Being the best simply means the most competent, efficient and effective in your area of discipline. Relating the above to the list of top ten 10 highest paying banks in Nigeria and their salary structures practically implies they are and can equally be classified as the top 10 best banks in Nigeria with the best human and capital resource structures for 2023.
The banking industry in Nigeria took a paradigm shift with the introduction of Mallam Sanusi Lamido Sanusi as the CBN Governor in June 2009. He introduced policies that exposed many sick banks that were about going down the drain. Before his appointment as the CBN Governor, banks were in the habits of incessant closure thereby leaving customers stranded with their money in the bank’s custody all gone.
The introduction of 25billion naira capitalization with the CBN by all banks exposed all sick banks. Banks that were unable to provide this amount were either bought over or advised to merge with other banks. It was an era of Merger and acquisition, which further shrunk the number of banks to just 25 from the previous figure.
This was a move that instilled customer’s confidence in the 25 banks in existence as at then.
However, the move had a backslash on the employees of the effected banks, some were laid off as a result of the bank’s inability to raise the amount (25 Billion), some considerate banks were forced cut down staff salaries, while some banks made extra efforts and paid off staff according to the position they occupied.
They say, Time is the greatest healer, it was only a matter of few years before these banks get their businesses firing on all cylinders.
The Nigerian banking industry is regarded as one of the biggest, worth over 75Trillion Naira and highest paying industries in Nigeria as at today.
This is an article which in details, will be discussing about the list of highest paying banks in Nigeria, their staff annual and monthly salary structures.
It would be interesting to have an idea of what these banks actually pay for the following reasons:
a) Employment Opportunities
Having a list of the highest paying banks in the country helps you in making your desirable choice of which bank to channel your energy and resources for job opportunities. It would give you the zeal to dig further about their products and services and their requirements for selected vacancies, for example, the soft skills and years of experience needed. This would in turn give you the drive to get your CV ready for the job in future.
b) Interview Purposes
The most daunting part of any interview question is “What is your salary expectation”? Here, most job applicants screw up their chances, but with the correct information at your disposal, its so far the easiest of all interview questions.
Most times, Job seekers, especially fresh graduates are asked during their interview session about their ability to work under pressure, the banking section is a core definition of working under pressure, until you work in the bank and get used to the word targets, you can never under what it takes to work under undue pressure. Some break down in the process, some resign, some pass on due to the pressure attached to the job, nevertheless, it is an interesting yet challenging industry to work in.
The information about top 10 paying banks in Nigeria and their salary scales here can help you with an effective answer. This would tell your interviewer you are well prepared for the task ahead.
c) Project or Business Opportunities:
Being among the top 10 highest paying banks in Nigeria means financial stability, though not in all cases.
The importance of the top 10 highest paying banks and their salary structures cannot be overemphasized as this would save you the headache of which bank can successfully finance your business proposal or project. But remember that the authenticity and the accuracy of details in your project or business proposal would determine the next line of action from any of the under listed banks.
d) Investment Opportunities
Do you have an investment in mind? Streamline your search to our list of top 10 best banks in Nigeria with the best salary structures for investing your funds.
Do you know that there are lots of products in the bank where you can invest your money and still earn reasonably well from it? You can only learn more by visiting any of the branches of these banks, the customer service executive would intimate about very profitable products and services you can invest your money. Take advantage of them and watch your money work for you.
These and many more reasons are why you should start considering any of the list of the top 10 best banks that pays the highest salaries to their staff below.
In listing these banks, we shall follow the order in which they pay. That is, from the least paying bank (10th position), to the number one spot on the list of highest paying banks in Nigeria.
Top 10 Highest Paying Banks In Nigeria And Their Salary Structures 2023
10) First City Monument Bank (FCMB)
Many would be surprised to see this bank among the list of highest paying banks in Nigeria. FCMB is a bank with one of the fewest branches in Nigeria. If you are to transact any deal with the bank, you are advised to use the one you see while on the move because you might never come in contact with any until you get to your destination.
FCMB is a medium sized bank, sometimes size does not connote liquidity. There are other bigger banks in Nigeria that did not make our list of top 10 highest paying banks in Nigeria.
