In 2023, Nigerian commercial banks increased their investment in human capital, spending a total of N799.8 billion on staff salaries, a 44.3% rise from the N554.2 billion spent in 2022.
According to the audited results of the banks analysed by Nairalytics, the banks spent a total of N919.1 billion on personnel expenses. They allocated 87% to salaries and 13% to pensions and other benefits
The banks’ robust salary structures are a strategic tool to attract and retain top talent, crucial for their growth and competitive edge in the thriving financial sector.
Here is a look at the top five Nigerian banks that offer the most lucrative salaries based on salary per staff:
1. Access Holdings
Access Holdings, the umbrella company for Access Bank, leads the pack with an impressive average salary of N21.85 million per employee in 2023.
This figure rose from N15.48 million in the previous year. The bank spent a total of N167.9 billion on personnel expenses, up from N116.6 billion, and grew its workforce to 7,334 people.
Despite these high averages, the majority of employees earn between N4 million and N18 million, which points to a fairly balanced salary distribution.
Image Source: Nairalytics
2. Stanbic IBTC
Stanbic IBTC holds the second spot with an average salary of N20.45 million for each staff member.
The bank’s total personnel expenses climbed to N65.76 billion from N50.99 billion, with salaries accounting for 95% of this budget.
With a modest increase in staff numbers to 3,056, the bank focuses on maintaining high remuneration, particularly for those earning over N6 million a year.
3. UBA
UBA boosted its personnel spending by 60.4% to N182.8 billion, with N173.6 billion going directly to wages and salaries.
With 10,007 employees, UBA pays an average salary of N17.35 million. It’s also the largest employer among the top banks.
Its vast operations across Africa and beyond explain its large workforce and substantial salary commitments.
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4. Fidelity Bank
Fidelity Bank saw a significant jump in average salaries to N16.41 million, up from N8.58 million in 2022.
The bank allocated N50.3 billion to salaries, which made up 96% of its personnel expenses.
Although it slightly increased its workforce to 3,063 employees, the bank boosted salaries, particularly for the 44% of its staff earning above N10 million annually.
5. FBN Holdings
FBN Holdings, which includes First Bank, completes the list with an average salary of N15.49 million per employee, up from N12.24 million in 2023.
The group spent N135.9 billion of its N179.1 billion personnel budget on salaries and increased its staff strength by 10% to 8,771.
The bank ensures a high standard of compensation, with most employees earning over N5.5 million each year.
These Nigerian banks demonstrate the profitability of country’s banking sector. They also highlight the importance of rewarding and motivating employees.
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