Ime Akpan
NOVA Merchant Bank Limited has increased its staff salaries by 50 per cent.
The bank said in a statement that the salary increase took effect from November 1, 2023.
It added that the bank’s stakeholders had had approved its transition to a commercial bank.
It said 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 and comes few months after the bank announced the approval of its shareholders to transition into a commercial bank, marking a new era.”
The bank further explained that “the decision to up its salary structure comes after reviewing the impact of the escalating cost of living and dire global economic situations.
“Acknowledging the challenges presented by the prevailing economic conditions, the Bank has thus taken proactive steps to tackle these issues, reaffirming its commitment in prioritising employee welfare to guarantee their well-being and financial stability,”
Commenting on the pay rise, the MDCEO of the bank, Mr 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.”
“Given the challenges presented by the prevailing economic conditions, the Bank has thus taken proactive steps to tackle these issues reaffirming its commitment in prioritizing employee welfare with an aim to guarantee their well-being and financial stability.
Meanwhile, the bank announced the commencement of its 2024 NOVA Graduate Trainee Programme set to begin this month in Lagos.
This programme is part of its commitment towards nurturing the next generation of banking professionals with relevant skills and knowledge required to drive innovation in the financial sector.
It is also undertaken by the 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.
“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,” Oyedeji said.
He stated that the management places a premium on recognizing and promoting outstanding performance as integral to the Bank’s fundamental principles. He emphasised the belief that fostering a harmonious approach to both professional and personal growth, significantly enhances the overall well-being and satisfaction of its employees.
Emphasising the significance of the programme, the MDCEO added: “The NOVA Graduate Trainee Programme is a pivotal initiative for us. We provide participants with curriculum taught by best-in-class faculty to empower them to create superior value in the markets we serve. This aligns with our mission to drive the next revolution wave of banking, and we believe these trainees will play a crucial role in shaping the future of the financial services industry.”
