Newly Licensed Commercial Bank in Nigeria Increases Staff Salary to Rival Zenith, Access, Others

Newly Licensed Commercial Bank in Nigeria Increases Staff Salary to Rival Zenith, Access, Others

  • NOVA Merchant Bank Limited announced it is increasing staff salaries by 50% from November 1, 2023
  • This comes after it recently got a licence to transition into a commercial bank in the country
  • The bank also said its 2024 NOVA Graduate Trainee Program is scheduled to start in January 2024 in Lagos journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

NOVA Merchant Bank Limited has substantially increased its staff salaries, effective November 1, 2023.

After Getting Licence to Compete Zenith, Access, Others, Nova Increases Staff Salary by 50 percent
Nova Bank said the salary raise became necessary considering the global economic situation and the impact of high living costs. Photo Credit: Klaus Vedfelt, 10'000 Hours
Source: Getty Images

The significant increment across all staff categories by the board of directors signifies a strategic move, according to the bank in a Tribune Report.

It stated that the move cemented its commitment to workforce development, especially after the bank was okayed to transition into a commercial bank.

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PAY ATTENTION: Share your outstanding story with our editors! Please reach us through! earlier reported that the bank was set to begin conversion to an entire commercial banking business after getting a license from the Central Bank of Nigeria (CBN).

The bank also appointed Adebowale Oyedeji as the new managing director and chief executive officer to manage the bank's operations.

Economic conditions necessitate salary increment

The bank explained that the decision became necessary considering the global economic situation and the impact of high living costs.

While it agreed that the prevalent economic condition poses challenges for citizens, the bank said its prioritizing employee welfare would help to guarantee their well-being and financial stability.

Nova Graduate Trainee Program

In addition, the bank has declared the start of its 2024 NOVA Graduate Trainee Program, which is scheduled to start in January 2024 in Lagos.

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This program is part of its commitment to developing the next generation of banking professionals with the necessary expertise to spur financial sector innovation.

The Bank also runs the program to prepare recent graduates for leadership roles by empowering them with the necessary skills for cutting-edge, technology-driven modern banking practice.

Wale Oyedeji, the managing director/chief executive officer, 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 recognize 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 restated that the management views honoring and promoting exceptional performance as essential to upholding the Bank's core values. He emphasized that encouraging a balanced career and personal development approach significantly improves workers' general well-being and contentment.

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CBN approves as Sterling Holdings launches New Islamic Bank in 3 cities to rival Jaiz bank, others earlier reported that Nigeria's newest ethical bank, the Alternative Bank, debuted with a multi-city launch in three cities nationwide.

The bank launched simultaneously in Lagos, Abuja, and Kano, making it the first multi-city brand launch in Nigeria's history.

The Managing Director of The Alternative Bank, Hassan Yusuf, stated at the bank's launch in Lagos that banking should be a platform for shared prosperity that benefits everyone.


Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science ( degree in Sociology from the University of Ilorin, Kwara State. Before, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via

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