Editorial
Salaries Of Bank Executives In A Dwindling Economy
When the Central Bank of Nigeria, (CBN), not too long ago sacked chief executives of some troubled banks in Nigeria and traced their investments to 60 multi-million naira shops in Dubai, many Nigerians expected a comprehensive sanitization of the financial sector.
For instance, apart from their removal and subsequent trial for alleged corrupt enrichment, many had thought that their fabulous pay packages which normally formed an additional driving force for their flamboyance would be addressed.
Instead, the apex bank re-appointed substantive managing directors in replacement who are now known to earn the same fabulous salaries considered very outrageous, even unthinkable by the banking public whose funds form part of the package.
For instance, a new CBN appointee in one of the troubled banks, whose predecessor was removed in August, this year, is said to have earned a whooping N5.8 million as October salary, exactly the same amount the deposed managing director often received.
That figure, The Tide learnt does not include questionable quarterly payments and other sundry allowances usually not contained on the monthly payroll.
Just like the managing directors, the executive directors of the affected banks, it is now known, received take-home pay of N3.8 million each during the same period, a figure which is exactly the same paid to their sacked predecessors. Like their superiors that amount excludes the now known quarterly payments and sundry allowances not usually contained in the payroll.
The Tide is concerned because; in order to save the ailing banks from total collapse public funds were injected into the financial sector which naturally should bring about attitudinal change in the spending pattern of banks.
Furthermore, the new bank executives should have seen public involvement in their private malaise as a pointer to the fact that their flamboyance and lavish personal investment, outside the shores of the country, like the 60 mega shops in Dubai will no longer be acceptable and that such a life style should be done away with.
But it seems that such a tall expectation will remain a pipe dream because even the CBN, The Tide understands, has said it is not part of its own duties to recommend the emoluments of bank staff so long as such remuneration do not affect the finances of such banks.
We disagree with the CBN to the extent that public funds were injected into the banks and for that singular reason should not be allowed to exclusively decide how much to pay to themselves in view of the dwindling resources which prompted government intervention in the first place.
Another, is the state of the economy which is made even worse by the prevailing global economic meltdown both of which should require some form of fiscal responsibility of whoever is charged with the responsibility of managing either public or depositors funds.
We say so because, even in the USA, in appreciation of the hard times President Barrack Obama imposed $500,000.00 pay cap on some senior executives whose firms benefited from government financial rescue funds.
This is why The Tide thinks that it would not be entirely proper for the CBN to look the other way and fail to wade into the pay disparity, if for nothing else, the crippling economic times Nigerians and others alike today face.
It is our view that N69.6 million annual pay packages to a bank chief executive whose institution was bailed from collapse with public funds is outrageous and unacceptable and so should be reviewed.
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WPFD: Nigeria’s Defining Test
Nigeria stands at a critical juncture as the world marked World Press Freedom Day (WPFD) on May 3. This annual observance is a reminder that a free press is central to democratic life, good governance, and public accountability. For Nigeria, it is also a moment for sober reflection on how far the country has come and how far it still has to go in safeguarding the independence of its media.
World Press Freedom Day exists to highlight the fundamental importance of freedom of expression and to honour journalists who risk their lives in pursuit of truth. It underscores the idea that without a free press, societies cannot function transparently, nor can citizens make informed decisions. In countries like Nigeria, where democracy continues to evolve, the observance carries particular urgency.
This year’s theme, “Shaping a Future at Peace: Promoting Press Freedom for Human Rights, Development and Security”, places journalism at the heart of global stability. It emphasises that a peaceful society cannot be built on silence, fear, or manipulated information. Rather, it depends on the free flow of accurate, timely, and independent reporting.
At its core, the theme highlights the role of journalism in fostering accountability, dialogue, and trust. These are not abstract ideals. In Nigeria, where public confidence in institutions is often fragile, the media remains one of the few platforms through which citizens can question authority and demand transparency. When press freedom declines, so too does public trust.
Journalism serves as a foundation for peace, security, and economic recovery. Countries with robust media systems tend to attract greater investment, maintain stronger institutions, and resolve conflicts more effectively. Nigeria’s economic challenges, ranging from inflation to unemployment, require open scrutiny and informed debate, both of which depend on a free press.
However, the issue of information integrity has become increasingly complex in the digital age. Artificial Intelligence (AI) and online platforms have amplified the spread of misinformation and disinformation. In Nigeria, where internet penetration has grown rapidly, false narratives can travel faster than verified facts. This makes the role of credible journalism more vital than ever.
The challenge is not only technological but also ethical. AI-driven manipulation of information threatens to distort public discourse, influence elections, and deepen social divisions. In such an environment, professional journalism must act as a stabilising force, ensuring that truth prevails over sensationalism and propaganda.
Equally troubling is the safety of journalists. Across Nigeria, reporters face growing levels of online harassment, judicial intimidation, and physical threats. Self-censorship is becoming more common, as media practitioners weigh the risks of reporting sensitive issues. This trend undermines the very essence of journalism.
A particularly alarming incident involved a serving minister in the present administration, who openly threatened to shoot a journalist during a televised exchange. Such conduct, broadcast to the public, sends a dangerous signal that hostility towards the press is acceptable. It erodes the norms of democratic engagement and places journalists in harm’s way.
This year’s theme aligns closely with the United Nations Sustainable Development Goal (SDG)16, which promotes peace, justice, and strong institutions. Freedom of expression is a cornerstone of this goal. Without it, institutions weaken, corruption thrives, and justice becomes elusive. Nigeria’s commitment to SDG 16 must therefore include genuine protection for the media.
Historically, the Nigerian press has been a formidable force. From resisting colonial rule to challenging military dictatorships, our journalists have played a central role in shaping the nation’s political landscape. Today, however, that legacy appears to be under strain, as the media operates under what can best be described as a veneer of freedom.
Beneath this facade lies a troubling reality. Journalists are routinely harassed, detained, and prosecuted for performing their constitutional duties. Reports from media watchdogs indicate that dozens of Nigerian journalists face legal threats or arrest each year, often for exposing corruption or criticising those in power.
The Cybercrimes (Prohibition, Prevention, etc.) Act of 2015 has become a focal point of concern. Originally intended to combat cyber threats, it has increasingly been used to silence dissent. Sections 24 and 27(1)(b), in particular, have been invoked to target journalists, bloggers, and social commentators.
Although amendments introduced in February 2024 were meant to safeguard journalists, concerns persist. The law continues to be wielded in ways that stifle investigative reporting and restrict freedom of expression. Legal reforms must go beyond cosmetic changes to address the root causes of misuse.
To safeguard the future of journalism in Nigeria, decisive action is required. The Cybercrimes Act must be revisited to ensure it cannot be weaponised against the press. Law enforcement agencies must operate free from political influence, upholding the rule of law and protecting journalists’ rights. Civil society and international partners must also strengthen independent media through funding, training, and platforms for wider reach.
In this rapidly evolving world shaped by artificial intelligence and digital innovation, Nigeria faces a clear choice. It can either allow press freedom to erode under pressure, or it can champion a truly independent media landscape. The path it chooses will determine not only the future of journalism, but also the strength of its democracy and the peace it seeks to build.
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