Onyeagwu leads as top bank CEOs earn N797m in dividend payout

Outgoing Chief Executive Officer (CEO) of Zenith Bank, Ebenezer Onyeagwu leads seven other banks’ chief in the amount to be earned in 2023 final dividend payout, pulling N315.6 million from the approximately N796.6 million earned by the CEOs.

He holds 90.176 million shares in Zenith Bank Plc. The bank paid a final dividend of N3.5 per share. For Onyeagwu, this marks a 32 per cent increase from the N238.3 million earned in the final dividend for 2022.

In 2023, Zenith Bank recorded the best net income with N676.9 billion, followed by Access Holdings’ N619.3 billion.

Ebenezer Onyeagwu is followed by Oliver Alawuba, CEO of UBA, who will earn N132.5 million. He holds about 57.619 million UBA shares, and the bank will pay a final dividend of N2.3 per ordinary share.

For Oliver Alawuba, this marks a significant appreciation from the N1.43 million earned in 2022 as a final dividend. From December 31, 2022, until the present date, Alawuba has increased his number of shares held in UBA from 1,593,248 to 57,618,686.

Group CEO of GTCO Holdings, Segun Agbaje will earn N112.4 million in final dividend for FY 2023, marking a 237.5 per cent increase from the N33.3 million earned for 2022.

Ladi Balogun, Group CEO of FCMB Group, will earn N102.6 million for 2023, marking a 103 per cent increase from the N50.5 million he earned in 2022.

The CEO of Access Bank Plc, Roosevelt Ogbonna, earned N80.8 million in final dividend for 2023, up from N58.3 million he earned for 2022.

Fidelity Bank’s CEO, Nneka Onyeali-Ikpe, earned N41.8 million for FY 2023, up from N34.8 million she earned for FY 2022.

Stanbic IBTC’s Group CEO, Demola Sogunle, will earn N10.9 million based on a proposed final dividend payment of N2.2 per share. It represents a 59 per cent increase from the N6.8 million earned in the final dividend for 2022.

The seven banks posted their highest-ever earnings in a single financial year, off the backs of increased interest income and net gain recorded from forex revaluation.

Zenith Bank, being the top earner, is also the top dividend payer with N109.9 billion, followed by GTCO with N79.46 billion.

UBA will pay a final dividend of N78.66 billion. Access Holdings paid a final dividend of N63.98 billion. Stanbic IBTC will pay a final dividend of N28.5 billion, marking a payout ratio of 20.27 per cent which is the highest by a bank for 2023.

Fidelity Bank paid a dividend of N19.2 billion, FCMB paid a dividend of N9.9 billion, but Wema Bank will pay a dividend of N6.4 billion.