Nigeria’s banks made more money in 2025 and their CEOs got paid more too.
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With interest rates staying elevated for most of the year, banks cashed in on wider margins, repriced loans aggressively, and grew interest income at a pace not seen in years.
Interest income alone surged to N18.6 trillion from N14.3 trillion, highlighting how strongly banks benefited from Nigeria’s high-yield environment despite rising loan provisioning costs and pressure on asset quality.
That earnings boom filtered directly into executive compensation. The combined remuneration of seven bank CEOs tracked by this report climbed to N2.15 billion in 2025, compared to N1.56 billion in 2024, a jump of N584 million or 37.3% year-on-year.
Executive pay reflected a banking sector navigating one of its most profitable and competitive periods in recent history. Several lenders are simultaneously pursuing recapitalisation, digital expansion, regional growth, and leadership restructuring, placing a premium on executives tasked with delivering growth in an increasingly complex operating environment.
Sterling Financial Holdings Company did not report its directors’ emoluments in its latest financial disclosures, while Ecobank Transnational Incorporated also did not provide a breakdown of directors’ pay in its most recent filings. Meanwhile, FCMB Group has yet to release its full 2025 financial results, leaving a gap in the final compensation picture across the tier-two banking space.
For some CEOs, the increases were marginal. For others, especially newly elevated executives and transformation-era leaders, compensation more than doubled.
Below is a breakdown of Nigeria’s highest-earning bank CEOs in 2025 and how their pay compares with the previous year.
Adebowale Oyedeji –FirstHoldCo
- 2025 Emoluments: N195 million
Adebowale Oyedeji posted one of the sharpest increases in executive remuneration among Nigerian banking leaders in 2025. His compensation at FirstHoldco rose to N195 million from N97 million in 2024, representing a 101% increase.
FirstHoldCo, the parent company of First Bank of Nigeria, remains one of the country’s oldest and most systemically important financial institutions. The group has undergone strategic restructuring aimed at improving governance, operational efficiency, and long-term profitability.
Oyedeji is regarded as a seasoned financial executive with experience spanning investment banking, corporate finance, and institutional strategy. His leadership role comes at a time when the group is repositioning its banking operations amid industry recapitalisation and regulatory reforms.
Haruna Musa –JaizBank
- 2025 Emoluments: N245 million
Haruna Musa, CEO of Jaiz Bank, recorded one of the strongest compensation increases among banking executives in 2025 as Jaiz Bank Plc continued to expand Nigeria’s non-interest banking market. His remuneration rose to N245 million from N175 million in 2024, representing a 40% increase.
Jaiz Bank has emerged as a key player in Islamic banking and ethical finance, serving retail, corporate, and institutional customers across Nigeria. The lender has focused heavily on financial inclusion, SME financing, and Sharia-compliant banking products.
Musa has extensive experience in banking operations, finance, and institutional management. His leadership role has coincided with Jaiz Bank’s efforts to strengthen capital adequacy, expand branch operations, and grow digital banking channels.
Chuma Nwokocha – Stanbic IBTC Holdings Plc
- 2025 Emoluments: N279 million
Chuma Nwokocha, the CEO of Stanbic IBTC, is among the highest-paid banking executives in Nigeria following a significant rise in executive compensation. His remuneration climbed to N279 million in 2025 from N215 million in 2024, reflecting a 29.8% increase.
Stanbic IBTC remains a major player in Nigeria’s financial services industry with strong operations across investment banking, pension management, asset management, and retail banking. The institution has increasingly focused on wealth management and digital financial services as part of its long-term growth strategy.
Nwokocha has built extensive experience in corporate banking, risk management, and financial services administration. His leadership role within the Stanbic IBTC group places him at the centre of strategic initiatives tied to investment growth, institutional banking, and customer expansion.
Oliver Alawuba – United Bank for Africa (UBA)
- 2025 Emoluments: N286 million
Oliver Alawuba continues to lead United Bank for Africa through an aggressive pan-African expansion strategy that has strengthened the bank’s presence across more than 20 African countries. His 2025 remuneration rose to N286 million from N254 million in 2024, representing a 12.6% increase.
Alawuba joined the former Standard Trust Bank in 1997 as a pioneer staff member before the institution merged with UBA. Over the years, he held several leadership positions across retail banking, corporate banking, and regional operations before becoming Group Managing Director/CEO in 2022.
He is recognised for his deep experience in African banking operations and cross-border financial services. Under his leadership, UBA has continued to expand digital banking offerings while growing its international business footprint.
Mr. Innocent C. Ike – Access Holdings Plc
- 2025 Emoluments: N293 million
Innocent C. Ike ranks among the top-earning executives in Nigeria’s banking industry following a strong rise in compensation at Access Holdings Plc. His 2025 emoluments increased to N293 million from N180 million in 2024, representing a 62.8% year-on-year growth.
Access Holdings has remained one of Africa’s fastest-expanding financial institutions, with operations spanning banking, payments, pensions, and insurance. The group has continued to pursue aggressive regional expansion and digital transformation strategies aimed at strengthening retail and corporate banking operations across key African markets.
Ike has built a reputation within the financial services sector for operational leadership, corporate strategy execution, and institutional growth management. His role within the group places him at the centre of the lender’s post-consolidation growth phase following recent leadership transitions.
Adaora Umeoji – Zenith Bank Plc
- 2025 Emoluments: N367 million
Adaora Umeoji is the second the highest-earning banking executives in Nigeria in 2025, following her historic appointment as the first female Group Managing Director and CEO of Zenith Bank. Her remuneration rose sharply to N367 million from N174 million in 2024, representing a 110.9% increase.
Umeoji joined Zenith Bank in 1998 and built a career spanning treasury, corporate banking, and executive management. Prior to becoming CEO, she served as Deputy Managing Director and played a central role in the bank’s strategic expansion across Africa and Europe.
Academically, she holds degrees in sociology, accounting, and law, alongside an MBA and doctorate in business administration. She has also attended executive programmes at MIT Sloan and Wharton.
Segun Agbaje – Guaranty Trust Holding Company (GTCO)
- 2025 Emoluments: N485 million
Segun Agbaje remains Nigeria’s highest earning banking executive, leading Guaranty Trust Holding Company through a period of rapid digital expansion and diversification. Under his leadership, GTCO has strengthened its position in retail banking, payments, pension management, and asset management, while maintaining one of the strongest profitability ratios in Nigeria’s banking sector.
Agbaje began his professional career at Ernst & Young in San Francisco before joining GTBank in 1991. He steadily rose through the ranks to become Executive Director in 2000 and Deputy Managing Director in 2002. Following the transition of GTBank into a holding company structure in 2021, he became Group CEO of GTCO.
His N485 million remuneration in 2025 represents a modest 2.97% increase from N471 million in 2024, reflecting GTCO’s stable earnings profile and disciplined compensation structure. Agbaje is widely credited for positioning GTCO as one of Africa’s most technology-driven financial institutions.
