August 9, 2022

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Zenith Financial institution leads as banks spend N6.9bn on MDs, CEOs welfare bundle


Zenith Financial institution leads 9 different Nigerian banks within the sum of money put aside for the welfare of their MDs and CEOs in 2021, based on the total yr monetary stories of the banks.

In response to the stories, the ten banks spent over N6.96 billion on sitting allowance and compensation in 2021, which was 3.32 per cent improve when in comparison with N6.74bn the administrators obtained in 2020.

The ten banks are United Financial institution for Africa Plc, Zenith Financial institution Plc, FBN Holdings and Warranty Belief Holding Firm Plc.

Others are Union Financial institution for Nigeria Plc, Stanbic IBTC Holdings Plc, FCMB Group Plc, Wema Financial institution Plc, Constancy Financial institution Plc and Unity Financial institution Plc.

A breakdown reveals Zenith Financial institution, adopted by Stanbic IBTC Holdings, reported the very best sitting allowances and compensation, whereas Unity Financial institution reported the least cost on welfare bundle for its MD/CEO.

Zenith Financial institution in 2021 reported a complete of N1.65bn govt compensation, charges and sitting allowances, a rise of 18.06 per cent from the N1.4bn reported in 2020.

For Stanbic IBTC Holdings, the overall sitting allowance and compensation to its administrators rose by 19.9 per cent to N1.672m in 2021 from N1.394m reported in 2020.

FBN Holdings’ govt sitting allowances and compensation rose by 15.7 per cent to N162m in 2021 from N140m in 2020.

GTCO govt compensation dropped to N757.35m in 2021 from N921.36m in 2020, and UBA’s govt compensation, charges and sitting allowances dropped from N762m in 2020 to N714m in 2021.

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For FCMB Group, N828.12m was spent on the welfare of administrators in 2021, a rise of twenty-two.9 per cent from N674.09m in 2020, whereas Union Financial institution of Nigeria Plc reported a 9.6 per cent drop in its administrators’ sitting allowance and govt compensation to N525m in 2021 from N581m 2020.