* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, October 6, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

    Why Taylor Swift Name-Dropped Elizabeth Taylor in Her New Album – Yahoo

    Here’s Why Taylor Swift Dropped Elizabeth Taylor’s Name in Her New Album

    Al Roker Gives Olivia Dean an Unexpected ‘New Job’ on the ‘Today’ Show – Yahoo

    Al Roker Shocks Olivia Dean with an Exciting New Role on the ‘Today’ Show

    Books about the arts and some haunts for a Denton October – Denton Record-Chronicle

    Uncover Artistic Treasures and Spooky Adventures to Experience in Denton This October

    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Forget Cowbells. Cows Wear High-Tech Collars Now. – The New York Times

    Ditch the Cowbells: Discover the High-Tech Collars Transforming Cattle Care

    What the Recent Price Surge Means for Figure Technology Solutions After SEC Settlement – Yahoo Finance

    What the Recent Price Surge Reveals About Figure Technology Solutions Following SEC Settlement

    MAC Brings iPad Technology to Football Sidelines Across All 13 Member Schools – Sports Video Group

    MAC Brings iPad Technology to Football Sidelines Across All 13 Member Schools – Sports Video Group

    Technology Is Becoming More Important Than Humans In CX – No Jitter

    Technology Is Becoming More Important Than Humans In CX – No Jitter

    A Tech Expo Shows What China Can Make, but Not Who’ll Buy It All – The New York Times

    Inside China’s Tech Expo: Cutting-Edge Innovations Face Uncertain Demand

    Steampunk Metal Oval Technology Sense Sunglasses Personality Handmade Chain Multicolor Sunglasses UV400 – The San Joaquin Valley Sun

    Steampunk Metal Oval Sunglasses with Handmade Multicolor Chain – Bold UV400 Protection and Unique Style

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

    “Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

    Why Taylor Swift Name-Dropped Elizabeth Taylor in Her New Album – Yahoo

    Here’s Why Taylor Swift Dropped Elizabeth Taylor’s Name in Her New Album

    Al Roker Gives Olivia Dean an Unexpected ‘New Job’ on the ‘Today’ Show – Yahoo

    Al Roker Shocks Olivia Dean with an Exciting New Role on the ‘Today’ Show

    Books about the arts and some haunts for a Denton October – Denton Record-Chronicle

    Uncover Artistic Treasures and Spooky Adventures to Experience in Denton This October

    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Taylor Swift Releases New Album The Life of a Showgirl : Listen and Read the Full Credits – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

    Toni Braxton Is Turning Her Biggest Hits Into Lifetime Movies – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Forget Cowbells. Cows Wear High-Tech Collars Now. – The New York Times

    Ditch the Cowbells: Discover the High-Tech Collars Transforming Cattle Care

    What the Recent Price Surge Means for Figure Technology Solutions After SEC Settlement – Yahoo Finance

    What the Recent Price Surge Reveals About Figure Technology Solutions Following SEC Settlement

    MAC Brings iPad Technology to Football Sidelines Across All 13 Member Schools – Sports Video Group

    MAC Brings iPad Technology to Football Sidelines Across All 13 Member Schools – Sports Video Group

    Technology Is Becoming More Important Than Humans In CX – No Jitter

    Technology Is Becoming More Important Than Humans In CX – No Jitter

    A Tech Expo Shows What China Can Make, but Not Who’ll Buy It All – The New York Times

    Inside China’s Tech Expo: Cutting-Edge Innovations Face Uncertain Demand

    Steampunk Metal Oval Technology Sense Sunglasses Personality Handmade Chain Multicolor Sunglasses UV400 – The San Joaquin Valley Sun

    Steampunk Metal Oval Sunglasses with Handmade Multicolor Chain – Bold UV400 Protection and Unique Style

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

10 Nigerian companies spend N252bn on staff in one year

June 19, 2023
in Business
10 Nigerian companies spend N252bn on staff in one year
Share on FacebookShare on Twitter

One of the crucial roles of an organisation’s leadership is the management of its human capital. This is because the people who work for an organisation are responsible for producing economic value and ultimately building the wealth of shareholders.

In 2022, the banking sector was one of the few sectors that experienced remarkable profitability. Despite the retrenchment of workers and the cut in employee-related expenses in the Nigerian corporate space in the same year, most of the listed banks surveyed by BusinessDay were able to increase their personnel costs.

According to BusinessDay’s survey, companies with the highest personnel costs include Ecobank Transnational, Access Holdings, FBN Holdings, United Bank for Africa, Zenith Bank, Nigerian Breweries, Stanbic IBTC, MTN Nigeria, Guinness Nigeria, First City Monument Bank and Guaranty Trust Holding Company.

BusinessDay analysis revealed that these firms’ personnel expenses stood at an aggregate of N252 billion in the first quarter of 2023, an 18.3 percent increase from N212.97 billion in the first quarter of 2022.

