Business
‘Bank Directors Poorly Paid In Nigeria’
Non-executive directors of banks in Nigeria are poorly paid, a survey conducted by the Financial Institutions Training Centre (FITC) for Bank Directors Association of Nigeria (BDAN), has revealed.
The survey was commissioned by BDAN to develop a remuneration framework for non-executive directors of banks (NEDs) in Nigeria.
Presenting the report at a business luncheon organised by the Association for banks’ chairmen and send off party for retired council members, FITC Managing Director, Dr. (Mrs.) Lucy Newman said, “From FITC findings, remuneration payable to the NEDs of banks are mostly fixed by each bank. This is probably a reason for the distinct concern among the respondents, that their remuneration be increased.”
BDAN President, Olor’ogun Sonny Kuku while presenting the report of the survey to banks’ chairmen said, “It is very clear that bank directors are very poorly remunerated, especially for the level of work they do.”
He said the report of the survey would be sent to all the banks through their chairmen, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), with the hope that it would be basis for determining directors’ remuneration in the banking industry.
Receiving the report on behalf of banks’ chairmen, Chairman, Diamond Bank Plc, and the Obi of Onitsha, Igwe Nnaemeka Achebe, said that he agrees with the findings of the report that directors are underpaid and overworked. “I know how much time directors spend to do the work. I can confirm that from personal experience”, he said.
The luncheon was attended by past council members of the Association and key banking personalities, including Chief Ferdinand Alabraba, former Chairman of UBA and immediate past President of BDAN, Mrs Moronkeji Onasanya, former Chairman, Skye Bank and past president of BDAN, and Chief John Odeyemi, former Chairman Ecobank PLC, past vice president of BDAN and Past President Nigeria Association of Chambers of Commerce, Industries, Mine and Agriculture (NACCIMA).
Others are Chairman, Zenith Bank Plc, Sir. Steve Omojafor, Chairman, UBA, Chief Israel Ogbue, Chairman, Diamond Bank Plc, and the Obi of Onitsha, HRM Igwe Nnaemeka A. Achebe and Chief Bolarinde, chairman, Wema Bank.
In addition to the presentation of the survey report, the luncheon featured the launching of the official newsletter of the Association by the immediate past President of BDAN, Chief Ferdinand Alabraba.
Banks chairmen and stakeholders at the luncheon commended the findings of the survey as a laudable contribution to the banking industry in the country.
Former Managing Director, FITC, Dr. Oladimeji Alo commended the report saying that participants at a seminar for directors had once suggested a benchmark for what the fees of non-executive directors of banks should be and we tried to index it at that time with the pay of chief executives offices and executive directors, and that it should be based on time commitment of directors to the job.
Former Vice President, BDAN, Chief John Odeyemi also affirmed the findings of the report, saying the duties of banks’ directors are huge, and such enormous duty should not be compensated with small remuneration. He charged banks’ chairmen to use the survey effectively because when bank directors are well remunerated, Nigeria and the banking industry would be better for it.’’
Nkpemenyie Mcdominic
Reports say that the training is designed to equip youths with practical technical skills for employment in the oil and gas and construction sectors, with emphasis on employability, safety, competence and self reliance.
In attendance at the flag-off ceremony this week, at the Petroleum Training Institute (PTI) Conference Hall, Effurun, were stakeholders, dignitaries, and political representatives, among others.
Dafinone, represented by his Chief of Staff, Adelabu Bodjor, said the initiative reflects a deliberate political investment in human capital development across Delta Central.
He explained that the training focuses on rigging and scaffolding, noting that “both are essential technical competencies required in industrial operations, construction projects, and oil and gas installations”.
Bodjor added, “The programme is intended to reduce dependency among youths by providing job-ready skills capable of supporting long-term economic opportunities and self-sufficiency. The initiative aligns with Senator Dafinone’s broader development agenda, which prioritises practical skill acquisition as a pathway to sustainable empowerment.”
Also addressing the participants, the NCDMB, Felix Omatsola Ogbe, represented by Mr. Teddy Bai, commended Dafinone for sponsoring the programme, describing it as “a timely response to critical manpower gaps in the industry”.
Bai explained that rigging and scaffolding remain safety-sensitive skills required across fabrication yards, offshore platforms, and construction sites, stressing that the programme bridges the gap between certification and practical competence.
He also charged the training consultant, OROH Contractors Limited, to maintain strict standards of professionalism, safety, and discipline, while urging participants to remain committed, focused, and disciplined throughout the exercise.
The Senate Liaison Officer for Sapele Local Government Area, Chief Patrick Akamuvba, , described the programme as a major step in strengthening human capital development in Delta Central.
Akamuvba said scaffolding and rigging skills are in high demand across residential, commercial, and industrial construction projects, noting that the training offers real employment opportunities for beneficiaries
He urged participants to prioritise knowledge and certification over short-term material expectations, stressing that discipline and seriousness would determine their long-term success.
He also cautioned youths against social vices and distractions, advising them to remain focused to maximise the opportunities provided by the programme.
