208 Views

How Nigerian Bank CEOs Earned N903m In 12 Months

Share­holders are reacting to the sporadic increase in the earnings of managing directors/chief executive officers of Nigeria’s money de­posit banks  even as banks profits continue to nosedive fol­lowing the spectre of non-performing loans, shortage of foreign exchange, naira volatil­ity and other economic headwinds..
The Shareholders are therefore are calling for a review.
According to investigation by Sunday Sun, eight of the CEOs earned between N902.9 million and N1 billion last year, which shareholders said was not in sync with current economic realities in the country. Others, however, believe that their current earnings are not overboard considering their contributions to the growth of their re­spective banks.
A breakdown of the earnings showed that the MD/CEO of Union Bank plc, received the highest salary of N208 million in 2015, representing 36 percent or N55 million in­crease from N153 million earned in 2014.
Guaranty Trust Bank (GTBank) paid its MD/CEO, a whopping N204.9 million as salary last year, up by 12 percent or N22 million from the N183 million he received in 2014. The CEOs of UBA and Fidelity Bank came third and fourth in earnings with N125 million and N102 million in 2015 re­spectively, up from N116 million and N94 million in 2014.
Others are FirstBank-N90 million, Ze­nith Bank-N78 million, Wema Bank-N70 million, and Diamond Bank-N25 mil­lion. Most of the banks recorded losses in their first quarter of 2016 unaudited results presented to the Nigeria Stock Exchange.
Reacting on this development, Chairman, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie, noted that it was necessary to pay bank chiefs and their executives well, in order to prevent them from stealing depositors money, and also in view of the amount of work they have to do to generate earnings for their banks.
According to him, if the banks’ ex­ecutives are well paid, the temptation of stealing depositors’ money will not arise. However, considering the eco­nomic downturn, I think the banks can equally cut the package they take home to reflect the present economic realities. “If states, governors and min­isters are cutting their salaries, I think the banks should equally follow suit,” Okezie said.
“There are some allowances for banks’ executives that need to be cut down or completely removed. It is time for companies to tighten their belts given the global oil price fall which has affected the country’s in­come. So, if the economy picks up, banks can review the packages paid to their executive directors,” he pointed out.
Also, Chairman, Proactive Share­holders Association of Nigeria (PROSAN), Mr. Taiwo Oderinde, said the huge money paid to directors was unfair to shareholders.
Taiwo explained that the banks’ ex­ecutive compensations are really on the high side when compared to other countries, stressing that the executive directors of banks are given all kinds of allowances at the expense of depos­itors and shareholders.
According to him, “we do react on this issue when we attend Annual General Meetings (AGMs). In some cases, we refuse to approve their re­munerations and ask them to go back and review it.”
On his part, Chairman, Renaissance Shareholders Association of Nigeria, Ambassador Olufemi Timothy, said:“The banks’ executive emolument is not too much considering the earn­ings they make for the bank. These are people who toil all day and night to see that depositors’ money is kept safely. So the high risk element should also be another great reason why they should be paid well. Even foreign exchange, (forex ) are kept by these banks, so they should be paid well,” he said.
Source: Tori.ng

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

#BBNaija: Emotional Cee-C Finally Apologizes to Tobi After Raining Insults On Him Yesterday (Videos)
Entertainment
75 views
Entertainment
75 views

#BBNaija: Emotional Cee-C Finally Apologizes to Tobi After Raining Insults On Him Yesterday (Videos)

MT - April 19, 2018

  Social media went abuzz yesterday when Big Brother Naija housemate, Cee-C went haywire and poured abusive words on fellow housemate, Tobi. Many Nigerians who became really…

P-Square’s Paul Okoye Seen Drinking Garri in His Lagos Mansion (Photos)
Entertainment
67 views
Entertainment
67 views

P-Square’s Paul Okoye Seen Drinking Garri in His Lagos Mansion (Photos)

MT - April 19, 2018

Multi award-winning Nigerian singer, Paul Okoye popularly known as Rude Boy of the defunct P-Square has taken to his Instagram page to share an unbelievable photo of…

Popular Comedian, Arole Reveals How He Nearly Died At An Event With Reekado Banks
Best of Nigeria
64 views
Best of Nigeria
64 views

Popular Comedian, Arole Reveals How He Nearly Died At An Event With Reekado Banks

MT - April 19, 2018

Woli Arole, one of the Nigerian comedians causing some serious buzz on social media, has stunned his fans with a story about his life. The comedian took…

7 Things You Probably Didn’t Know About Afropop Singer, Simi As She Turns 30
Best of Nigeria
51 views
Best of Nigeria
51 views

7 Things You Probably Didn’t Know About Afropop Singer, Simi As She Turns 30

MT - April 19, 2018

Simisola Bolatito Ogunleye simply known as Simi is one of the top female musicians in Nigeria. Simi warmed her way into the hearts of Nigerians with her soulful renditions…

9 Times Cee C Has Shown She is the Most Controversial BBNaija 2018 Housemate
Best of Nigeria
53 views
Best of Nigeria
53 views

9 Times Cee C Has Shown She is the Most Controversial BBNaija 2018 Housemate

MT - April 19, 2018

There is no doubt that BB Naija 2018housemate is trending right now and has always trended for being controversial.   She has said, acted, and behaved in…

BBNaija’s Lolu And Anto Hang Out With Singer Tekno
Best of Nigeria
57 views
Best of Nigeria
57 views

