Seven Banks Paid N231.99bn As Salaries In 2020

After analyzing data banks 2020 annual reports, a total of eight Nigerian banks paid N231.99 billion in wages and salaries in 2020.

This is N1.92 billion less than what they paid in 2019. 

Of the banks under review Zenith Bank paid the highest in wages in 2020 (N52.49bn) while Wema bank paid the least in wages (N11.63bn).

Also, Access Bank’s wage bill was reduced by N6.3bn in 2020, the most of the banks under review.

On the other hand, UBA’s wage bill rose by N3.32bn in 2020, the most of the banks under review.

UBA paid N45.85bn as wages and salary, a N3.32bn increase from the N42.53bn it paid in 2019.

In 2020, Union Bank paid N31.61bn as wages and salaries, a N664m reduction from the N32.29bn it paid in 2019.

Fidelity paid N22.12bn as wages and salaries in 2020, a N989m increase from the N21.13bn it paid in 2019.

Zenith Bank paid N52.49bn as wages in 2020, a N519m increase from the N51.97bn it paid in 2019.

Sterling Bank paid N74m less as wages in 2020 (N13.51bn) than it did in 2019 (N13.58bn).

Access Bank paid N6.30bn less as wages in 2020 (N51.46bn) than it did in 2019 (N57.76bn).

Wema Bank paid N816.78m more in wages in 2020 (N11.63bn) than it did in 2019 (N10.81bn).

According to Paylab Nigeria, the average salary range for people working in the banking sector is typically from N77,512 (minimum salary) to N298,752 (highest average, actual maximum salary is higher). They said this is the total monthly salary including bonuses, and salaries can vary dramatically among different job positions.

According to the National Bureau of Statistics, more than 42 percent of bank workers in Nigeria are contract staffers as of the third quarter last year.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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