Nigerian Bank MDs, CEOs siphon N6.9bn as welfare packages
The chief executives of Nigerian banks spent over N6.96 billion on welfare packages, which include sitting allowances and compensation in 2021.
This is captured in the financial results of 10 banks publicly listed on the Nigerian Exchange for the full year ended December 31, 2021.
According to the report, the result is a 3.32 per cent increase when compared to N6.74bn which the directors received in 2020.
It listed the 10 affected banks as United Bank for Africa Plc, Zenith Bank Plc, FBN Holdings and Guaranty Trust Holding Company Plc.
Also listed are Union Bank of Nigeria Plc, Stanbic IBTC Holdings Plc, FCMB Group Plc, Wema Bank Plc, Fidelity Bank Plc and Unity Bank Plc.
A breakdown shows Zenith Bank, followed by Stanbic IBTC Holdings, reported the highest sitting allowances and compensation with Unity Bank being the least.
It said that Zenith Bank in 2021 reported a total of N1.65bn executive compensation, fees and sitting allowances, an increase of 18.06 per cent from the N1.4bn reported in 2020.
The total sitting allowances and compensation for Stanbic IBTC Holdings directors rose by 19.9 per cent to N1.672m in 2021 from N1.394m reported in 2020.
The results indicated that FBN Holdings’ executive sitting allowances and compensation rose by 15.7 per cent to N162m in 2021 from N140m in 2020.
For GTCO, its executive compensation dropped to N757.35m in 2021 from N921.36m in 2020.
UBA’s executive compensation, fees and sitting allowances also dropped from N762m in 2020 to N714m in 2021.
FCMB spent N828.12m on the welfare of directors in 2021, an increase of 22.9 per cent from N674.09m in 2020.
Union Bank reported a 9.6 per cent drop in its directors’ sitting allowances and executive compensation to N525m in 2021 from N581m 2020.
Wema Bank on its part reported N297.84m executive compensation/fees for the second consecutive year.
Unity Bank grew its sitting allowances by 3.9 per cent to N38.6m in 2021 from N37.15 in 2020.
The report added that Fidelity Bank reported N312m executive compensation, fees, and sitting allowances in 2021, a decline of 41 per cent from N529m reported in 2020
