A total of seven non-executive directors of the NPF Micro Finance Bank Plc have received the sum of N264.5m remuneration.
This is after the company grew its gross revenue from N3.bn in the second half of last year to N4.5bn in 2023.
The seven non-executive directors are: AIG Bello Makwashi, Non-Executive Director representing the interest of the Police Cooperative Multipurpose Society Ltd; DIG. Hashimu, Salihu Argungu (Rtd); CP Usman Isa Baba; Mrs. Rakiya Edota Shehu and Mr. Said Fagge, representing the interest of the Nigeria Police Multipurpose Cooperative Society Ltd.
Others are Abdulrahman Satumari, the Chairman of Board Audit Committee as an Independent Non-Executive Director and Uzairu Abdullahi, representing the interest of the Nigerian Police Welfare Insurance Cooperative Society (NPWICS) Ltd on the Board of the Bank.
According to the company’s financial statement, the bank’s profit after tax grew by 135.3 per cent from N444.85bn to N1.04bn in the second half of the 2023.
Administrative expenses from the company, however, rose 24 per cent to N1.17bn in 2023 from N947.9bn spent in 2022 first half.
Personnel expenses including wages, salaries and pension cost jumped from N974.78m in 2022 to N1.39bn in the corresponding period of 2023.
A total of N264.5m out of the N1.17bn administrative expenses was used to remunerate seven non-executive directors of the company, excluding their pension costs.
The remuneration cost rose by 59.4 percent compared to the N140.6m they received in the first half of last year.
During the six months period, the directors were paid N12.5m fees, N39.1m sitting allowances, executive compensation was N43.3m while other expenses linked to the directors were N169.6m.