Only 12% of GTCO workers earn more than ₦1 million a month, filings show

Guaranty Trust Holding Company Plc (GTCO), one of Nigeria’s largest financial services groups, had 5,866 employees at the end of June 2025, 37 more than the previous year.

Guaranty Trust Holding Company Plc (GTCO), one of Nigeria’s largest financial services groups, had 5,866 employees at the end of June 2025, 37 more than the previous year.

Fewer than 722 of these employees earn over ₦1 million monthly ($682.46), according to its 2025 half-year financial report. This translates to less than 1 in 8 staff members. The largest group, 1,404 staff, earn between ₦377,500.08 ($257.63) and ₦494,167.67 ($337.25) monthly. The group made a profit after tax of ₦449.01 billion ($306.43 million), 50.42% less than  ₦905.57 billion ($618.01 million) a year earlier. 

GTBank, GTCO’s banking subsidiary, increased staff salaries by 40% in September 2024 to cushion the effect of Nigeria’s rising cost of living. By June 2025, the group’s personnel expenses increased by 31.08% to ₦54.39 billion ($37.12 million), up from ₦41.50 billion ($28.32 million) in June 2024. 

Despite this bump in pay rise, most GTCO employees still earn below ₦1 million monthly, even as the growing wage gap between senior executives and lower-tier staff widens. 

Directors’ emoluments, not included in personnel expenses, rose by 29.54% to ₦1.65 billion from ₦1.28 billion. The highest-paid director earned ₦209.07 million as of June 2025, 55.62% less than the ₦471.08 million earned a year earlier. Three earned between ₦13.50 million and ₦22.50 million, and two earned above ₦22.50 million. These amounts exclude pension contributions and benefits. 

Only two executive directors are listed among its full-time workforce, which includes 297 management staff and 5,567 non-management staff. The disclosed salary ranges exclude benefits such as profit-sharing, 13th-month pay, and share-based compensation. For instance, as of 30 June 2025, 461,172 shares (worth ₦43 million at ₦93.25 per share) were granted to senior management employees as share appreciation rights. 

In its filing, GTCO disclosed that “average number of employees other than directors, earning more than ₦720,000 per annum, received emoluments (excluding pension contributions and certain benefits) in the following ranges:”

These salary ranges do not include those spent on outsourcing services, which increased by 36.43% to ₦19.73 billion ($13.47 million) from ₦14.46 billion ($9.87 million) in June 2024. “Outsourcing services relates to salaries paid to outsourced contract staff,” the bank said.

Contract workers, who often serve as tellers and customer service representatives, form a critical part of the Nigerian banking workforce and are usually the first point of contact between the bank and its customers. They accounted for 42.75% of the 90,455 people working in the banking sector in 2021, according to the National Bureau of Statistics. The Nigeria Employers’ Consultative Association notes that banks save up to 40% on labour costs by outsourcing roles.

Note: exchange rate used: ₦1,465.29/$