The personnel expenses encompass all of a company’s expenditures in relation to staff remuneration and welfare within a specific financial reporting period.

In other words, such expenses may include salaries/wages, other benefits like health insurance costs, pension, and training, amongst others.

Firm-by-firm analysis

Ecobank Transnational

Ecobank Transnational took the front row as the first of the top 10 highest-paying companies in Nigeria.

The transnational company recorded N54.83 billion in personnel costs in the first quarter of 2023, 16.9 percent increase from N46.9 billion in the same quarter of 2022.

Access Holdings

Access Holdings ranked in second place as one of the top 10 highest-paying companies in Nigeria.

The holding company recorded N33.57 billion in personnel expenses in the first quarter of 2023, up 14.8 percent from N29.25 billion in the first quarter of 2022.

Herbert Wigwe leads Access Holding as the chief executive officer, he is a Nigerian banker and entrepreneur. He served as the chairman of Access Bank Ghana Limited, Access Investment & Securities Limited, and Central Securities and Clearing System.

FBN Holdings

FBN Holdings ranked in third place as one of the top 10 highest-paying companies in Nigeria.

The holding company’s personnel expenses stood at N31.3 billion in the first quarter of 2023, up 22.2 percent from N25.62 billion in the first quarter of 2023.

Nnamdi Okonkwo leads FBN Holdings as the group managing director, his work experience spans over 32 years of local and international banking.

United Bank for Africa (UBA)

United Bank for Africa ranked fourth place as one of the top 10 highest-paying companies in Nigeria.

UBA’s employee benefit expenses rose to N31.26 billion in the first quarter of 2023, a 22.2 percent increase from N25.58 billion in the first quarter of 2022.

Abiola Bawuah leads UBA as chief executive officer, she joins the group board as an executive director, overseeing the group’s operations across the African continent, outside Nigeria.

Prior to her appointment, Bawuah was regional CEO, West Africa, supervising the group’s operations in nine subsidiaries, including Benin, Burkina Faso, Cote d’Ivoire, Ghana, Guinea, Liberia, Mali, Senegal, and Sierra Leone. She previously held the role of CEO, UBA Ghana.

Read also: How Union Bank lifted profit by 127% to N12.6bn

Zenith Bank

Zenith Bank ranked fifth place as one of the top 10 highest-paying companies in Nigeria.

The bank’s personnel expenses grew to N23.17 billion in the first quarter of 2023, 7.6 percent increase from N21.54 billion in the first quarter of 2022.

Ebenezer Onyeagwu leads Zenith Bank as group managing director/chief executive officer. He is a seasoned banker and a financial strategist with over three decades of banking experience.

Before joining Zenith Bank Plc, he worked at Citizens International Bank Limited between 1991 and 2002. He joined Zenith Bank Plc in 2002 as a senior manager in the internal control and audit group of the bank.

Nigerian Breweries

Nigerian Breweries ranked sixth place as one of the top 10 highest-paying companies in Nigeria.

The brewery spent N18.9 billion on employee benefits in the first quarter of 2023, a 40 percent increase from N13.51 billion in the first quarter of 2022.

Hans Essaadi leads Nigerian Breweries as chief executive officer/ managing director. He joined the Heineken N.V. Group in 1991 as a sales representative and subsequently took up increasingly senior roles within the group in sales, export and marketing.

Until his appointment to his current position in Nigerian Breweries, Essaadi was the managing director of Al Haram Beverages, the Heineken Operating Company in Egypt.

Stanbic IBTC Holdings

Stanbic IBTC Holdings ranked seventh place as one of the top 10 highest-paying companies in Nigeria.

The holding company’s staff cost amounted to N13.98 billion in the first quarter of 2023, 13 percent increase from N12.38 billion in the first quarter of 2022.

Wole Adeniyi leads Stanbic IBTC Holdings as chief executive officer, he has over 25 years of experience in banking operations, process management and business support within the financial services industry.

Adeniyi previously served as deputy chief executive officer at Stanbic IBTC Bank; head, country operations for the former Stanbic Bank Nigeria Limited in 2003.

MTN Nigeria and Guinness Nigeria

MTN Nigeria and Guinness Nigeria ranked eighth place as one of the top 10 highest-paying companies in Nigeria with N12.1 billion in employee costs in the first quarter of 2023.

MTN Nigeria’s employee cost stood at N12.1 billion, 10 percent increase from N11 billion while Guinness personnel expenses amounted to N12.1 billion, 24 percent increase from N9.76 billion in the period reviewed.

Karl Toriola leads MTN Nigeria as the chief executive officer, he joined MTN Nigeria as chief technical officer in 2006 before holding various positions across the MTN Group.

