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Eight Banks Paid N251.72 Billion Wages in 2020 – Report

Eight Banks Paid N251.72 Billion Wages in 2020 – Report

Eight Nigerian banks paid N251.72bn in wages and salaries in 2020. This is N1.4bn less than what they paid in 2019.

This was revealed by analysing data from the banks 2020 annual reports.

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).

Access Bank’s wage bill 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.

Read More: Ecobank, Access, UBA, Others Grant N20.7 Trillion Loans to Customers in Six Months

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).
People talked about human rights but the governor did not say taking the COVID-19 vaccine is compulsory. But your right not to take the vaccine should not infringe on my right not to be infected by you if you are possibly positive for COVID-19.

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 drastically among different job positions.

According to the National Bureau of Statistics, more than 42 per cent of bank workers in Nigeria are contract staffers as of the third quarter last year.
According to the NBS, the remainder are full-time employees with banks, a third of whom are senior staffers.

About Bukola Olanrewaju

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