Directors of 10 banks collected N6.96bn sitting allowance and compensation in 2021, according to an analysis of the lenders’ financial results.
The amount represents an increase of 3.32 per cent from N6.74bn the directors received in 2020.
The 10 banks are: United Bank for Africa Plc, Zenith Bank Plc, FBN Holdings and Guaranty Trust Holding Company Plc.
Others are: Union Bank for Nigeria Plc, Stanbic IBTC Holdings Plc, FCMB group Plc, Wema Bank Plc, Fidelity Bank Plc and Unity Bank Plc.
Extracts from audited financial results and accounts for the full year ended December 31, 2021 revealed that Zenith Bank, followed by Stanbic IBTC Holdings, reported the highest sitting allowances and compensation, while Unity Bank reported the least.
Zenith Bank in 2021 reported a total of N1.65bn executive compensation, fees and sitting allowances, an increase of 18.06 per cent from the N1.4bn reported in 2020.
The breakdown shows that Zenith Bank in 2021 paid its directors N1.09bn compensation from N992m in 2020, while its fees and sitting allowances rose significantly by 38.9 per cent to N568m in 2021 from N409m in 2020.