Toriola has over 24 years of experience from serving at MTN Group, WECA region; MTN Cameroon and before life in MTN, Vmobile Nigeria; Ericsson Nigeria & AG Switzerland.

John Musungu leads Guinness Nigeria as the managing director/chief executive officer. Managing Director/Chief Executive Officer. Musungu has experience within the consumer goods industry, having previously held leadership roles across commercial, sales and marketing positions in GlaxoSmithKline Plc within Sub-Saharan Africa, South Asia, and Eastern Europe.

First City Monument Bank (FCMB)

First City Monument Bank ranked ninth place as one of the top 10 highest-paying companies in Nigeria.

FCMB’s personnel cost stood at N10.4 billion in the first quarter of 2023 from N7.61 billion in the first quarter of 2022.

Yemisi Edun leads FCMB as managing director, she was appointed managing director of the bank following CBN approval effective May 1, 2021.

She began her career with Akintola Williams Deloitte (member firm of Deloitte Touche Tohmatsu) in 1987 with a focus on corporate finance activities as well as audits of banks and other financial institutions. She later joined FCMB in 2000 as divisional head of internal audit and control before assuming the role of chief financial officer of the bank.

Guaranty Trust Holding Company (GTCO)

Guaranty Trust Holding Company ranked tenth place as one of the top 10 highest-paying companies in Nigeria.

The holding company personnel expenses rose to N10.39 billion in the first quarter of 2023 5.8 percent increase from N9.82 billion in the first quarter of 2022.

Segun Agbaje leads Guaranty Trust Holding Company as group chief executive officer. He currently serves on the boards of GTBank (Ghana) Limited, GTBank (UK) Limited, GTBank (Kenya) Limited, and GTBank (Tanzania) Limited.

Agbaje started his career in 1988 as an auditor at Ernst & Young, USA. He subsequently joined GTBank as a pioneer staff in 1991 and rose through the ranks to become executive director in 2000 and deputy managing director in 2002.

megamillion

Read More

Tags: “Nigerianbusinesscompanies
Previous Post

How Union Bank lifted profit by 127% to N12.6bn

Next Post

Naira Devaluation: Tony Elumelu’s UBA Stake Suffers Loss

EarthTalk – Why do eco-advocates consider backyard gardens so crucial to conservation? – Kiowa County Press

How Backyard Gardens Are Becoming the Heart of Conservation Efforts

October 5, 2025
Citizen science discovers a rare bird in town | Opinion – Times Record News

Citizen science discovers a rare bird in town | Opinion – Times Record News

October 5, 2025
Millions could be living with hidden smell loss after COVID without knowing – ScienceDaily

Millions Could Be Unknowingly Struggling with Hidden Smell Loss Following COVID

October 5, 2025
How This Influencer Lost 31 Kg By Following These 8 “Weird” Daily Habits – NDTV

How This Influencer Lost 31 Kg By Following These 8 “Weird” Daily Habits – NDTV

October 5, 2025
Forget Cowbells. Cows Wear High-Tech Collars Now. – The New York Times

Ditch the Cowbells: Discover the High-Tech Collars Transforming Cattle Care

October 5, 2025
Tampa Bay Buccaneers vs. Seattle Seahawks NFL game: How to watch, kickoff time, TV channel and more – Yahoo Sports

Tampa Bay Buccaneers vs. Seattle Seahawks: How to Watch, Kickoff Time, TV Channel, and More

October 5, 2025
Magdeleine Vallieres shows off her world championship stripes – EF Pro Cycling

Magdeleine Vallieres shows off her world championship stripes – EF Pro Cycling

October 5, 2025
Splurging? In This Economy? Here’s How to Do It Right. – The New York Times

Splurging? In This Economy? Here’s How to Do It Right. – The New York Times

October 5, 2025
“Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

“Reba” cast, then and now: See the stars 24 years later (and who’s reunited for another show) – Yahoo

October 5, 2025
How the government shutdown is hitting the health care system – and what the battle over ACA subsidies means – The Conversation

How the Government Shutdown Is Disrupting Health Care and What the Battle Over ACA Subsidies Means for You

October 5, 2025

Categories

Archives

October 2025
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (853)
  • Economy (873)
  • Entertainment (21,747)
  • General (17,430)
  • Health (9,915)
  • Lifestyle (886)
  • News (22,149)
  • People (875)
  • Politics (884)
  • Science (16,084)
  • Sports (21,374)
  • Technology (15,855)
  • World (856)

Recent News

EarthTalk – Why do eco-advocates consider backyard gardens so crucial to conservation? – Kiowa County Press

How Backyard Gardens Are Becoming the Heart of Conservation Efforts

October 5, 2025
Citizen science discovers a rare bird in town | Opinion – Times Record News

Citizen science discovers a rare bird in town | Opinion – Times Record News

October 5, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version