Nigerian banks, to keep their directors, and chief executives happy, spent over N6.96 billion on sitting allowance and compensation in 2021, IgbereTV reports
This is a 3.32 per cent increase when compared to N6.74bn the directors received in 2020.
The expenditure is captured in the financial results of 10 banks publicly listed on the Nigerian Exchange for the full year ended December 31, 2021.
The 10 banks are United Bank for Africa Plc, Zenith Bank Plc, FBN Holdings and Guaranty Trust Holding Company Plc.
Others are Union Bank for Nigeria Plc, Stanbic IBTC Holdings Plc, FCMB Group Plc, Wema Bank Plc, Fidelity Bank Plc and Unity Bank Plc.
A breakdown shows Zenith Bank, followed by Stanbic IBTC Holdings, reported the highest sitting allowances and compensation, while Unity Bank reported the least.
Zenith Bank in 2021 reported a total of N1.65bn executive compensation, fees and sitting allowances, an increase of 18.06 per cent from the N1.4bn reported in 2020.
For Stanbic IBTC Holdings, the total sitting allowance and compensation to its directors rose by 19.9 per cent to N1.672m in 2021 from N1.394m reported in 2020
