First Bank Nigeria Salary Scale: How Much First Bank Pays Staff (2024)

First Bank of Nigeria, one of the oldest and most reputable financial institutions in the country, has been a cornerstone of the Nigerian banking sector since its inception. Over the years, First Bank has built a strong reputation not only for its financial services but also for its employee welfare and compensation packages. In 2024, the salary scale at First Bank remains competitive, reflecting the bank’s commitment to attracting and retaining top talent across various levels of its operations.

Entry-Level Positions

For fresh graduates entering the banking sector, First Bank offers attractive entry-level salaries. The bank’s entry-level positions, often referred to as Graduate Trainees or Entry-Level Analysts, come with a starting salary ranging from ₦130,000 to ₦150,000 per month. This package is competitive when compared to other banks and industries, making First Bank an appealing choice for new graduates. Additionally, entry-level employees benefit from comprehensive training programs designed to equip them with essential banking skills and knowledge.

Junior and Mid-Level Positions

As employees gain experience and move up the ranks, their compensation packages increase significantly. Junior and mid-level positions, such as Banking Officers and Relationship Managers, typically earn between ₦180,000 and ₦300,000 per month. These roles often come with added responsibilities, including client management, sales targets, and supervisory duties. Employees at this level also start to enjoy additional perks, such as performance bonuses, health insurance, and allowances for transportation and housing.

Senior Management and Specialist Roles

Senior management positions at First Bank, including roles like Branch Managers, Senior Relationship Managers, and Department Heads, command much higher salaries. On average, these positions offer monthly salaries ranging from ₦400,000 to ₦700,000. Senior management roles are critical to the bank’s strategic direction and operational efficiency, hence the substantial compensation. In addition to their base salary, senior managers receive performance-based bonuses, which can significantly boost their annual earnings. They also enjoy other benefits such as company cars, housing allowances, and enhanced health and retirement plans.

Executive Positions

At the top of the hierarchy are the executive positions, including roles such as Executive Directors, Managing Directors, and other C-suite executives. The salary for these high-ranking positions can range from ₦10,000,000 to ₦15,000,000 annually, excluding performance bonuses and stock options. Executives play a pivotal role in shaping the bank’s strategic vision and ensuring its implementation. Consequently, their compensation packages are designed to reflect the high level of responsibility and the impact of their decisions on the bank’s overall performance.

Benefits and Perks

Beyond the basic salary, First Bank offers a range of benefits and perks aimed at enhancing employee satisfaction and well-being. These include:

• Performance Bonuses: Employees at all levels are eligible for performance-based bonuses, which can significantly enhance their total earnings. These bonuses are typically awarded based on individual and team performance, as well as the overall profitability of the bank.

• Health Insurance: Comprehensive health insurance plans are provided to employees, covering medical, dental, and vision care. This benefit extends to employees’ immediate family members, ensuring that their health needs are adequately met.

• Retirement Plans: First Bank offers robust retirement plans, including contributory pension schemes and gratuity benefits, to help employees plan for their future.

• Training and Development: Continuous professional development is a cornerstone of First Bank’s employee policy. The bank invests heavily in training programs, workshops, and seminars to ensure that employees are equipped with the latest skills and knowledge in the banking industry.

• Leave Benefits: Employees enjoy generous leave benefits, including annual leave, sick leave, and maternity/paternity leave, promoting a healthy work-life balance.

Conclusion

First Bank of Nigeria’s salary scale in 2024 reflects its commitment to offering competitive compensation packages across all levels of its workforce. By providing attractive salaries, comprehensive benefits, and opportunities for career growth, First Bank continues to be a top employer in the Nigerian banking sector. For both new graduates and experienced professionals, First Bank offers a rewarding career path that combines financial stability with personal and professional development.