NOVA Merchant Bank increases salaries by 50%, to begin trainee programme this month

NOVA Merchant Bank Limited says it will commence its graduate trainee programme in January 2024.

In a statement on Sunday, the merchant bank said the programme will be held in Lagos.

According to the financial institution, the training is part of its commitment to developing the next generation of banking professionals with the requisite skills and expertise to drive innovation in the financial sector. 

The programme, NOVA Merchant said, will also empower fresh graduates with modern banking skills, fostering innovation and preparing them for leadership roles in a cutting-edge technology-driven environment.

Speaking on the significance of the training programme, Wale Oyedeji, managing director and chief executive officer of the bank, said participants will be provided with a curriculum taught by best-in-class faculty to allow them to create greater value in the sector. 

“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 said.  

Furthermore, Oyedeji emphasised the bank’s commitment to investing in human capital, providing trainees with crucial skills and knowledge for successful career advancement.

On his part, Bede Alugbue, NOVA’s head of human capital and culture management, 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 program offers valuable insights into the global banking business, providing essential skills and expertise to drive innovative financial solutions,” Alugbue said. 

He said the bank is dedicated to attracting exceptional individuals to enhance shareholder value, government support, and stakeholder satisfaction as it transitions into a commercial banking franchise.

According to the statement, about 70 staff are “set to resume as the bank prepares to commence operation on its commercial Banking license”. 

The bank said it has scheduled close to 50 new staff for the graduate trainee programme, aiming to attract talented individuals to drive its commercial and retail banking vision.

50% SALARY INCREASE FOR STAFF

NOVA Merchant Bank also announced a substantial increase in staff salaries a few months after the financial firm received the approval of its shareholders to transition into a commercial bank.

The increase in salary by up to 50% across all staff categories by the board of directors took effect on November 1, 2023, according to the statement.

The bank said the raise was a strategic move which shows a resounding display of commitment to its workforce, stating that the decision to up its salary structure came after reviewing the impact of the escalating cost of living and dire global economic situations.

“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,” Oyedeji said.

He added that the bank recognises the implications of recent economic policy actions on costs, noting that “this adjustment is aimed at easing the financial burden borne by our staff and their families”.