Nigeria's banking sector has demonstrated remarkable resilience in staff compensation despite economic challenges, with five leading financial institutions collectively spending a massive ₦644.01 billion on personnel expenses during the first half of 2025.
Record-Breaking Staff Compensation Across Banking Sector
Recent financial filings with the Securities and Exchange Commission reveal that Access Holdings, Zenith Bank, United Bank for Africa, Guaranty Trust Holding Company, and Stanbic IBTC Holdings significantly increased their staff spending compared to the previous year. The collective expenditure of ₦644.01 billion between January and June 2025 represents a substantial 30.58% year-on-year increase from the ₦493.19 billion recorded during the same period in 2024.
The banking industry's aggressive compensation strategy comes amid intense competition for skilled professionals and rising living costs across Nigeria. Combined employment figures show these five institutions now employ 39,903 staff members, marking a 13% increase from the 35,284 employees recorded a year earlier.
Individual Bank Compensation Breakdown
Access Bank Leads with ₦229 Billion Staff Costs
Access Holdings Plc emerged as the top spender on personnel, recording ₦229.21 billion in staff expenses by mid-2025. This represents a 44.29% increase from the ₦158.88 billion spent during the same period in 2024.
The bank's salary distribution reveals a generous compensation structure:
- 2,928 employees earned between ₦17.95 million and ₦21.94 million annually
- 2,118 employees received ₦11.36 million to ₦14.95 million per year
- 1,994 staff members earned between ₦7.48 million and ₦8.76 million yearly
Notably, no Access Bank staff earned less than ₦900,000 annually, with the lowest-paid 30 employees receiving between ₦900,001 and ₦1.99 million.
UBA Implements Significant Salary Increases
United Bank for Africa recorded a 28.65% surge in total staff compensation, reaching ₦172.21 billion from ₦133.86 billion in the previous year. The bank's salary distribution indicates substantial improvements for lower-income staff:
- 5,001 employees earned ₦9 million and above annually
- 3,067 staff members received between ₦6.5 million and ₦7.8 million
- Only 493 employees remained in the ₦300,001 to ₦2 million bracket, down from 1,181 in 2024
Zenith Bank Maintains Competitive Compensation
Zenith Bank Plc maintained its reputation for competitive salaries, with personnel expenses rising to ₦134.57 billion in June 2025 from ₦115.9 billion in 2024, representing a 16% increase.
Among its 10,520 employees, a remarkable 5,579 staff members earned ₦9 million and above annually, while only 114 employees fell into the ₦300,001 to ₦2 million income bracket. The bank allocated ₦6.5 billion for key management compensation, demonstrating its commitment to rewarding leadership while maintaining balanced compensation across all levels.
GTCO's Proactive Inflation Response
Guaranty Trust Holding Company took proactive measures to cushion inflation effects by implementing a 40% salary increase for staff. The bank's personnel costs jumped 31.08% to reach ₦54.39 billion from ₦41.5 billion a year earlier.
GTCO's compensation structure included:
- 1,404 employees earning between ₦4.53 million and ₦5.93 million
- 1,001 staff in the ₦720,001 to ₦1.4 million range
- Approximately 1,000 employees earning ₦9 million and above
The group's key management pay rose to ₦9.19 billion, partly driven by a ₦7.49 billion increase in Share Appreciation Rights under its unique Staff Investment Trust scheme.
Stanbic IBTC's Elite Compensation Structure
Stanbic IBTC Holdings Plc maintained one of the sector's most competitive pay structures, with none of its 3,304 employees earning below ₦3 million per annum. The bank's compensation breakdown shows:
- Seven lowest-paid employees received between ₦3 million and ₦4 million
- 2,979 employees earned ₦6 million and above annually
Despite maintaining high salary levels, the bank demonstrated cost discipline with key management compensation declining to ₦2.87 billion from ₦3.35 billion in the previous year.
Sector Resilience Amid Economic Challenges
The substantial increases in staff compensation occur despite Nigeria's ongoing inflationary pressures, foreign exchange volatility, and rising regulatory costs. Access Holdings, UBA, and Zenith Bank collectively accounted for over 80% of the total staff spending among the five institutions, reinforcing their dominance in employee remuneration.
Industry analysts interpret the sustained salary growth and increased headcount as indicators of confidence in long-term profitability and strategic efforts to attract and retain top talent. The banking sector faces increasing competition from fintech companies and digital banks, making competitive compensation packages essential for talent retention.
The Central Bank of Nigeria's recent confirmation that 14 banks have already met recapitalization targets six months ahead of the March 2026 deadline further underscores the sector's financial strength and resilience.
