Commercial banks spend N536bn on staff salaries, wages, EcoBank, Access lead

Data show that 11 Nigerian banks in 12 months committed over N536.09 billion on salaries and wages of their staff.

The figure was obtained from the full-year results of the banks submitted to the Nigerian exchange.

The banks surveyed include Eco Bank, First City Monument Bank (FCMB), Fidelity Bank, Guaranty Trust Holding Company(GTCO), Jaiz bank.

Others are Zenith Bank, Wema, Unity, United Bank for Africa (UBA), and Sterling bank.

First Bank is yet to release its full-year 2021 result.

According to the data, EcoBank paid the most in salaries and wages since it operates in many African nations, while Fidelity paid the least among the banks surveyed.

EcoBank spent N183.8 billion followed by Access Bank’s N91.19 million.

Read also: Commercial banks’ borrowing from CBN drops for second consecutive month

UBA comes third with N86.5 billion in salaries and wages for 6,634 staff members.

Zenith Bank spent N70 billion and stated in its report that it will have 7,517 workers by the end of December 2021.

GTCO follows with N33.2 billion for 4,617 employees, followed by FCMB with N23.2 billion.

Sterling bank- N13.6 billion, Wema N12.2 billion, Unity Bank- N10.1 billion, Jaiz bank- N6.7 billion and Fidelity Bank N5.52 billion.

The National Bureau of Statistics (NBS) in its last banking report revealed that as of Q4,2020 there were 95,026 workers in the banking sector.

Out of this, 257 are executive staff, 17,381 senior staff, 37,590 junior Staff and 37,590 contract staff.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now