BBNaija’s Lolu And Anto Hang Out With Singer Tekno

MT - April 19, 2018

Former Big Brother Naija ,Housemate Lolu And Anto meets with Tekno. The former big brother naija who are currently on tour meets with Tekno at Naija fm…

Read Prophet Olagoroye Faleyimu’s Prophesies On Funke Akindele: ‘Marry A Gateman To Have Child’
Best of Nigeria
65 views
Best of Nigeria
65 views

Read Prophet Olagoroye Faleyimu’s Prophesies On Funke Akindele: ‘Marry A Gateman To Have Child’

MT - April 19, 2018

Popular Lagos-based prophet Olagoroye Faleyimu in a recent chat with Yoruba Movie Magazine has once again urged Funke Akindele to go for prayers if she ever wants…

Jayne Senior: Child Abuse Informer Invited To Nigeria
World Buzz
54 views
World Buzz
54 views

Jayne Senior: Child Abuse Informer Invited To Nigeria

PH - April 19, 2018

Rotherham child abuse whistleblower Jayne Senior is to lead a delegation to Nigeria offering advice on how to tackle child sexual exploitation (CSE). She will travel to…

5 Quotes that Show President Buhari is Bad at Diplomacy
Best of Nigeria
67 views
Best of Nigeria
67 views

5 Quotes that Show President Buhari is Bad at Diplomacy

MT - April 19, 2018

Nigeria’s President Muhammadu Buhari has again courted controversy with his statements at the ongoing Commonwealth Heads of Government Meeting in the United Kingdom. A recent comment belittling Nigeria’s young people has…

In Photos: Nigerian Commonwealth Games Athletes All Smiles As They Arrive From Australia
Best of Nigeria
60 views
Best of Nigeria
60 views

In Photos: Nigerian Commonwealth Games Athletes All Smiles As They Arrive From Australia

MT - April 19, 2018

Excitedly, team Nigeria arrived earlier today by 3:10pm via Emirate Airline from the just concluded 21st Commonwealth games which took place Gold Coast, Australia. While briefing newsmen,…

How Stolen Mace Was Recovered By Police After National Assembly Invasion
Best of Nigeria
54 views
Best of Nigeria
54 views

How Stolen Mace Was Recovered By Police After National Assembly Invasion

MT - April 19, 2018

The Nigerian police have announced the recovery of the senate’s stolen mace at a flyover before the Abuja city gate.Aremu Adeniran, deputy force public relations officer force…

‘A Nigerian Dies of Stroke Every 2 Minutes’ – Meet Nigeria’s First Female Neurologist
Best of Nigeria
60 views
Best of Nigeria
60 views

‘A Nigerian Dies of Stroke Every 2 Minutes’ – Meet Nigeria’s First Female Neurologist

MT - April 19, 2018

Nigeria’s first female Neurologist and first female Professor of Neurology, Njideka Okubadejo, has raised the alarm about the prevalence of neurological disorders in Nigerian, revealing that every…

Adekunle Gold’s Sweet Birthday Message To Simi Has Got People Talking
Entertainment
57 views
Entertainment
57 views

Adekunle Gold’s Sweet Birthday Message To Simi Has Got People Talking

PH - April 19, 2018

Today is singer Simi’s birthday and Adekunle Gold’s message to her has got us all mushy. The duo have been rumoured to be dating and this may…

Watch Video of President Buhari Speaking about Nigerian Youths, Security and Economic Situation
Politics
61 views
Politics
61 views

Watch Video of President Buhari Speaking about Nigerian Youths, Security and Economic Situation

PH - April 19, 2018

President Muhammadu Buhari, while speaking at the Commonwealth Business Forum on Wednesday, said the Nigerian youth wants to sit and do nothing. His comments have so far…

Read Fayose’s Reaction to President Buhari’ Comment About ‘Nigerian Youths Don’t Like to Work’
Politics
63 views
Politics
63 views

Read Fayose’s Reaction to President Buhari’ Comment About ‘Nigerian Youths Don’t Like to Work’

MT - April 19, 2018

Ekiti state governor, Ayo Fayose, has reacted to the statement made by President Buhari that many Nigerian youths just want to sit down and do nothing, believing…

Meet Aisha Bakari Gombi, Boko Haram Huntress And Nightmare [Photos]
Best of Nigeria
69 views
Best of Nigeria
69 views

Meet Aisha Bakari Gombi, Boko Haram Huntress And Nightmare [Photos]

MT - April 19, 2018

Aisha Bakari Gombi who reached real-life superhero status for her battlefield bravery in her fight against Boko Haram. Since the dawn of humanity, hunters have roamed the…

Nigerian Singer, Wande Coal, Releases Statement On Alleged Child Abduction
Entertainment
69 views
Entertainment
69 views

Nigerian Singer, Wande Coal, Releases Statement On Alleged Child Abduction

PH - April 19, 2018

Singer Wande Coal had earlier this week been involved in some drama. A woman named Temitope came forward to say their son of 10 years was abducted…

LISTEN: MC Galaxy Releases “BBNaija Version” Of Song “Fine Girl”
Entertainment
71 views
Entertainment
71 views

LISTEN: MC Galaxy Releases “BBNaija Version” Of Song “Fine Girl”

PH - April 19, 2018

Just earlier in the month MC Galaxy released a song celebrating beautiful women, titled “Fine Girl.” He today announced a BBNaija version of the song, celebrating all…

Loading...