NOVA MB offers staff 50% pay rise in commitment to workforce 

• Set for 2024 graduate trainee programme

Business a.m. 

NOVA Merchant Bank Limited offered its staff a 50 percent pay rise across board with effect from November 1, last year, according to information emerging from the wholesale bank currently about to transition to commercial banking status.

The pay rise, approved by the bank’s board of directors, is attributed to a strategic move to demonstrate its commitment to its workforce. Analysts say it may also not be unconnected to its planned commencement of retail banking.

But the bank explained that the rejigging of the salary structure followed a review of the impact of the escalating cost of living and dire global economic situations.

It said in a statement made available to Business a.m. that “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 with an aim to guarantee their well-being and financial stability.” 

The bank also said it was set to commence its 2024 NOVA Graduate Trainee Programme in Lagos this month, noting that the 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 further explained that the trainee programme is undertaken 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. 

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

While emphasising the significance of the graduate trainee programme, the CEO 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.” 

He emphasised that the NOVA graduate trainee programme 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 are set to resume as the bank prepares to commence operation on its commercial banking licence. Close to fifty of these new staff have been scheduled for the Graduate Trainee Programme.

Bede Alugbue, head, human capital and culture management at NOVA Merchant Bank, highlighted the rigorous selection process, saying, “Out of over one thousand applicants, we meticulously selected the best 49 candidates to undergo the intensive training and become banking professionals. The programme offers valuable insights into the global banking business, providing essential skills and expertise to drive innovative financial solutions.” 

Alugbue added that the bank remains committed to recruiting outstanding individuals who will contribute to creating value for our shareholders, governments, and all stakeholders, particularly as the bank transitions into a commercial banking franchise.