On the contrary, Innocent C. Ike of Polaris took N65 million, N19 million lower than his 2019 pay, just as Union Bank Managing Director Emeka Emuwa received almost 5 per cent less. Both CEOs opted for a pay cut even when their banks posted increases in profit. The emoluments of the rest 8 CEOs were unchanged.
GTB’s Segun Agbaje maintained the top spot, his N400 million earnings almost two times those of his closest rival. Oluwatomi Somefun of Unity Bank earned the least pay.Generally, the emoluments of bank directors in Nigeria were little impacted by the 2020 global economic crisis, given a modest increase in their pay and entitlements for the year, relative to those of 2019.
Only one of the Big 5 banks, commonly called FUGAZ, reported an increase in directors’ remuneration; the rest four recorded a drop. In some ways, it reflects the efficiency of frugality as a winning factor in the time of austerity. Even when some lenders had grounds like bigger revenues and profits to up the pay of directors, they chose to lower them and took the longer view by laying up more earnings for future operations.
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