Ecobank Leads as 10 Commercial Banks Spend Over N400bn on Staff Salaries, Wages In 12 Months


  • Working within the banking trade is a dream for a lot of Nigerian graduates as a result of they consider there may be some huge cash to be made
  • And certainly there may be, as 10 industrial banks paid employees salaries and wages of over N400 billion in 2021
  • The quantity captured on this report solely covers salaries and wages and doesn’t embrace different workers prices, pension contribution that makes up personnel price

Working within the Nigerian banking sector comes with perks and whereas many work as contract workers, these with full-time employment have loads to cheer month-to-month.

Knowledge reveals ten Nigerian banks in 2021 spent N444.9bn on salaries and wages of their workers, a ten.14 per cent improve from N404bn spent in 2020.

The determine was obtained from the full-year outcomes of the banks submitted to the Nigerian exchange.

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Ecobank best-paying bank as 10 Commercial Banks spend over N400bn on staff salaries, wages in 12 months
Logos of Nigerian banks
Supply: Getty Photographs

The banks surveyed by Legit.ng embrace Eco Financial institution, First Metropolis Monument Financial institution (FCMB), Constancy Financial institution, Warranty Belief Holding Firm(GTCO), Jaiz financial institution,

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Others are Zenith Financial institution, Wema, Unity, United Financial institution for Africa (UBA), Sterling financial institution.

The likes of Entry Financial institution and First Financial institution are but to launch their full-year efficiency.

Breakdown of wage price

In line with the info, Eco Financial institution paid essentially the most in salaries and wages because it operates in lots of African nations, whereas Constancy paid the least among the many banks surveyed.

Eco Bank paid N183.8 billion to worker salaries and compensation, adopted by UBA’s N86.5 billion in salaries and wages for six,634.

Zenith Financial institution spent N70 billion and said in its report that it’s going to have 7,517 employees by the tip of December 2021.

GTCO ranks second with N33.2 billion and 4,617 staff, adopted by FCMB with N23.2 billion.

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Different banks’ wage bills captured are:

  • Sterling bank- N13.6 billion
  • Wema- N12.2 billion
  • Unity Financial institution- N10.1 billion
  • Jaiz bank- N6.7 billion
  • Constancy Financial institution- N5.52 billion

Zenith, Gtbank lead checklist of Nigeria’s most useful Banks in January

In the meantime Legit.ng in an earlier report revealed that Zenith Financial institution is beginning 2022 as essentially the most useful industrial financial institution in Nigeria because the total value of Nigerian bank closed at N194.5 billion.

In second-most useful financial institution is Warranty Belief Financial institution adopted by Stanbic IBTC Holdings to finish the highest three most useful banks.

Additionally, the mixture market cap of all of the banks beneath evaluation went up by N46.6 billion to face at N3.84 trillion.

Supply: Legit.ng



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Ecobank Leads as 10 Commercial Banks Spend Over N400bn on Staff Salaries, Wages In 12 Months

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