5 Richest Yoruba Men in Nigerian Banking
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African CEOs - June 2, 2023

5 Richest Yoruba Men in Nigerian Banking

The Yoruba Men in Nigerian banking have not only been instrumental in driving financial growth but they have amassed substantial wealth by occupying the most outstanding position in any organisation. 

As Managing Directors and Chief Executive Officers, these Yoruba men have led their banks to improved profits, customer base and frontiers. They have also risen to prominence for their financial success and their impact on the economy.

Let’s take a look at these Yoruba men who have not only toiled in the Nigerian Banking Industry but have become rich through their toils. 

Segun Agbaje of GTCO

Segun Agbaje who serves as the Chief Executive Officer(CEO) of Guaranty Trust Holding Company, is one of the richest Yoruba men in Nigerian banking. He was named as the highest-paid bank CEO in the country for 2022. Segun who joined the bank in 1991 earned a whopping N445.69 million as a compensation package for the year 2022. 

This comes after he earned N171.95 million in 2021 before the bank was restructured into a holding company. Under his leadership, GTBank has received the Best Bank in Nigeria Award, given by Euromoney, African Bank of the Year amongst others. 

Demola Sogunle of Stanbic IBTC Holdings PLC

During the first half of 2022, it was reported that Demola Sogunle, the Chief Executive Officer of Stanbic IBTC Holdings earned N245 million as emoluments. This comes after he received the sum of N205 million in 2021. Sogunle who increased his stake in the ban’s shares recently received a dividend of N25.91 billion as the second largest shareholder.

Under his leadership, the group has recorded significant growth despite challenging macroeconomic conditions. Speaking at the 11th Annual General Meeting (AGM) in Lagos, the Yoruba banking mogul said, “The group achieved record-breaking financial performances, setting new high watermarks in key financial indicators.”

Ademola Adebise of Wema Bank

Immediate Past Managing Director and Chief Executive Officer of Wema Bank Plc earned N79.52 million in 2022, compared to N70.05 million in 2021. Before his retirement, Adebise reportedly expanded the bank’s footprints to other locations in Nigeria, improved the performance of the bank and spearheaded the first Dividend payment in 13 years.

Known as one of the richest Yoruba men in Nigerian banking, Adebise also initiated a partnership with the Bank of Africa to support its customers across the African continent which led to an additional growth of two million customer accounts in Nigeria. 

Ladi Balogun of FCMB

Another rich Yoruba man in Nigerian banking is the Group Chief Executive of First City Merchant Bank, FCMB Group Plc, Ladi Balogun. According to reports, Balogun earned N179.82 million in 2022, compared to N117.6 million in 2021.

Balogun who worked at Citibank in New York before returning to Nigeria has over 28 years of experience in commercial and investment banking in Europe, the United States of America and Africa.

Adesola Kazeem Adeduntan of First Bank

With close to 30 years of experience, Adesola serves as the Managing Director of First Bank of Nigeria Limited and Subsidiaries. Adesola joined the bank when the commercial institution was on the verge of collapse with a non-performing loan level of more than 18 per cent. 

Under Adesola, the bank’s provisioning for bad loans dropped to N50.5 billion with profits rising to over N75 billion; nonperforming loans (NPLs) declined to less than 8 per cent. His net worth has been estimated to be between $1-5 million.

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