First City Monument Bank was founded 20th April 1982, today the bank is worth 72 million USD, which is over NGN 11.9 billion. FCMB is a subsidiary under First City Group. The group has the following companies under her;
- FCMB Capital Markets Limited – Investment banking & Advisory services – Lagos, Nigeria
- FCMB (United Kingdom) Limited – Investment banking – London, United Kingdom
- CSL Stockbrokers Limited – Stock brokerage services – Lagos, Nigeria
- Legacy Pension Fund Administrators – Pension Fund Administrators – Abuja, Nigeria
- Credit Direct Limited – Microfinance lending – Lagos, Nigeria
It is understandable that since they have the fewest branches, they should employ lesser but that does not affect their salary structure. Talking about FCMB salary structure for newly employed graduate trainee, the FCMB pays N110,000 Net, this is after all other deductions (tax and pension) have been carried out by the Human resource department.
9) Fidelity Bank of Nigeria
This is a new generation bank founded in 1988. Fidelity bank is worth 4.2 billion USD, over 1.4trillion Naira. The bank became a full-fledged player in the Nigerian banking industry in 2005 after the acquisition of FSB International Bank Plc (FSB) and Manny Bank Plc (“Manny”), this move placed Fidelity bank as one of the top 10 banks in Nigeria.
Fast forward to 2011, Fidelity Bank of Nigeria ranked as the 7th most capitalized bank in Nigeria and the 25th most capitalized bank in Africa. Fidelity bank are known primarily for funding heavy Oil and Gas projects and this has raked in a lot of funds for the bank, no wonder they are one of the richest banks in Nigeria, ironically, among the list of top 10 highest paying banks in Nigeria, they are the least in terms of job vacancies and salary payments.
Fidelity Bank Salary structure is fairly high in the Nigerian setting. They pay fresh entry level graduates between N115,000 to N120,000 Net (after Tax and pension) which translates to N1,380,000 annually.
8) Union Bank of Nigeria
Union Bank of Nigeria is a financial institution that connotes size, strength and reliability. The bank has been in existence for close to a century. Union Bank was founded in 1917 as Colonial Bank. In 1925 it was bought over by Barclays Bank of England and the name changed to Barclays Bank of Nigeria Limited. In 1972 the Federal government of Nigeria acquired 51.57%, so the ownership structure changed again and it was name Union Bank of Nigeria Plc.
No wonder people refer to the bank as Papa’s Bank (Old Generation Bank). With the new management in control, Union Bank has been able to keep up with the trends in the Banking industry.
They were initially condemned for not recruiting young and vibrant fresh graduates that can speed up and work effectively as well as efficiently, the management in a bid to catch up with new generation banks like GT Bank, Zenith Bank, Fidelity, Diamond bank and the likes, recruited fresh graduates, trained them, started massive ads campaign for the Union Bank brand that was still existing based on old glory and Federal government backing and most importantly, carried out an upward review of staff salaries which included salaries of Fresh entry level graduates.
The above move saw a very sharp increase in salaries of Entry level graduates into Union bank sky rocketed from a mere N60,000 monthly salary to a whooping N140,000 Naira per month. This move has been long overdue, and this alone restored Union Bank’s reputation and position not just among one of the top 10 best banks in Nigeria, but among the list of highest paying financial institutions in Nigeria.
7) First Bank of Nigeria
On the list of the top 10 highest paying banks in Nigeria, First bank pops up on the 7th position. As the name implies, it is the premiere bank in Nigeria. Aside being the first bank in Nigeria, it is one of the Biggest banks in Nigeria after UBA, with over 10million customers clientele base, more than seven thousand five-hundred (7,500) staff and over 750 branches across Africa, the UK (United Kingdom) and representative offices in Johannesburg (South Africa), Abu Dhabi and Beijing (China).
According to the Asian Banker Association, a world class company that specializes in the business of providing financial information for financial institution based on information gathered from research, online materials and polls, awarded First Bank of Nigeria the best retail customer bank in Nigeria.
First bank of Nigeria was founded in 1894 as British Bank of West Africa and in 1979, the bank was renamed First Bank of Nigeria. As at today, FBN has a net asset of over N4.5 Trillion which so far makes it the biggest bank in Nigeria.
