The wealth of a nation relies heavily on the resources available especially the man labour of that same country. It is measured mainly on the managing skills and expertise productivity of the people involved. This resulted in the establishment of a bank which is a legal institution where wealth is preserved for easy assessment. Valuable goods/materials such as jewelry, files/documents, and precious substances are also kept in the bank.

It is no more news that the banking system in Nigeria has created a suitable dilemma that Nigerians enjoyed without looking back and/or giving up on applying and complying with the system.
The Nigerians that chairman these legal entities (banks) are but educated, as my dictionary defines it, men. The position of the managing director/ chief executive officer of a company is often outstanding in any organization. It is usually confronted with the responsibility of making the toughest decisions in the company.

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Here are the top ten highest-paid bank CEOs in Nigeria as of 2023 to the writing of this article; 05/02/2023

10. Ademola Adebisi (Wema bank) N70.05m

Ademola Adebisi

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Adebise worked as a Programmer/Systems analyst at an indigenous Information technology company in Nigeria in 1988 before he started his banking career at the Information technology department of Chartered Bank (Now Stanbic IBTC bank).

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9. Nneka Onyeali-Ikpe (Fidelity Bank) N110m

Nneka Onyeali-Ikpe

Nneka Onyeali-Ikpe assumed office as Managing Director/CEO, of Fidelity Bank on January 1, 2021. Following her role as the Executive director, Lagos, and South West, overseeing the bank’s business in the six states that make up the South West region of the bank.

8.  Ladi Balogun FCMB N117.63m

Ladi Balogun

He served as the bank’s CEO from 2007 to 2017. In 2007, he oversaw FCMB’s purchases and mergers with the Cooperative Development Bank, Midas Bank, and Nigerian American Bank (for the Nigerian subsidiary of Bank Boston). He also oversaw the acquisition of FinBank Nigeria in 2012. He was appointed Group Chief Executive of FCMB Group Plc in March 2017. He was named Chairman of Legacy Pension Managers (Legacy Pensions Ltd.) in 2018 and later renamed FCMB Pensions Limited.

7. FBNH – U.K.Eke N131m


Onyeali-Ikpe earned a sum of N110 million as an emolument in the period under review, the same as recorded in the previous year. However, it is worth noting that the bank reported it as an annual payment, rather than in the first six months of the year. According to her profile on the bank’s official website, she is a consummate professional with over 30 of experience across various banks including Standard Chartered Bank Plc, Zenith Bank Plc, and Citizens International Bank Limited, where she held several management positions in Legal, Treasury, Investment Banking, Retail/Commercial Banking, Corporate Banking.

6. Herbert Wigwe (Access Bank) N120m

Herbert Wigwe

Herbert Wigwe received N73 million as an emolument in the first half of the year. This represents a 5.8% increase when compared to the N69 million earned in the corresponding period of 2021. Herbert Wigwe assumed the position of the bank’s GMD/CEO in January 2014 after joining the bank in March 2022 as deputy managing director from Guaranty Trust Bank. However, following the restructuring of the company, he was subsequently appointed a Non-Executive Director in May 2022, while Mr. Roosevelt Ogbonna took over the position as the MD/CEO.

5. Emeka Okonkwo (Union Bank of Nigeria) N134m

Emeka Okonkwo

Emeka Okonkwo was formally the Chief Executive Officer of Union Bank of Nigeria Plc (UBN) until May 2022. He joined Union Bank of Nigeria Plc in 2013 as an Executive Director to lead the Corporate Banking and Treasury business and was appointed CEO in April 2021. He was appointed to the UK Bank’s Board of Directors in May 2018.

4. Kennedy Uzoka (UBA) N143m


Kennedy Uzoka is the former Group Managing Director/CEO of United Bank for Africa (UBA) after resigning from the company board effective, on July 31, 2022, and handing over to Mr. Oliver Alawuba. In the period under review, Uzoka earned a sum of N128 million as emoluments from UBA, a significant increase from N70 million received in the corresponding period of 2022.

3. Olusegun Agbaje (GTCO) N171.96m

Olusegun Agbaje

Guaranty Trust is another bank, which had gone through restructuring into a holding company, known as Guaranty Trust Holding Company Plc. Segun Agbaje, the GMD/CEO of the GTCO earned the sum of N195 million as an emolument in the first half of the year. In 2021, he earned N171.9 million as an emolument in the full-year period. Before becoming the Group MD/CEO of the Holding Company, he was the MD/CEO of Guaranty Trust Bank Plc. Meanwhile, before joining GT Bank in 1991 as a pioneer staff, he worked with Ernst & Young, San Francisco, USA. He rose to the position of Executive Director in GT Bank in January 2000.

2. Demola Sogunle (Stanbc IBTC) N204m

Demola Sogunle

Demola Sogunle, Chief Executive, Stanbic IBTC Holdings earned N245 million as an emolument in the first half of 2022, an increase from N205 million recorded in the corresponding period of 2021. Dr. Demola Sogunle previously served as chief executive of Stanbic IBTC Bank PLC, chief executive of Stanbic IBTC Pension Managers, and the Head of Treasury amongst other roles in the Stanbic IBTC Group.

1.  Ebenezer Onyeagwu (Zenith Bank) N246m


Ebenezer Onyeagwu was appointed Group Managing Director/CEO of Zenith Bank Plc on the 1st of June 2019, a promotion from his deputy managing director role. He earned a sum of N70 million as an emolument in the first half of 2022, a marginal decline from the N73 million received in the corresponding period of 2021. He undertook extensive executive-level education at the Wharton Business School of the University of Pennsylvania, Columbia Business School of Columbia University, and the Harvard Business School of Harvard University in the United States.


Nigerians have seen and experienced “shege” frustration under the jurisdiction of these personnel like a helpless dog in a lion’s den due to the change in the design of the country’s currency. This list is exclusive as change is constant in the human community. such as jewelry, files/documents, and precious substances are also kept in the bank.


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