Nova Merchant Bank raises salaries by 50%

Nova Merchant Bank, a wholesale and Investment bank in Nigeria, has announced an increase in employee salaries by 50 percent.

In a statement by the bank, the approval was received after the shareholders’ transition to a commercial bank on Sunday, the salary boost was effective November 1, 2023.

“The decision to up our salary structure comes after reviewing the impact of the escalating cost of living and dire global economic situations,” the statement said.

It said acknowledging the challenges presented by the prevailing economic conditions, the bank has thus taken proactive steps to tackle these issues.

Wale Oyedeji, MD of Nova Merchant Bank said in the statement that they decided, after a comprehensive assessment, to realign their salary structure inorder 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.”

The bank noted that its 2024 NOVA Graduate Trainee Program, which is part of its dedication to fostering the emerging generation of banking professionals with the relevant skills and knowledge, commences this month in Lagos.

Oyedeji added that the NOVA Graduate Trainee Program conforms to the bank’s mission to drive the following wave of banking.