Nigeria’s leading banks are setting new benchmarks in employee compensation, reflecting intensified competition to attract and retain top talent amid rising living costs and economic pressures.
Recent half-year financial filings from Zenith Bank, Access Holdings, GTCO, UBA, and Stanbic IBTC show that these five banking giants collectively spent ₦644.01 billion on personnel expenses in June 2025, up sharply from ₦493.19 billion in June 2024—a 30.58% year-on-year surge. The increase is attributed to salary reviews, bonuses, and expanded staff numbers.
The banks now employ 39,903 staff, up from 35,284 a year earlier, marking a 13% rise in workforce.
Access Bank Tops Staff Spending with ₦229 Billion
Access Holdings Plc emerged as the largest spender, disbursing ₦229.21 billion on staff salaries by mid-2025, a 44.29% increase from ₦158.88 billion in 2024.
Salary distribution highlights Access Bank’s generous pay structure:
2,928 employees earned between ₦17.95m–₦21.94m annually
2,118 employees earned ₦11.36m–₦14.95m
1,994 employees earned ₦7.48m–₦8.76m
No employee earned less than ₦900,000, with the lowest-paid 30 employees receiving ₦900,001–₦1.99m. Interestingly, key management compensation dropped slightly to ₦655m from ₦765m in 2024, reflecting tighter executive cost control.
UBA Rewards Staff with 29% Pay Increase
At United Bank for Africa (UBA), total staff compensation surged 28.65% to ₦172.21 billion, up from ₦133.86 billion in 2024.
Key salary insights:
5,001 employees earned ₦9m and above
3,067 employees earned ₦6.5m–₦7.8m
Only 493 employees earned ₦300,001–₦2m, down sharply from 1,181 in 2024
This indicates a strategic elevation of lower-income staff into higher pay brackets.
Zenith Bank Pays 5,579 Staff ₦9 Million+
Zenith Bank Plc continues to reward its employees competitively. Among its 10,520 employees, 5,579 earn ₦9m+ annually, while only 114 fall into the ₦300,001–₦2m band.
Personnel costs rose 16% to ₦134.57 billion, with key management compensation at ₦6.5 billion, reflecting a balanced approach to rewarding leadership and staff alike.
GTCO Hikes Salaries by 40% to Combat Inflation
Guaranty Trust Holding Company (GTCO) proactively addressed inflation with a 40% salary increase, pushing personnel costs 31.08% higher to ₦54.39 billion.
Salary bands include:
1,404 employees earned ₦4.53m–₦5.93m
1,001 employees earned ₦720,001–₦1.4m
Around 1,000 employees earned ₦9m+
Key management pay rose to ₦9.19 billion, largely due to a ₦7.49 billion boost in Share Appreciation Rights under GTCO’s Staff Investment Trust.
Stanbic IBTC Ensures No Staff Earns Below ₦3 Million
Stanbic IBTC Holdings Plc maintains one of the most competitive pay structures in Nigeria:
None of its 3,304 employees earns below ₦3m per year
Lowest-paid seven staff earned between ₦3m–₦4m
2,979 employees earn ₦6m+
Key management compensation declined to ₦2.87 billion from ₦3.35 billion, reflecting disciplined executive pay practices.
Banks Defy Economic Pressures with Higher Pay
Despite inflation, forex volatility, and regulatory costs, Nigeria’s banking sector continues to expand its workforce and reward talent generously. Access, UBA, and Zenith together account for over 80% of total staff spending, demonstrating their dominance in compensation.
Analysts say sustained salary growth and rising headcounts indicate confidence in long-term profitability and a deliberate push to retain talent amid competition from fintechs and digital banks.
CBN Confirms Banking Sector Resilience
The Central Bank of Nigeria (CBN) confirmed that 14 banks met the recapitalisation requirement six months ahead of the March 31, 2026 deadline. Governor Olayemi Cardoso disclosed this on September 23, 2025, during the Monetary Policy Committee (MPC) meeting, adding that financial soundness indicators remain within projected benchmarks.
Nigeria’s banking sector proves that even in challenging economic times, investing in talent remains a top priority.
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