Talk about massive recruitment in the Banking sector, FBN comes out on top. And considering their size, this has not impacted in reduction of Staff salaries, rather in order to reduce over head cost, FBN outsourced their Teller positions to various outsourcing companies.
First Bank salary structure is very competitive. B.Sc Fresh graduates are paid N120,000 Net while contract staff are paid 85,000 Naira at First Bank of Nigeria Plc. They practically recruit yearly, are you a fresh graduate between the ages of 22 and 26 years? you are automatically eligible to apply.
NB: Third class and HND lower credit holders are not eligible for application.
6) United Bank For Africa
United Bank For Africa ranks as the biggest bank in Nigeria upon the acquisition Standard Trust Bank (STB) in 2005 during the era of Mergers and acquisitions by the Central Bank of Nigeria, and number 6 position on the list of top 10 highest paying banks in Nigeria with a stunning customer base of over fourteen million and more than 1,000 business districts and customer relation points world wide.
UBA has maintained a very competitive salary structure over the years. They have so far been able to rejuvenate themselves and placed the UBA brand amongst the elite banks in Nigeria and across Western Africa.
United Bank For Africa Salary structure is well defined. There are two categories of staff; Contract staff and Core staff of the bank. At UBA, B.Sc holders and HND holders are now also being employed as contract staff, gone are the days when it was a position meant only for ND (National Diploma) holders.
Fresh B.Sc Entry Level graduate trainee at UBA is paid 125,000 Naira monthly salary after tax and pension. They are entitled to other bonuses and allowance outside the above figure.
Contract Staff receive around 75,000 to 80,00 Naira monthly flat. No bonuses, no allowances.
5) EcoBank (Ecobank Transnational Inc.)
Whenever the name Ecobank is mentioned, the next line of thought is Africa’s Pan-African Bank. Not many are aware that Eco bank is the abbreviated name of Ecobank Transnational Inc. (ETI), the bank has branches in over 36 African countries, with total asset of over US$ 2.11 billion, no wonder it is regarded as Africa’s Pan African Bank.
Amazingly, EcoBank makes the list of top 10 banks in Nigeria that pays the highest salaries. Though they rarely put up vacancies for job, they still qualify to be on this list judging from their salary structure. Eco Bank is a nice place to work but get your mind prepared for the pressure that comes with it.
EcoBank pays around N130,000 net (after deduction of pension and tax) for fresh entry level graduates. This amount is very reasonable for a fresh graduate, you can easily save up and further your education to Masters Level and acquire other professional certifications as it relates to your field if you intend building your career in the financial industry.
4) Diamond Bank
When you see a bank with a diamond shaped logo, Diamond Bank comes to mind. Established 20th December 1990 with over 280 branches and a total net worth of ₦1.7 trillion (US$7.3 billion) Diamond Bank today holds a formidable position and plays a key role in the activities of commercial banking services in Nigeria today.
Diamond bank of Nigeria today when it comes to internet banking boasts as one of the most reliable online banking provider. In fact a recent poll carried out confirmed Diamond bank as the bank with the best online internet banking services.
Being a new generation bank, is actively in the business of recruitment of staff annually, they from time to time put up vacancies for fresh job applications especially graduate trainee positions, this is due to their consistent expansion and the need for more human resources automatically comes to play and the application forms received for the required positions are beyond required, this is due to the enticing Diamond banks salary structure.
Fresh Entry Level Graduate Trainee at Diamond Bank is paid between 140,000 and 145,000 Naira monthly and around N1,680,000 annually after tax and pension deductions. Being placed on such salary scale for a newly employed graduate is very encouraging.
3) Zenith Bank
For years, the Zenith Bank brand has been associated with class and premium, the bank stands out in their daily activities ranging from customer service, retail banking transactions and a host of other commercial banking transactions with more than 500 branches and business offices in all across Nigeria and a total Net Asset of over ₦4.7 Trillion, Zenith bank is rated as one of the largest banks in Nigeria.
Recently we wrote an article about Zenith Bank’s salary structure for both entry level and senior management staff and many were amazed at figures earned by the staff.
