In this article, Catalystng.com highlights the highest-paid bank CEOs in Nigeria in 2025.
Nigeria’s banking sector recorded impressive earnings in 2025, and the executives at the helm of these financial institutions were rewarded accordingly.
With interest rates remaining elevated for much of the year, banks benefited from wider profit margins, aggressive loan repricing, and a significant increase in interest income. The industry experienced one of its strongest revenue growth periods in recent years despite concerns over loan provisioning costs and asset quality pressures.
Interest income across the sector rose sharply from N14.3 trillion to N18.6 trillion, underscoring how banks capitalized on Nigeria’s high-yield economic environment.
Recall that Catalystng.com previously published the list of the Top 10 Highest-Paid CEOs in Nigeria. In this report, we focus specifically on the highest-paid chief executive officers in Nigeria’s banking industry in 2026.
1. Segun Agbaje of Guaranty Trust Bank (GTB) – N485 million
Segun Agbaje retained his position as Nigeria’s highest-paid banking executive, steering Guaranty Trust Holding Company (GTCO) through a period marked by rapid digital growth and business diversification. Under his leadership, the group has expanded beyond traditional banking into payments, pension administration, and asset management, while continuing to post some of the strongest profitability metrics in the Nigerian banking industry.
Agbaje began his career with Ernst & Young (E&Y) in San Francisco before joining GTBank in 1991. Over the years, he rose through the ranks, becoming Executive Director in 2000 and Deputy Managing Director in 2002. Following GTBank’s transition into a holding company structure in 2021, he was appointed Group Chief Executive Officer of GTCO.
In 2025, Agbaje earned a total remuneration of N485 million, representing a 2.97 percent increase from the N471 million he received in 2024. The increase reflects GTCO’s consistent financial performance and its disciplined approach to executive compensation. He is widely recognized for transforming GTCO into one of Africa’s leading technology-driven financial institutions.
2. Adaora Umeoji of Zenith Bank Plc – N367 million
Adaora Umeoji ranked as the second highest-paid banking executive in Nigeria in 2025 following her landmark appointment as the first female Group Managing Director and Chief Executive Officer of Zenith Bank.
Her total remuneration surged to N367 million in 2025, up from N174 million in 2024, representing an impressive 110.9 percent increase. The significant rise reflects her elevation to the bank’s top leadership position and her growing influence within Nigeria’s financial sector.
Umeoji joined Zenith Bank in 1998 and has built an extensive career within the institution, holding key roles across treasury, corporate banking, and executive management. Before her appointment as CEO, she served as Deputy Managing Director, where she played a pivotal role in driving the bank’s expansion strategy across Africa and Europe.
A highly accomplished academic, Umeoji holds qualifications in sociology, accounting, and law, in addition to earning an MBA and a doctorate in Business Administration. She has also completed executive education programmes at renowned institutions including MIT Sloan School of Management and the Wharton School.
3. Ladi Balogun of First City Monument Bank (FCMB) – N329M
Ladi Balogun has served as the Group Chief Executive Officer of FCMB Group Plc since March 14, 2017, overseeing the growth and transformation of one of Nigeria’s leading financial services groups.
A seasoned banker with more than 28 years of international experience, Balogun began his career in 1993 at Morgan Grenfell & Co. Limited before moving to Citibank in New York. He joined First City Merchant Bank in 1996 and has since played a key role in the evolution of the institution into the diversified financial group it is today.
In 2024, FCMB paid Balogun a total remuneration of N329 million, representing a significant increase from the N183 million he earned in 2023. His compensation reflects FCMB’s continued expansion and strong performance across its banking and financial services operations.
Balogun studied at the University of East Anglia between 1990 and 1993 before furthering his education at Harvard Business School from 1998 to 2000.
He is also the son of the late Otunba Michael Olasubomi “Subomi” Balogun, the visionary entrepreneur who founded FCMB. Subomi Balogun established City Securities Limited in 1977 and later obtained a merchant banking licence to launch First City Merchant Bank in 1982, laying the foundation for what would become FCMB Group.
Born on March 9, 1934, Subomi Balogun was a distinguished lawyer, investment banker, and philanthropist. He passed away in London, United Kingdom, on May 18, 2023, at the age of 89, leaving behind a lasting legacy in Nigeria’s financial sector.
4. Mr. Innocent C. Ike of Access Holdings Plc – N293 million
Innocent C. Ike has emerged as one of the highest-earning executives in Nigeria’s banking sector following a significant increase in his compensation at Access Holdings Plc. His total emoluments rose to N293 million in 2025, compared with N180 million recorded in 2024, representing a 62.8 percent year-on-year increase.
