Commercial banks spend N536 billion on staff salaries, wages, EcoBank, Access lead

Data shows that 11 Nigerian banks in 12 months incurred more than N536.09 billion on salaries and wages of their staff.

The figure was obtained from the annual results of banks submitted to the Nigerian Stock Exchange.

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

The others are Zenith Bank, Wema, Unity, United Bank for Africa (UBA) and Sterling Bank.

First Bank has not yet published its 2021 annual results.

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

EcoBank spent N183.8 billion, followed by N91.19 million for Access Bank.

Also read: Commercial bank borrowing from CBN drops for second consecutive month

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

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

GTCO follows with 33.2 billion naira for 4,617 employees, followed by FCMB with 23.2 billion naira.

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 latest banking report revealed that in the fourth quarter of 2020, there were 95,026 workers in the banking sector.

Among them, 257 are managers, 17,381 managers, 37,590 subordinates and 37,590 contract employees.


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