The financial sector is known for its lucrative compensation packages, especially for top executives.
In 2023, the directors of Nigeria’s leading financial institutions continued to command impressive earnings, with some taking home millions of naira per day.
This ranking, based on data from the 2023 Annual FY Reports compiled by Statisense, highlights the highest-paid directors across the country’s banking and insurance sectors.
- Ebenezer Onyeagwu [Zenith Bank] — ₦5.94 million per day
Leading the pack is Ebenezer Onyeagwu, the Managing Director of Zenith Bank, who earns a staggering ₦5.94 million daily. His earnings reflect Zenith Bank’s strong performance and his pivotal role in maintaining its status as one of Nigeria’s top banks.
- Segun Agbaje [GTCO] — ₦1.25 million per day
Segun Agbaje, the Group CEO of Guaranty Trust Holding Company (GTCO), ranks second with daily earnings of ₦1.25 million. Agbaje’s leadership has been instrumental in GTCO’s expansion and success in the financial market.
- Demola Sogunle [Stanbic IBTC] — ₦904,000 per day
Demola Sogunle, the CEO of Stanbic IBTC, secures the third spot with a daily pay of ₦904,000. His strategic oversight has helped Stanbic IBTC navigate a competitive financial landscape, maintaining its position as a leading financial services provider.
4.. Oliver Alawuba [UBA] — ₦677,000 per day
Oliver Alawuba, CEO of United Bank for Africa (UBA), earns ₦677,000 per day, placing him fourth. Alawuba’s role in steering UBA through various markets across Africa is a testament to his effective leadership.
- Babatunde Fajemirokun [AIICO Insurance] — ₦639,000 per day
Babatunde Fajemirokun, Managing Director of AIICO Insurance, ranks fifth with daily earnings of ₦639,000. His focus on innovation and customer-centric services has driven AIICO’s growth in the insurance industry.
- Ladi O Balogun [FCMB] — ₦503,000 per day
Ladi O Balogun, CEO of First City Monument Bank (FCMB), earns ₦503,000 per day. His leadership has been key in FCMB’s continued success and expansion, making him one of the top earners in the sector.
- Peter Ashade [United Capital] — ₦399,000 per day
Peter Ashade, CEO of United Capital, takes home ₦399,000 daily. His role in enhancing United Capital’s investment services and financial solutions has been critical to its strong market position.
- Nneka Onyeali-Ikpe [Fidelity Bank] — ₦301,000 per day
Nneka Onyeali-Ikpe, the first female Managing Director of Fidelity Bank, earns ₦301,000 daily. Her leadership has been instrumental in Fidelity’s digital transformation and increased profitability.
- Nnamdi Okonkwo [FBN Holdings] — ₦293,000 per day
Nnamdi Okonkwo, the CEO of FBN Holdings, earns ₦293,000 per day. His strategic initiatives have played a significant role in strengthening the group’s diverse financial services.
- Haruna Musa [Jaiz Bank] — ₦277,000 per day
Haruna Musa, Managing Director of Jaiz Bank, earns ₦277,000 per day. His commitment to Islamic banking and inclusive finance has helped Jaiz Bank grow steadily.
- Herbert Wigwe [Access Corporation] — ₦241,000 per day
Herbert Wigwe, CEO of Access Corporation, is compensated with ₦241,000 daily. His vision has propelled Access Corporation into one of Nigeria’s largest financial services groups.
- Moruf Oseni [Wema Bank] — ₦218,000 per day
Moruf Oseni, the Managing Director of Wema Bank, earns ₦218,000 per day. His leadership in driving the bank’s digital innovations has been a key factor in its recent successes.
- Kunle Ahmed [Axa Mansard Insurance] — ₦195,000 per day
Kunle Ahmed, CEO of Axa Mansard Insurance, receives ₦195,000 daily. His role in expanding Axa Mansard’s insurance services has solidified its position in the market.
- Rajesh Kamble [Prestige Assurance] — ₦172,000 per day
Rajesh Kamble, CEO of Prestige Assurance, earns ₦172,000 per day. His focus on risk management and customer satisfaction has helped Prestige Assurance maintain its competitive edge.
- Olamide Olajolo [Coronation Insurance] — ₦150,000 per day
Olamide Olajolo, Managing Director of Coronation Insurance, takes home ₦150,000 daily. His efforts in transforming Coronation Insurance into a leading provider have been recognized across the industry.
- Samuel Ogbodu [Sunu Assurances Nigeria] — ₦140,000 per day
Samuel Ogbodu, CEO of Sunu Assurances Nigeria, earns ₦140,000 per day. His leadership has been key in expanding the company’s footprint in the Nigerian insurance market.
17.. Andrew Ikekhua [Nem Insurance] — ₦123,000 per day
Andrew Ikekhua, Managing Director of Nem Insurance, receives ₦123,000 daily. His work in enhancing operational efficiency and customer experience has been crucial to the company’s success.
- Daniel Braie [Linkage Assurance] — ₦115,000 per day
Daniel Braie, CEO of Linkage Assurance, earns ₦115,000 per day. His strategic focus on growth and innovation has been instrumental in driving the company’s profitability.
- Olaotan Soyinka [Sovereign Trust Insurance] — ₦109,000 per day
Olaotan Soyinka, Managing Director of Sovereign Trust Insurance, receives ₦109,000 daily. His role in steering the company through a competitive market has contributed to its steady growth.
- Adeyinka O. T. [Abbey Mortgage Bank] — ₦96,000 per day
Rounding out the list is Adeyinka O. T., CEO of Abbey Mortgage Bank, who earns ₦96,000 per day. His leadership has been pivotal in driving Abbey Mortgage Bank’s focus on providing innovative mortgage solutions.
Conclusion
The earnings of these top financial directors in Nigeria underscore the high value placed on leadership in the banking and insurance sectors.
These executives not only command impressive daily incomes but also play critical roles in shaping the strategic direction of their respective institutions.
Their compensation reflects the demanding nature of their positions and the significant impact they have on the financial landscape in Nigeria.
