Adaora Umeoji, CEO of Zenith Bank, Emerges as Nigeria’s Highest-Paid Banker in 2024

In a historic milestone for Nigeria’s banking industry, Dame (Dr.) Adaora Umeoji, the Group Managing Director and Chief Executive Officer of Zenith Bank Plc, has emerged as the highest-paid banker in the country for the year 2024. According to verified financial disclosures, she earned a staggering ₦874 million in total compensation within the year despite assuming office just mid-year in June 2024.

This makes her not only the highest-paid banking executive in Nigeria for 2024 but also the first female CEO of Zenith Bank to attain such recognition in the institution’s history.

Dr. Adaora Umeoji made headlines in June 2024 when she was appointed as the first female Group Managing Director and CEO of Zenith Bank. Her appointment was widely celebrated across Nigeria’s financial and corporate sectors, not just as a gender milestone, but also as a recognition of her vast experience and strategic contributions to the bank over the years.

Her predecessor, Dr. Ebenezer Onyeagwu, earned ₦2.1 billion in 2023 before handing over the reins. Despite serving only the last seven months of 2024, Umeoji’s earnings came in at ₦874 million averaging approximately ₦124.86 million per month.

Executive pay in the banking sector is usually a combination of base salary, performance bonuses, allowances, and other benefits. Though the monthly breakdown may appear to suggest a ₦72 million salary, actual executive remuneration can fluctuate based on performance-based incentives and entitlements.

Umeoji’s impressive earnings reflect not just her position but also Zenith Bank’s strong financial performance under her leadership. In 2024, the bank recorded a profit before tax of ₦1.32 trillion—representing a 66.6% year-on-year increase. Total assets surged to ₦29.96 trillion, solidifying Zenith Bank’s place among Nigeria’s top-tier financial institutions.

Adaora Umeoji’s ascent to the top and her remarkable earnings highlight two major shifts in Nigeria’s banking sector: a broader acceptance and promotion of female leadership and a reward system that values performance and growth.

Her leadership has already begun to show results, and many in the industry are keenly watching how she steers Zenith Bank in the years to come.

As Nigerian banks face both opportunities and challenges in the digital age, visionary leaders like Adaora Umeoji are expected to shape the future of the industry. Her rise to the top and record-setting compensation in 2024 underscore not only her personal achievements but also the evolving landscape of executive leadership in Nigeria’s financial sector.