NOVA Merchant Bank Limited, a leading merchant bank in Nigeria, has announced a substantial increase in staff salaries, effective November 1, 2023.
The increase in salary by up to 50 per cent across all staff categories by the Board of Directors is a strategic move, which shows a resounding display of commitment to its workforce, a statement by the bank said.
It comes a few months after the bank announced the approval of its shareholders to transition into a commercial bank, marking a new era.
According to the bank, the decision to up its salary structure comes after reviewing the impact of the escalating cost of living and dire global economic situations on livelihoods.
Acknowledging the challenges presented by the prevailing economic conditions, the bank said it took proactive steps to tackle the challenges reaffirming its commitment to prioritising employee welfare to guarantee their well-being and financial stability.
Also, the bank has announced the commencement of its 2024 NOVA Graduate Trainee Programme, set to begin this month in Lagos.
This programme is part of its commitment to nurturing the next generation of banking professionals with the relevant skills and knowledge required to drive innovation in the financial sector.
The programme is also undertaken by the Bb bank to empower fresh graduates and equip them with relevant skills required for modern banking practice driven by cutting-edge technologies, fostering innovation while preparing them for leadership positions, the bank said.
The Managing Director, Wale Oyedeji, said: “Following a comprehensive assessment of the current economic conditions and their impact on our esteemed staff, we have opted to realign our salary structure to reflect the economic realities. We recognise the implications of recent economic policy actions on costs and this adjustment is aimed at easing the financial burden borne by our staff and their families.”
