NOVA Merchant Bank increases staff salaries, begins 2024 graduate trainee programme

NOVA Merchant Bank Limited has announced a substantial increase in staff salaries, effective November 1, 2023.

A statement on Sunday said the increase in salary by up to 50% across all staff categories by the Board of Directors was a strategic move to show commitment to its workforce.

This is coming few months after the Bank announced the approval of its shareholders to transition into a commercial bank.

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.”

Acknowledging the challenges presented by the prevailing economic conditions, the Bank took proactive steps to tackle these issues reaffirming its commitment in prioritizing employee welfare with an aim to guarantee their well-being and financial stability.

In the same vein, the Bank announced the commencement of its 2024 NOVA Graduate Trainee Programme, set to begin in January 2024 in Lagos.

“This program 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. The Program 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,” the statement said.

The Managing Director/Chief Executive Officer 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”.

Oyedeji reiterated that the management placed a premium on recognizing and promoting outstanding performance as integral to the Bank’s fundamental principles. He emphasized the belief that fostering a harmonious approach to both professional and personal growth, significantly enhances the overall well-being and satisfaction of its employees.

While emphasizing the significance of the graduate trainee programme, he added, “The NOVA Graduate Trainee Program 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.”

He emphasized that the NOVA Graduate Trainee Program represents the Bank’s dedication to investing in human capital, equipping trainees with essential skills and knowledge required to navigate their careers successfully.

About 70 staff members are set to resume as the Bank prepares to commence operation on its Commercial Banking license.

Close to 50 of these new members of staff have been scheduled for the Graduate Trainee Program.

Bede Alugbue, the Head of Human Capital and Culture Management at NOVA Merchant Bank, highlighted the rigorous selection process, saying, “Out of over 1,000 applicants, we meticulously selected the best 49 candidates to undergo the intensive training and become banking professionals. The program offers valuable insights into the global banking business, providing essential skills and expertise to drive innovative financial solutions.”