Here’s a jaw-dropping revelation: the top executives of five major Nigerian banks have claimed the lion’s share of a staggering N644 billion in staff compensation over the past year. But here’s where it gets controversial—while thousands of employees earn modest salaries, a select few at the top are raking in millions, sparking debates about income inequality in the banking sector. An in-depth analysis by The PUNCH reveals that Zenith Bank, Access Holdings, Guaranty Trust Holding Company (GTCO), Stanbic IBTC, and United Bank for Africa (UBA) have seen their total personnel expenses soar from N493.19 billion in June 2024 to N644.01 billion in June 2025. So, who’s really benefiting from this surge? Let’s dive in.
Zenith Bank: Where the Elite Earn Big
At Zenith Bank, the numbers tell a striking story. As of June 2025, a whopping 5,579 out of 10,520 employees earned N9 million or more annually. In contrast, just 114 employees fell into the lowest bracket, earning between N300,001 and N2 million. The bank’s key management compensation for the half-year period stood at N6.50 billion, while total personnel expenses jumped to N134.57 billion from N115.90 billion the previous year. This includes salaries, productivity expenses, medical benefits, and pension contributions. But here’s the kicker: is this distribution fair, or does it highlight a widening gap between the top brass and the rank-and-file?
GTCO: Share Appreciation Rights Steal the Show
GTCO reported total key management compensation of N9.19 billion, with a staggering N7.49 billion coming from the increase in Share Appreciation Rights (SARs). This cash-settled, share-based compensation plan, managed by the Guaranty Trust Bank Staff Investment Trust, aims to boost employee retention by offering shares to qualifying staff at the bank’s net book value. While 1,404 employees earned between N4.53 million and N5.93 million annually, only about 1,000 earned N9 million or more. The bank’s personnel expenses surged by 31.08% to N54.39 billion, partly due to a 40% salary increase implemented to combat the rising cost of living. But is this enough to address the growing disparity?
Access Holdings: No One Left Behind—Almost
Access Holdings stands out with a unique pay structure. Out of 9,820 employees, 2,928 earned between N17.95 million and N21.94 million annually, while the lowest earners—just 30 employees—still took home between N900,001 and N1.99 million. The group’s personnel costs skyrocketed by 44.29% to N229.21 billion, though key management compensation dipped slightly to N655 million. With no employee earning less than N900,000, Access Holdings seems to prioritize a higher baseline salary. But does this model truly bridge the income gap?
Stanbic IBTC: The High-Earner Haven
Stanbic IBTC, with the smallest workforce among the five banks (3,304 employees), boasts an impressive pay scale. Not a single employee earns below N3 million, and the majority (2,979) earn N6 million or more annually. Even the lowest-paid staff, just seven employees, earn between N3 million and N4 million. Key management compensation stood at N2.87 billion, down from N3.35 billion the previous year. This raises a thought-provoking question: is Stanbic IBTC setting a new standard for employee compensation, or is it an outlier in the industry?
UBA: Salary Increases Across the Board
At UBA, employee compensation rose by 28.65% to N172.21 billion, with 5,001 out of 10,393 employees earning N9 million or more. Interestingly, the number of lowest earners (those making N300,001–N2 million) dropped significantly from 1,181 to 493. This shift suggests a broader trend of salary increases, but it also leaves us wondering: are these raises enough to keep up with the cost of living?
The Bigger Picture: Expansion Amid Challenges
Combined, these banks have expanded their workforce by 13%, from 35,284 employees in 2024 to 39,903 in 2025, driving personnel costs up by 30.58%. Access Bank led the pack with the highest personnel spend at N229.21 billion, followed by UBA and Zenith Bank. Despite macroeconomic pressures, the sector’s growth is undeniable. But here’s the part most people miss: while the banking industry thrives, the debate over income inequality rages on. Are these compensation structures sustainable, or do they risk alienating the very employees who keep these institutions running?
Food for Thought
As we digest these figures, it’s impossible to ignore the elephant in the room: is the banking sector’s compensation model fair, or does it favor the few at the expense of the many? We’d love to hear your thoughts. Do you think these pay structures are justified, or is it time for a rethink? Share your opinions in the comments below—let’s spark a conversation that could shape the future of banking in Nigeria.
