GTCO CEO, Agbaje emerges highest-paid Bank CEO in Nigeria

Segun Agbaje, the Chief Executive Officer of Guaranty Trust Holding Company, has emerged as the highest-paid bank CEO in the country for 2022.

Data obtained from GTCO‘s audited financials for 2022 show that Agbaje earned a whopping N445.69 million as a compensation package.

This is more than the N171.95 million he earned in 2021 before GTB became a holding company.

Agbaje’s compensation has now surpassed that of Demola Sogunle of Stanbic Bank, who has long held the crown as the best-paid bank executive in the country.

Stanbic reports that Sogunle’s compensation package stood at N245 million in 2022, an increase from the N204 million he earned the previous year.

It is important to note that payment to bank executives includes gross salary, allowances, and additional performance-based bonuses.

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Other bank executives’ earnings include those of First City Monument Bank (FCMB), United Bank for Africa (UBA), Wema Bank (WEMA), Zenith Bank (Zenith), Access Bank (Access) holdings, and Union Bank of Nigeria (Union).

Ladi Balogun, the CEO of FCMB, received N179.82 million in 2022, compared to N117.6 million in 2021, while UBA’s Kennedy Uzoka was paid N215 million in 2022, compared to N143 million in 2021.

For WEMA, Ademola Adebise received N79.52 million in 2022, compared to N70.05 million in 2021.

For Zenith Bank, Ebenezer Onyeagwu was paid N285 million as his compensation in 2022, compared to N246 million in 2021.

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Access Bank’s Herbert Wigwe received N86 million in 2022, compared to N120 million in 2021 while Union Bank’s Mudassir Amray, who became CEO in June 2022, received N82 million, compared to the N134 million paid to his predecessor in 2021.