Monday 12 December 2011


While at the Bankers' Hangout, I was engulfed with the thought of how much Bankers were being paid with regards to their spending rate. They seem to know how to enjoy their hard earn money and were at comparison level with their counterparts in the oil and telecommunication sector. While still bothering my head with this, another question struck my much will the so called Managing Directors of these financial institution will be taking home as their take home pay. One thing is certain; their take home pay is more than enough to take them home unlike in certain sectors of the economy where their take home pay can’t even take them home.

Unlike the Nigerian musicians whose recent choruses are of how they make money or having excess money and not knowing how to spend it, they maintain quiet life because of the sensitive nature of their occupations and the watchdog called CBN which serves as the apex regulatory body. Majority of these Managing Directors are always in bullet proof official cars that range from Mercedes Benz G class, Toyota LandCruiser, BMW X5, Prado, and other exotic cars that draw the attentions of passerby in multiple times. Not only that their cars are out of this world but they are always in convoy with armed men. Anyway, why won’t they use armed security men when our Pastors (the earthly shepherds) are surrounded by armed men with heavy chests.

A review of their fat earn salaries revealed that Stanbic IBTC (is a product Standard Bank of South Africa and Investment Bank) MD top the list of all Managing Directors of Banks in Nigeria with a whopping sum of N177 million per annum. You could imagine how much this is in a month or rather a day. MD of Stanbic IBTC earns about N484, 931 in a day (whaooo! don’t swallow the saliva yet) apart from other augmented benefits and allowances, paid trips to anyway around the globe she decides to go. Close in 2nd position is the MD of the Bank that has a legacy for good customers orientation starting from the first MD to the present. GTBank tried to come on the 2nd position in a large disparity in earnings as compared to Stanbic IBTC MD. GTBank MD earns N76.66 million per annum or N210, 016 per day which is far below the highest earning MD. The West African Bank, Ecobank, came 3rd in the ranking of the highest paid director in the Nigerian banking industry. The MD of Ecobank used to be the second highest paid Bank MD in Nigeria until recent reduction in his remuneration.

The fourth position is occupied by the strongest and ever existing old generation bank called 1st Bank. 1st Bank over the years and decades have proved beyond business doubt to be the most competitive bank in Nigeria and Africa with so much transformation and dynamic in meeting up with demands of the business environment as well as clients requirements. The MD of this old generation bank earns about N67 million per annum or N183,562 per day. This not only indicate that the bank is competitive when it comes to customer satisfactions but also remarkable in pay roll of their staff. On 4th position is the bank regarded as Africa Global Bank based on its tentacles in more than 18 countries in African and still intends spreading. UBA is a product of the merger of Nigeria’s third and fifth largest banks, namely the old UBA and the former Standard Trust Bank Plc, and a subsequent acquisition of the
Erstwhile Continental Trust Bank Limited (CTB) came fifth in term of how much her Managing Director earns. The MD of the United Bank For Africa (UBA) earns annual remuneration of N57 million per annum. Wema Bank has the lowest paid Managing Director in the Nigerian banking industry with a take home pay of N8.35 million per annum. This particular take home pay of Wema Bank Managing Director seems questionable for a CEO of a financial institution and not an esusu (Micro Finance Bank). The question is how much will a principal manager or senior manager of Wema Bank will be earning if the overall Boss take home pay cannot take him home?

Let rest our case while you do the thinking about this silent millions within our mist.

·         Can any recession catch up with this kind of earning?
·         Do you think this could be a reason for recession/inflation to visit a country?
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