amounted to N215 million in 2024, down from N330 million paid to his predecessor. Adedeji will continue to juggle responsibilities as the Chief Finance and Value Management Officer.
Bolaji Olaitan Agbede was appointed acting CEO of Access Holdings in February 2024, bringing with her nearly 30 years of professional experience. Under her stewardship, Access Holdings paid her N180 million in 2024, reflecting an upward move from the N88 million paid to the previous CEO in 2023.
Nneka Onyeali-Ikpe, Managing Director and CEO of Fidelity Bank since January 2021, maintained a steady remuneration of N110 million in 2024, unchanged from 2023. A seasoned banker and honorary senior member of the Chartered Institute of Bankers of Nigeria, Onyeali-Ikpe continues to anchor Fidelity Bank’s strategic goals.
Moruf Oseni, a Wema Bank veteran since 2012, saw his compensation rise to N106 million in 2024, up from N79 million in 2023. His wealth of experience across senior leadership roles in Nigeria and internationally is expected to support Wema Bank’s aggressive growth plans.
Lastly, Wale Oyedeji, appointed GMD of First HoldCo in November 2024, earned N97 million—slightly lower than the N107 million paid to the former CEO. Oyedeji, whose previous leadership roles span across Guaranty Trust Bank UK and Nova Commercial Bank, brings extensive corporate banking and management expertise.
Compensation Trends Reflect Strategic Shifts
The notable fluctuation in CEO compensation across these banks highlights a recalibration taking place within Nigeria’s financial services sector. Leadership changes, evolving market dynamics, and cost-control initiatives are reshaping executive pay structures, signaling a more performance-driven and sustainable approach to executive remuneration.
As Nigeria’s banking sector navigates economic challenges and seeks new growth frontiers, the role of capable, well-compensated leaders will remain critical. However, the emphasis appears to be shifting towards long-term value creation over short-term financial rewards.