FCMB Group recorded the highest remuneration for its highest-paid director at N447.9 million in 2025, followed by Zenith Bank at N367 million and Access Holdings at N293 million, according to financial statements from five major Nigerian banking groups reviewed by Legit.ng. The figures reveal contrasting trends between executive pay and financial performance, with Zenith, Access Holdings, and First HoldCo seeing remuneration grow faster than profits, while FCMB and Wema delivered stronger earnings growth relative to pay increases.
FCMB Tops List with N447.9 Million
FCMB Group's highest-paid director received N447.9 million in 2025, a 35.9% increase from N329.5 million in 2024. The group's profit before tax jumped 80.6% to N202.1 billion, while profit after tax more than doubled to N177.3 billion. Total directors' remuneration also climbed to N5.75 billion from N3.51 billion, according to the financial statements.
This positions FCMB as the only bank among the five reviewed where profit growth significantly outpaced the increase in top-director pay, offering shareholders a contrasting compensation benchmark.
Zenith Director's Pay More Than Doubles
Zenith Bank recorded one of the steepest increases, with remuneration for its highest-paid director surging 110.9% to N367 million from N174 million a year earlier. However, profit after tax barely moved, rising from N1.03 trillion in 2024 to N1.04 trillion in 2025. Gross earnings increased 5.6% to N4.19 trillion, while profit before tax declined 4.8% to N1.26 trillion.
Executive compensation at Zenith increased to about N5.88 billion from N3.78 billion, while total directors' remuneration, excluding pension and certain benefits, rose to approximately N6.50 billion. Earnings per share fell to N25.32 from N32.87 following an expansion in the bank's share base.
Access Director Earns N293 Million
Access Holdings ranked third, with remuneration for its highest-paid director increasing 62.8% from N180 million to N293 million. The increase significantly outpaced profit growth, as Access reported gross earnings of about N5.53 trillion, up 13.3%, while profit before tax climbed 16.2% to N1.01 trillion. Profit after tax increased 15.7% to N743.1 billion.
The group also recorded a more than 100% increase in impairment charges during the year, highlighting the impact of rising credit costs on its bottom line.
First HoldCo Pay Doubles as Profit Drops
First HoldCo recorded perhaps the sharpest contrast between executive pay and bottom-line performance. Its highest-paid director received N195 million, a 101% increase from N97 million in 2024. Yet profit for the year plunged 79.4% from N677 billion to N139.5 billion, while profit before tax fell 70.5% to N235 billion.
Gross earnings nevertheless increased 6.9% to N3.44 trillion, while net interest income climbed 36.8% to N1.92 trillion. Higher costs weighed heavily on profitability, with impairment charges rising 93.8% to N826.3 billion and operating expenses increasing 32.1% to N1.23 trillion.
Wema's Profit Growth Beats Pay Increase
Wema Bank's highest-paid director received N160.3 million, representing about a 50% increase from N106.9 million. However, the bank's earnings grew considerably faster, with profit before tax surging about 116% to N221.9 billion from N102.5 billion, while gross earnings climbed 52.8% to N660.6 billion. Net interest income more than doubled to N361 billion, and total directors' remuneration rose to N915.5 million from N728.2 million.
The figures underline the different relationships between executive remuneration and financial performance across Nigeria's banking industry. At Zenith, First HoldCo, and Access, remuneration for the highest-paid director grew substantially faster than profit, while at FCMB and Wema, earnings growth comfortably exceeded the increase in top-director remuneration.
The comparison does not by itself determine whether compensation levels are justified, as executive remuneration may reflect responsibilities, incentives, long-term performance measures, and individual compensation structures beyond annual profit. It nevertheless gives shareholders another lens for examining how banks reward senior executives, particularly after the industry's recapitalisation drive. With banks deploying larger capital bases, investors are likely to pay closer attention to return on equity, earnings per share, asset quality, and cost efficiency alongside headline profits and executive compensation.
