Ecobank leads as 10 commercial banks spend over N400bn on salaries and staff wages in 12 months

  • Working in banking is a dream for many Nigerian graduates as they believe there is a lot of money to be made
  • And indeed there are, as 10 commercial banks paid workers wages and salaries of over 400 billion naira in 2021
  • The amount entered in this report only covers salaries and wages and does not include other staff costs, the pension contribution which constitutes staff costs

Working in the Nigerian banking industry comes with perks and although many work as contract workers, those with full-time jobs have a lot to cheer about each month.

Data shows that ten Nigerian banks in 2021 spent N444.9 billion on salaries and wages of their staff, an increase of 10.14% from the N404 billion spent in 2020.

The figure was obtained from the annual results of the banks submitted to the Nigerian Exchange.

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Ecobank is highest earning bank as 10 commercial banks spend over N400 billion on staff salaries and wages in 12 months
Nigerian banks logos
Source: Getty Images

The banks interviewed by include Eco Bank, First City Monument Bank (FCMB), Fidelity Bank, Guaranty Trust Holding Company (GTCO), Jaiz bank,

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The others are Zenith Bank, Wema, Unity, United Bank for Africa (UBA), Sterling bank.

Companies like Access Bank and First Bank have not yet released their full year performance.

Breakdown of salary cost

According to the data, Eco Bank paid the most in wages and salaries since it operates in many African countries, while Fidelity paid the least among the banks surveyed.

Eco Bank paid N183.8 billion in wages and salaries for employees, followed by UBA’s N86.5 billion in wages and salaries for 6,634.

Zenith Bank has spent N70 billion and said in its report that it will have 7,517 employees by the end of December 2021.

GTCO ranks second with N33.2 billion and 4,617 employees, followed by FCMB with N23.2 billion.

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The salary expenses of the other banks taken into account are:

  • Sterling Bank – 13.6 Billion Naira
  • Wema – N12.2 billion
  • Unity Bank – N10.1 billion
  • Bank Jaiz – 6.7 billion naira
  • Fidelity Bank – N5.52 billion

Zenith and Gtbank Top List of Nigeria’s Most Valuable Banks in January

Meanwhile in a previous report revealed that Zenith Bank is starting 2022 as the most valuable commercial bank in Nigeria, with the total value of the Nigerian bank having closed at N194.5 billion.

The second most valuable bank is Guaranty Trust Bank, followed by Stanbic IBTC Holdings to complete the top three most valuable banks.

Additionally, the aggregate market capitalization of all the banks under review increased by N46.6 trillion to N3.84 trillion.


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