Directors of four commercial banks operating in Nigeria pocketed about N3.02 billion in executive compensation and retirement benefits in 2017, the annual report of the lenders show.
This is a 34.82 percent increase from N2.24 billion executive at the top echelon of banks got in compensation as at December 2016.
The four banks are Zenith Bank Plc, Guaranty Trust Bank (GTBank) Plc, Access Bank Plc, and United Bank for Africa (UBA) Plc.
Zenith Bank’s total salaries and bonus to executive and non executive directors increased by 40 percent to N1.47 billion in December 2017 from N1.05 billion as at December 2016.
A breakdown of the figures shows executive compensation increased by 91.81 percent to N773 million in December 2017 as against N403 million the previous year. Fees and commission income was up by 8.48 percent to N678 million in the period under review.
Access Bank’s board expenses grew by 27.66 percent to N671.33 million in December 2017 as against N526.10 million as at December 2016.
GTBank, the largest lender in Africa’s most populous nation paid directors 879.29 million in December 2017 from N669.79 million as at December 2016.
UBA paid directors’ fees declined by 17.50 percent to N33 million in the period under review from N40 million the previous year.
Executive compensation or executive pay is composed of the financial compensation and other non-financial rewards received by an executive from their firm for their service to the organization.
BALA AUGIE
