Top Nigerian Bank CEOs kick off 2022 in wealth. Here’s how much they earned in January 2022
- Nigerian bank CEOs made big money in the first four weeks of trading in January 2022
- Herbert Wigwe is the highest paid executive among commercial banks listed on the Nigerian Exchange Group
- However, it was not all good news for CEOs as Stanbic Bank’s Demola Sogunle lost N4 million.
Findings by Legit.ng revealed that the CEOs of some of the most popular banks have much to look forward to in January 2022.
According to data from the Nigerian Stock Exchange, CEOs attached to Zenith Bank, Stanbic IBTC, Access Bank and United Bank of Africa all earned over N900 million in the first 20 trading days of 2022.
The profits reported in this story are solely based on their direct and indirect investments in their various banks in relation to the movement of the stock price.
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Breakdown of what they earned in January 2022
Access Bank CEO Herbert Wigwe tops the list of CEOs who achieved a significant wealth gain in the month of January.
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Wigwe pocketed N906.7 million in January following a 6.48% gain in Access Bank shares.
Wigwe has made a direct investment of 201.23 million and an indirect ownership of 1.31 billion through three companies: United Alliance Company of Nigeria Limited, Trust and Capital Limited and Coronation Trustees Tengen Mauritius.
He is followed by Ebenezer Onyeagwu, Group Managing Director of Zenith Bank, where he holds 46.50 million direct stakes.
Onyeagwu earned N20.92 million in the first month of 2022 due to Zenith Bank’s share price increasing by 1.77%.
It was also a fantastic first month of the year for UBA CEO Kennedy Uzoka, who has 37.17 million shares of direct ownership.
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Uzoka earned N13 million in January as UBA shares rose from N8.05 to N8.4.
However, Demola Sogunle, the CEO of Stanbic IBTC, did not have a good month.
Its N2.07 million direct investment in Stanbic IBTC cost it N4.65 million as the bank’s share price fell 5.92% to N35.75 per share at the end of the month. month.
CBN lowers fees on electronic transactions
Meanwhile, the Central Bank of Nigeria has revealed the appropriate bank charges in response to complaints from Nigerians about high bank charges.
CBN also announced lower electronic costs, one of the contentious issues between banks and customers.
Nigerian banks make a lot of money from electronic transactions and recorded a profit of N200.45 billion from electronic transactions in 2021.