BUSINESS

UBA, Zenith, GTB, FBN directors pocket N6.9bn in allowances

Directors of the United Bank for Africa, Zenith, Guaranty Trust Bank, and First Bank of Nigeria and those of six other banks pocketed N6.96bn sitting allowance and compensation in 2021.

The others are Union Bank for Nigeria Plc, Stanbic IBTC Holdings Plc, FCMB group Plc, Wema Bank Plc, Fidelity Bank Plc and Unity Bank Plc.

The revelation was extracted from the audited financial records of the concerned banks, according to a report by PUNCH.

Zenith Bank directors, in 2021, took home N1.65bn in executive compensation, fees and sitting allowances. The bank recorded N1.4bn for the same purposes in 2020.

On its part, Stanbic IBTC Holdings paid its directors a whopping N1.672m in 2021, as against N1.394m it paid them in 2020.

FBN Holdings’ says it splurged N162m on its directors in the same year, as against N140m it paid in 2020.

GTCO and UBA paid N757.35m and N714m respectively in 2021. The figures however reduced from the N921.36m (GTCO) and N762m (UBA) paid their directors in 2020.

For its part, FCMB paid its directors N828.12m in 2021, as against N674.09m it paid them the previous year. Union Bank of Nigeria Plc paid its directors N525m in 2021, as against N581m in 2020. Wema Bank says it paid its directors N297.84m, while Unity Bank paid N38.6m in 2021, while Fidelity Bank claimed it paid its directors N312m for the same year.

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