Access Holdings tops staff salary bill, Seplat pays highest average in Nigeria
By Aboki Forex —
Access Holdings paid the highest staff salary bill among NGX-listed companies in 2025, while Seplat Energy offered the best average annual pay per employee. The ranking, drawn from financial statements of companies on the Nigerian Exchange, covers 10 firms across banking, telecoms, oil and gas, construction and manufacturing.
Top salary bills
Access Holdings spent N459.80 billion on staff salaries in 2025, up 28.57% from N357.62 billion in 2024. The company had 9,960 employees, giving an average annual salary of N46.16 million, or about N3.85 million monthly.
United Bank for Africa followed with N359.33 billion, a 20.74% increase from N297.60 billion in 2024. UBA’s 10,814 workers earned an average of N33.23 million annually, or about N2.77 million monthly.
FirstHoldCo recorded N304.76 billion in staff salaries, up 33.02% from N229.10 billion in 2024. Its workforce rose to 10,909 employees, producing an average annual salary of N27.94 million, or about N2.33 million monthly.
Dangote Cement spent N259.52 billion on staff salaries, an 11.49% increase from N232.78 billion in 2024. It had the largest workforce among the reviewed companies at 21,418 employees, with an average annual salary of N12.12 million, or about N1.01 million monthly.
Zenith Bank’s salary bill rose 31.51% to N181.07 billion from N137.69 billion in 2024. Julius Berger paid N156.81 billion, up 1.77% from N154.08 billion. GTCO spent N110.39 billion, up 24.47% from N88.69 billion. Stanbic IBTC paid N110.09 billion, up 34.71% from N81.72 billion.
Average pay per employee
Seplat Energy paid N96.81 billion in staff salaries, up 34.98% from N71.72 billion in 2024. With 1,506 employees, Seplat had the highest average annual salary at N64.28 million, or about N5.36 million monthly.
MTN Nigeria paid N88.84 billion, up 23.80% from N71.77 billion in 2024. Its 2,001 employees earned an average of N44.40 million annually, or about N3.70 million monthly.
Among the rest, Julius Berger’s 8,859 employees averaged N17.70 million annually, while GTCO’s 5,976 staff averaged N18.47 million. Zenith’s 10,397 workers averaged N17.42 million, UBA’s averaged N33.23 million, FirstHoldCo’s averaged N27.94 million, Stanbic IBTC’s averaged N32.63 million, and Dangote Cement’s averaged N12.12 million.
Military pay boost
Earlier, President Bola Tinubu approved a new salary structure for Nigeria’s Armed Forces. Monthly pay for a General rises to N3.25 million, while a Private’s earnings go up to N187,200. The new package takes effect from September 1, 2026, covers roughly 250,000 military personnel, and includes increases ranging from 30% to 80% depending on rank. Bayo Onanuga, Special Adviser to the President on Information and Strategy, confirmed the development.