Access Holdings has continued to strengthen its position as one of Africa’s fastest-growing financial institutions, with operations extending across banking, payments, pensions, and insurance. The group has maintained an aggressive expansion strategy, alongside digital transformation initiatives aimed at enhancing its retail and corporate banking services across major African markets.
Ike is recognized for his expertise in operational management, strategic execution, and driving institutional growth within the financial services industry. His leadership comes at a crucial period for Access Holdings as the group navigates its post-consolidation growth phase following recent changes in its executive structure.
5. Oliver Alawuba of United Bank for Africa (UBA) – N286Million
Oliver Alawuba has continued to steer United Bank for Africa Plc through an ambitious pan-African growth strategy, further consolidating the bank’s operations across more than 20 African markets. His 2025 compensation package increased to N286 million from N254 million recorded in 2024, reflecting a 12.6% year-on-year rise.
Alawuba began his banking career in 1997 as one of the pioneer employees of Standard Trust Bank before its eventual merger with UBA. Over the years, he gained extensive experience across retail banking, corporate banking, and regional operations, rising through the ranks before his appointment as Group Managing Director/Chief Executive Officer of UBA in 2022.
With decades of expertise in African banking and cross-border financial services, Alawuba has been instrumental in driving UBA’s digital transformation, expanding its international footprint, and strengthening the bank’s position as one of Africa’s leading financial institutions.
6. Chuma Nwokocha of Stanbic IBTC Holdings Plc – N279 million
Chuma Nwokocha, Chief Executive Officer of Stanbic IBTC Holdings Plc, ranks among Nigeria’s highest-paid banking executives after a notable increase in his annual compensation. His remuneration rose to N279 million in 2025 from N215 million in 2024, representing a 29.8% year-on-year growth.
Stanbic IBTC has maintained a strong position in Nigeria’s financial services sector, with operations spanning investment banking, pension management, asset management, and retail banking. The group has continued to prioritise wealth management solutions and digital financial services as key drivers of its long-term expansion strategy.
Nwokocha brings extensive expertise in corporate banking, risk management, and financial services leadership. As CEO, he plays a central role in shaping the group’s strategic direction, including initiatives focused on investment growth, institutional banking, and expanding its customer base.
7. Haruna Musa of JaizBank – N245million
Haruna Musa, Managing Director and Chief Executive Officer of Jaiz Bank Plc, recorded one of the biggest increases in executive compensation among Nigerian banking leaders in 2025 as the bank continued to strengthen its position in the non-interest banking sector. His remuneration increased to N245 million from N175 million in 2024, representing a 40% year-on-year rise.
Musa was appointed MD/CEO of Jaiz Bank on November 21, 2023, bringing more than three decades of banking experience across Nigeria and Africa. Before joining Jaiz Bank, he spent over two decades at Guaranty Trust Bank Limited, where he rose to the position of Executive Director and gained extensive experience in corporate banking, public sector operations, and strategic management.
An accomplished banker and academic, Musa holds a Ph.D. in Islamic Banking and Finance from Universiti Utara Malaysia, alongside advanced qualifications from Cranfield University, Bayero University Kano, and Ahmadu Bello University. He has also completed several executive leadership programmes, including courses at Wharton School of the University of Pennsylvania and Harvard Business School.
Throughout his career, Musa has held key leadership roles, including serving on the board of Guaranty Trust Bank Côte d’Ivoire, where he contributed to strengthening the institution’s performance and transition to sustained profitability. His extensive background in financial management, governance, and banking operations has positioned him as a key figure in driving Jaiz Bank’s growth strategy and expansion within Nigeria’s Islamic finance market.
8. Adebowale Oyedeji of FirstHoldCo – N195Million
Adebowale Oyedeji recorded one of the most significant increases in executive compensation among Nigerian banking executives in 2025, with his remuneration at First HoldCo Plc rising to N195 million from N97 million in 2024. The figure represents a 101% year-on-year increase.
First HoldCo Plc, the holding company of First Bank of Nigeria Limited, remains one of Nigeria’s oldest and most influential financial institutions. The group has continued its transformation efforts through strategic restructuring focused on strengthening governance, improving operational performance, and enhancing long-term profitability.
Oyedeji is a financial services executive with broad experience in investment banking, corporate finance, and institutional strategy. His leadership comes at a critical period as FirstHoldCo continues to reposition its banking operations amid industry recapitalisation efforts, evolving regulations, and increased competition within Nigeria’s financial sector.
