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Tuesday, 20 November 2018

EXCLUSIVE: 10 Nigerian banks paid over N1 billion as emoluments to top directors in 2017

EXCLUSIVE: 10 Nigerian banks paid over N1 billion as emoluments to top directors in 2017

Diamond Bank

A Diamond Bank front view used to illustrate the story

Ten banks operating in Nigeria paid a combined sum of over N1 billion to their respective highest paid directors in 2017, a PREMIUM TIMES’ analysis of the banks financial statements has shown.

The banks whose financials were reviewed by this newspaper include Zenith, Guaranty Trust Bank (GTB), United Bank for Africa (UBA), Access, FCMB, Wema, First Bank, Union Bank, Diamond Bank and Fidelity Bank.

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A breakdown of the figures show that while GTB led the pack with the highest payment made to its highest earning director, Diamond Bank paid the least amount among the banks.

The details are contained in the banks’ consolidated financial statements and annual accounts for the year ended December 2017, submitted to the Nigerian Stock Exchange (NSE) and made public earlier in the year.

The figures show that GTB paid a total of N224 million to its highest paid director at the end of the year under review and was followed by Union Bank which paid the sum of N172 million to its highest paid director.

Next on the list is UBA which paid N138 million, and then First Bank with N118 million, and Fidelity Bank which paid N102 million.

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First City Monument Bank, FCMB, paid N95 million to its highest paid director, followed by Zenith Bank which paid N88 million; Access Bank paid N85 million; and Wema Bank paid N70 million.

Diamond Bank, with the least amount among the 10 banks, paid N35 million to its highest paid director.

Although it is largely believed that the highest paid director in the bank is often the Chief Executive Officer (CEO), it was unclear whether this was the situation in the cases of the banks whose accounts were reviewed by this newspaper.

A top official of one of the banks who declined to be identified because he was not authorised to speak on the matter, told PREMIUM TIMES that in most cases, the ‘highest paid director’ may refer to a top official of the bank and not necessarily the CEO.

EXCLUSIVE: 10 Nigerian banks paid over N1 billion as emoluments to top directors in 2017


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