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5 Richest Yoruba Men in the Nigerian Banking Sector

The Yoruba Men in Nigerian banking have not only been crucial in driving financial progress, but also have earned significant fortune by holding the most prestigious position in any organization.

These Yoruba men have led their banks to increased earnings, client base, and frontiers as Managing Directors and Chief Executive Officers. They have also gained recognition due to their financial success and economic influence.

Take a look at these Yoruba men who have not only worked in the Nigerian banking industry but have also grown wealthy as a result of their efforts.

1. Segun Agbaje of GTCO

Segun Agbaje, the Chief Executive Officer (CEO) of Guaranty Trust Holding Company, is one of Nigeria’s wealthiest Yoruba men. He was named the country’s highest-paid bank CEO for 2022. Segun, who joined the bank in 1991, received a total remuneration package of N445.69 million for the year 2022.

This follows his earning of N171.95 million in 2021, before to the bank’s restructuring into a holding company. Under his tenure, GTBank has garnered numerous awards, including Euromoney’s Best Bank in Nigeria and African Bank of the Year.


2. Demola Sogunle of Stanbic IBTC Holdings PLC

Demola Sogunle, the Chief Executive Officer of Stanbic IBTC Holdings, was alleged to have earned N245 million in emoluments for the first half of 2022. This comes after he received N205 million in 2021. As the second largest shareholder, Sogunle, who increased his holding in the ban’s shares, recently got a dividend of N25.91 billion.

Despite difficult macroeconomic conditions, the group has grown significantly under his leadership. The Yoruba banking mogul stated during the 11th Annual General Meeting (AGM) in Lagos, “The group achieved record-breaking financial performances, setting new high watermarks in key financial indicators.”


3. Ademola Adebise of Wema Bank

Wema Bank Plc’s Immediate Past Managing Director and Chief Executive Officer received N79.52 million in 2022, up from N70.05 million in 2021. Before retiring, Adebise is said to have expanded the bank’s footprints to other locations in Nigeria, improved the bank’s performance, and spearheaded the first dividend payment in 13 years.

Adebise, known as one of Nigeria’s richest Yoruba men in banking, also created a collaboration with the Bank of Africa to help its customers across the African continent, which resulted in an additional two million customer accounts in Nigeria.

4. Ladi Balogun of FCMB

Ladi Balogun, the Group Chief Executive of First City Merchant Bank, FCMB Group Plc, is another wealthy Yoruba in Nigerian banking. Balogun is expected to earn N179.82 million in 2022, up from N117.6 million in 2021.

Balogun has over 28 years of expertise in commercial and investment banking in Europe, the United States of America, and Africa, having worked at Citibank in New York before returning to Nigeria.


5. Adesola Kazeem Adeduntan of First Bank

Adesola is the Managing Director of First Bank of Nigeria Limited and Subsidiaries and has about 30 years of expertise. Adesola joined the bank at a time when it was on the verge of failure, with a non-performing loan ratio of more than 18%.

Under Adesola, the bank’s provisioning for bad loans was reduced to N50.5 billion, while earnings increased to over N75 billion, and nonperforming loans (NPLs) were reduced to less than 8%. His net worth is reported to be between $1 and $5 million.

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