Nigeria's highest-paid bank CEOs in 2026: FCMB, Zenith and Access lead 2025 pay

Executive pay at some of Nigeria's biggest banks rose sharply in 2025. FCMB Group paid its highest-paid director 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. At some banks, pay grew much faster than profit.

FCMB and Wema: pay rose, profit rose faster

FCMB Group recorded the highest amount among the five institutions reviewed. Its highest-paid director received N447.9 million in 2025, a 35.9% increase from N329.5 million in 2024. 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.

Wema Bank's highest-paid director received N160.3 million, about a 50% increase from N106.9 million. Earnings grew faster. Profit before tax surged about 116% to N221.9 billion from N102.5 billion. 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.

Zenith, Access and First HoldCo: pay outpaced profit

Zenith Bank recorded one of the steepest increases. Remuneration for its highest-paid director surged 110.9% to N367 million from N174 million a year earlier. 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. Executive compensation increased to about N5.88 billion from N3.78 billion. Total directors' remuneration, excluding pension and certain benefits, rose to approximately N6.50 billion. Earnings per share fell to N25.32 from N32.87 after the bank expanded its share base.

Access Holdings ranked third. Remuneration for its highest-paid director increased 62.8% from N180 million to N293 million. That increase significantly outpaced profit growth. Access reported gross earnings of about N5.53 trillion, up 13.3%. 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.

First HoldCo showed perhaps the sharpest contrast. 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. Profit before tax fell 70.5% to N235 billion. Gross earnings nevertheless increased 6.9% to N3.44 trillion. Net interest income climbed 36.8% to N1.92 trillion. Higher costs weighed on profitability. Impairment charges rose 93.8% to N826.3 billion. Operating expenses increased 32.1% to N1.23 trillion.

What it means for shareholders

The figures show different links between executive pay and 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 pay is justified. Executive remuneration may reflect responsibilities, incentives, long-term performance measures and individual pay structures beyond annual profit. It gives shareholders another lens to examine how banks reward senior executives, especially after the industry's recapitalisation drive. With banks deploying larger capital bases, investors are likely to watch return on equity, earnings per share, asset quality and cost efficiency alongside headline profits and executive compensation.

MTN Nigeria CEO pay

Karl Toriola, chief executive officer of MTN Nigeria, received total remuneration of about R57 million in the 2025 financial year. MTN Group's remuneration disclosure showed his total package stood at R56.997 million, about N4.7 billion, compared with R35.358 million in 2024.