Highest-Paid Bank CEOs in Nigeria: FCMB, Zenith, Access Lead as 2025 Pay Rises

• FCMB recorded the highest top-director pay at N447.9 million, while Zenith posted the sharpest increase among major Nigerian banks
• Executive remuneration outpaced profit growth at Zenith, Access Holdings and First HoldCo, raising questions about pay-performance alignment
• FCMB and Wema delivered stronger earnings growth than executive-pay increases, offering shareholders a contrasting compensation benchmark

Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.

Executive pay at some of Nigeria’s biggest banks rose sharply in 2025, with the remuneration of several highest-paid directors growing much faster than profits.

Financial statements from five major banking groups show that FCMB Group recorded the highest absolute remuneration for its highest-paid director at N447.9 million, followed by Zenith Bank at N367 million and Access Holdings at N293 million.

First HoldCo’s highest-paid director received N195 million, while Wema Bank reported N160.3 million.

However, the figures reveal contrasting trends when executive remuneration growth is compared with each institution’s financial performance.

FCMB tops list with N447.9 million

FCMB Group recorded the highest amount among the five institutions reviewed, with its highest-paid director receiving N447.9 million in 2025.

That represented a 35.9% increase from N329.5 million in 2024.

However, unlike some of its peers, FCMB’s profit expanded considerably faster than its remuneration increase. Profit before tax jumped 80.6% to N202.1 billion, while profit after tax more than doubled to N177.3 billion.

Total directors’ remuneration also climbed to N5.75 billion from N3.51 billion.

Zenith director's pay more than doubles

Zenith Bank came second, but recorded one of the steepest increases.

Remuneration for its highest-paid director surged 110.9% to N367 million from N174 million a year earlier.

The increase came as profit after tax barely moved, rising from N1.03 trillion in 2024 to N1.04 trillion in 2025. Gross earnings increased 5.6% to N4.19 trillion, while profit before tax declined 4.8% to N1.26 trillion.

Zenith's executive compensation increased to about N5.88 billion from N3.78 billion, while total directors’ remuneration, excluding pension and certain benefits, rose to approximately N6.50 billion.

Earnings per share, however, fell to N25.32 from N32.87 following an expansion in the bank's share base.

Access director earns N293 million

Access Holdings ranked third, with remuneration for its highest-paid director increasing 62.8% from N180 million to N293 million.

The increase significantly outpaced profit growth.

Access reported gross earnings of about N5.53 trillion, up 13.3%, while profit before tax climbed 16.2% to N1.01 trillion. Profit after tax increased 15.7% to N743.1 billion.

The group also recorded a more than 100% increase in impairment charges during the year, highlighting the impact of rising credit costs.

First HoldCo pay doubles as profit drops

First HoldCo recorded perhaps the sharpest contrast between executive pay and bottom-line performance.

Its highest-paid director received N195 million, a 101% increase from N97 million in 2024.

Yet profit for the year plunged 79.4% from N677 billion to N139.5 billion, while profit before tax fell 70.5% to N235 billion.

Gross earnings nevertheless increased 6.9% to N3.44 trillion, while net interest income climbed 36.8% to N1.92 trillion.

Higher costs weighed heavily on profitability, with impairment charges rising 93.8% to N826.3 billion and operating expenses increasing 32.1% to N1.23 trillion.

Wema's profit growth beats pay increase

Wema Bank's highest-paid director received N160.3 million, representing about a 50% increase from N106.9 million.

However, the bank's earnings grew considerably faster.

Profit before tax surged about 116% to N221.9 billion from N102.5 billion, while gross earnings climbed 52.8% to N660.6 billion. Net interest income more than doubled to N361 billion.

Total directors' remuneration rose to N915.5 million from N728.2 million.

Executive pay tells only part of the story

The figures underline the different relationships between executive remuneration and financial performance across Nigeria's banking industry.

At Zenith, First HoldCo and Access, remuneration for the highest-paid director grew substantially faster than profit. At FCMB and Wema, earnings growth comfortably exceeded the increase in top-director remuneration.

The comparison does not by itself determine whether compensation levels are justified.

Executive remuneration may reflect responsibilities, incentives, long-term performance measures and individual compensation structures beyond annual profit.

It nevertheless gives shareholders another lens for examining how banks reward senior executives, particularly after the industry's recapitalisation drive.

With banks deploying larger capital bases, investors are likely to pay closer attention to return on equity, earnings per share, asset quality and cost efficiency alongside headline profits and executive compensation.

MTN Nigeria CEO's pay rises N4.7bn

Legit.ng earlier reported that Karl Toriola, chief executive officer of MTN Nigeria, received total remuneration of about R57 million in the 2025 financial year, representing a sharp increase from his earnings a year earlier.

MTN Group's remuneration disclosure showed that Toriola's total package stood at R56.997 million, about N4.7 billion, compared with R35.358 million in 2024.