Zenith bank pays well though not as high as many would have expected judging from the status attached to their brand name. Though other bonuses and allowances are accrued to staff at various levels and this makes up for the not too good salary as expected.
Fresh graduate entry level management trainee at Zenith bank earns 158,000 naira (Net) monthly which is around N1.9Million outside bonuses and other allowances. This is still very okay for a starter. Aside the salary, the Zenith bank brand is a good boost for your resume (CV) anytime any day.
2) Guaranty Trust Bank (GTB)
As we get closer to the highest paying Nigerian bank, the quest for the number 1 Nigerian bank that pays the highest salary heightens. Guarantee Trust Bank (GTB) is close to clinching the top spot, however, GTBank is rated one the best banks to work in Nigeria.
GTB are intrinsically known for pioneering new banking technology, they are second to none in this area though many have criticized them for the porous nature of their online mobile banking judging from the nefarious activities of hackers and their constant attack on GT bank’s customers accounts majorly.
Aside the above, it is a beautiful place to work in. When we wrote on GT Banks’s salary structure, we discussed in details, their bonuses, allowances and why they are rated the best bank in Nigeria and one of which is based on their super human resource structure and this is a bank with over 10,000 staff across the globe which makes them the bank with the highest number of Employees (staff) in Nigeria.
Guaranty Trust Bank pays handsomely well, this is one reason their standard remains high till date. You must be less than 26 years of age and must have a minimum of Second Class Upper division (2’2) to be able to apply for a job in GT Bank, any requirement short of the former is an automatic disqualification.
Being rated as the second highest paying bank in Nigeria, GT Bank bank pays their fresh entry level graduates a merger 220,000 Naira per month after tax and pension deduction which is 2,680,000 Naira annually.
This is a very solid salary for a family man in Nigeria how much more a fresh graduate who barely has family responsibilities.
1) Access Bank Plc
The list of highest paying banks in Nigeria would not be complete without the inclusion of Access Bank of Nigeria. The bank was founded in 1989 and licensed by the Central Bank of Nigeria to carry out the following commercial businesses; Issuance of Loans and other Credit facilities, Savings, Investments, financing of Mortgages and a host of other financial transactions.
Access Banks till date ranks among the top 5 biggest banks in Nigeria with a Net Asset of over US$12.2 billion (N2.412 trillion) and currently has over 9,000 staff. Quite unbelievable for a bank termed “New Generation Bank”.
It is no news that access bank salary structure for all levels is very competitive which means Entry level graduates are pretty much no left out. Talk about bonuses, health care for staff and family and other allowances are what you stand to gain should you clinch a job with this bank. Yes you will be well paid BUT, the pressure attached to your salary no be here o!
In fact in recent times, Access bank has been condemned on the maltreatment meted out on their staff all in the name of meeting their unreasonable targets. However, staff salaries are paid as and when due, a credit that must also be given to them.
Access bank Plc comes out as number one (1) on the list of highest paying banks amongst the list of top 10 banks in Nigeria listed in this article. Their salary structure is top notch. A fresh entry level graduate trainee at Access bank is paid around 237,000 naira per month after tax and pension and as stated earlier, this is aside other bonuses that are attached to the job.
Finally we have been able to give you the comprehensive list containing the list of top 10 highest paying banks in Nigeria and their net assets. This list would go a long way in helping you make an informed decision of any kind as regards the above banks.
From the above analysis, we can draw our conclusion on the following;
- Top 10 Highest Paying Banks In Nigeria And Their Salary Structures
- Nigerian banks pay between 150,000 and 200,000 on the average for entry level graduate or management trainee.
- The biggest banks in Nigeria do not necessarily pay the highest or biggest salaries.
- Nigerian Banking Industry is worth about 75 Trillion Naira.
- New generation banks in Nigeria pay better than the old generation banks.
- The top to biggest banks and their Net Assets in US dollars and Naira.
- Nigerian Banking Industry is saddled with so much pressure
- Finally, working in the bank is a good place to start your career while planning for your next move.
Hope this article was insightful in its little ways? your opinions as regards 2023 top ten (10) highest paying banks in Nigeria and their salary structures are valuable to us, you can however send us the salaries of other Nigerian banks you know that is not on this list.