Stanbic IBTC MD is the Highest Paid Director in Nigerian Banking Industry, GTBank Second
The highest paid director in the Nigerian banking industry is the Managing Director of Stanbic IBTC and she walks home with twice more pay than the second highest paid director of any Nigerian bank. This is contained in the latest edition of the Nigerian Banks Financial Transparency Report jointly published by BusinessDay and Source Capital Research.
The latest ranking of the annual remuneration of the highest paid banking directors in the Nigerian banking industry, shows that the total take home pay of the Managing Director of Stanbic IBTC stands at N177 million per annum, which comes to about N484,931 for every day she resumes at work including Saturdays and Sundays.
Stanbic IBTC’s highest paid director’s remuneration is still the highest in the banking industry, despite having been reduced by as much as N34 million from 2009 when the ranking was first done. In 2009, the bank’s highest paid director earned N211 million per annum.
GTBank displaces Ecobank to become the bank with the second highest paid director in the banking industry in 2011. In 2010, Ecobank ranked as the bank with the second highest paid Managing Director in the banking industry, with total remuneration of N88 million for the highest paid director. However, Ecobank has dropped to the seventh position this year as the bank’s highest paid director’s remuneration seems to have been slashed by N50 million to N38 million per annum.
The drop in Ecobank has pushed GTBank’s managing director to the second highest paid director in the banking industry with annual income of N76.66 million per annum or N210, 016 per day. The bank’s Managing Director’s remuneration remains largely unchanged from last year.
The third highest paid director in the banking industry is the managing director of First Bank of Nigeria Plc with an annual take home pay of N67 million per annum or N183,562 per day. UBA ranks fourth with its managing director walking home with an annual remuneration of N57 million per annum. Wema Bank has the lowest paid Managing Director in the Nigerian banking industry with a take home pay of N8.35 million per annum.
When banks are ranked on the basis of the highest paid Chairman, Stanbic IBTC also ranked highest with its chairman going home with annual pay of N37.2 million per annum followed closely by GTBank where the Chairman walks home with an annual pay of N31 million. Unity Bank ranks third with the bank’s board Chairman going home with an annual remuneration of N31 million. Skye Bank has lowest paid Chairman with an annual take home pay of N2 million.
GTBank displaces Stanbic IBTC when banks are ranked in terms of the average pay per director. The average take home pay per director in GTBank, including fees and allowances, stood at N60.75 million in 2010. Stanbic IBTC followed closely with an average pay per director of N55 million, while Zenith Bank ranked third with an average pay per director of N46.5 million. The lowest paid directors sit on the board of Sterling Bank with an average take home pay of N10.79 million per director.
UBA has the biggest board size in the Nigerian banking industry with a total board of 20 board members. Three others banks, Diamond Bank, First Bank and Skye Bank all have the second biggest bank boards with a total of 16 directors of each of the bank’s boards. Wema Bank has the smallest board size with only 8 directors on its board.
FCMB however has the highest number of management staff in the banking industry with average of 563 staff in the management cadre. Unity Bank follows closely with 515 staff in the management cadre while UBA ranks third with 457 staff in the management cadre. Wema Bank once more, has the lowest number of staff in the management cadre. The bank has just 43 staff in the management cadre.
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