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Summary
NFM's checks confirms that Nigeria's high number of female bank CEOs is due to a 2013 CBN gender quota, though a gender pay gap remains.
Summary:
In recent posts on X (formerly called Twitter), claims emerged celebrating Nigeria’s having the highest number of female bank CEOs. Another post adds to the context, stating that the leadership surge is due to the representation quota introduced by former CBN Governor Sanusi Lamido Sanusi. These claims, which are true, suggest significant gender progress in the financial sector.
Claims
On March 17, 2025, Imadelyamu posted on X (formerly Twitter) that she saw a post saying Nigeria has the highest number of female CEOs in Africa. “I found that very cool. You ladies inspire me so much; I love it,” she said.
So far, the post has generated 100k views, 12 comments, 284 reposts, and 974 likes.
In reaction to the post, an X user, Chiagoziem, commented, “The future of Finance in Nigeria is women, I love it.”
Another X user, Otitokoro77, expressed his experience. “I’ve worked with three of them—Kafilat, Miriam, and Yemisi Edun. All very brilliant. But Yemisi Edun is not just brilliant. She has an extremely likeable personality.” Chuksbryan7 agrees with the claim, saying, “Yeah, I noticed this …at least this is one space that empowers women.”
Additionally, on March 27, 2025, a claim by an X user, Basilabia on the same subject states that the reason why Nigeria has the highest number of bank CEOs that are women in Africa is because of a representation quota for women in bank leadership instituted by Sanusi Lamido Sanusi when he was CBN governor. “Again, these quotas work, and Nigerian women are brilliant.”
The post has generated 85.9k views, eight comments, 538k reposts, and 1.4K likes.
NFM Checks
Our investigation found that the assertion that Nigeria’s high number of female bank CEOs is a result of a representation quota instituted by former Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi is accurate.
According to Vanguard News, in 2013, Sanusi announced a directive requiring Nigerian banks to appoint at least 30% female board members and 40% women in top management positions by 2014. This initiative aimed to enhance women’s participation in the banking sector’s leadership. ​
The implementation of this directive has significantly increased female representation in bank leadership. By March 2024, according to allafrica.com, women held CEO positions in 10 of Nigeria’s 25 major banks, accounting for 36% of these roles. This marks a substantial rise from just one female bank CEO in 2019. ​
While comprehensive data from Punch newspaper on female bank CEOs across all African countries is limited, Nigeria’s 36% representation is notably higher than the global average. For instance, as of March 2022, women comprised 35% of bank CEOs in Nigeria, surpassing global figures. This suggests that Nigeria is among the leading African nations regarding female representation in banks.
Furthermore, a 2024 study from Businessperspectives titled “Chief Executive Officers’ Compensation: Does Gender Pay Parity Exist in the Nigerian Context?” examined CEO compensation in Nigerian deposit money banks from 2011 to 2022. The research analysed 144 firm-year observations and found a statistically significant negative relationship between CEO gender and compensation, indicating that female CEOs receive lower remuneration than their male counterparts.
This reflects deeply rooted patriarchal structures, where men are still valued more for leadership roles and women’s contributions are often undervalued financially. The feminist tagline, “The Glass Ceiling & the Glass Cliff” is still bridged in the banking sector because women in banking often face hidden barriers that limit their access to top executive roles. When they finally break through, they are still paid less than men for the same work, which results in the gender pay gap.
Conclusion
While Nigeria has the highest number of female CEOs in the financial sector, there is still a gap in gender pay compared to that of its male counterparts. This case reinforces the feminist argument that patriarchy persists even in progressive spaces, and tackling gender pay gaps must go beyond symbolic inclusion to actual economic justice.
Naija Feminists Media is committed to fighting gendered disinformation and misinformation that concerns women. Read more of our fact checks here.
