June 16, 2024

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Nigeria’s highest-paid female CEOs and what they take home monthly


November 28, 2022

A study has been conducted on Nigeria’s highest-paid female Chief Executive Officers (CEOs) and majority of the executives profiled in the  exercise actually work in the finance sector, including Unity Bank CEO Oluwatomi Somefun.

Men largely dominate the corporate world, and it is rare to see women at the helm of affairs However, some brilliant intellectual women are making waves, leading organizations with investors’ funds in millions of dollars.

According to Proshare’s Bank strength Index (PBSI), measuring gender-diversified boards, banks with more gender-diverse boards showed a better performance, measured by the return on equity (ROE).

There is limited data available on female-led companies; however, some of the names of women in the head of affairs of top Nigerian companies include the likes of Oluwatomi Somefun, Yemisi Edun and Nneka Onyeali-Ikpe.

Another is Ijeoma Oduonye the CEO of Cutix Plc (a manufacturing firm) however, her pay package is not mentioned in the company’s financial record.

Yemisi Edun, CEO of First City Monument Bank, is the highest-paid female CEO. She was appointed CEO of the bank in 2021, and the bank’s financial results reveal that her base salary is N117.63 million. Her pay package also makes her the eighth highest-paid bank CEO in Nigeria.

Nneka Onyeali-Ikpe of Fidelity Bank is the second highest-paid CEO. Her take-home remuneration is N110 million. This is the ninth highest paid in the banking sector. Onyeali-Ikpe was appointed MD/CEO of Fidelity Bank on January 1, 2021, making her the bank’s first female MD in nearly 35 years.

Oluwatomi Somefun Somefun is the present bank sector’s longest-serving female CEO. She took over as MD/CEO of Unity Bank in August 2015, following a 26-year career in corporate banking, treasury & investment banking, retail and commercial banking operations. According to Unity Bank’s financial records, her take-home pay is N41.4 million, ranking her among the top ten highest-paid bank CEOs in Nigeria.

Top ten highest-paid bank CEOs

Zenith Bank – Ebenezer Onyeagwu N246m

Stanbc IBTC – Demola Sogunle N204m

GTB -Olusegun Agbaje N171.96m

UBA – Kennedy Uzoka N143m

Union Bank of Nigeria – Emeka Okonkwo N134m

FBNH – U.K.Eke N131m

Access Bank – Herbert Wigwe N120m

FCMB -Ladi Balogun N117.63m

Fidelity Bank – Nneka Onyeali-Ikpe N110m

Wema Bank – Ademola Adebise N70.05m

Unity Bank -Oluwatomi Somefun N41.4m