By Lateef Aegbite
Those who thinks that it is the only the welfare of the Board of Directors and Management Team of Banks that are rewarded on a yearly basis may have do a rethink. The Board of Directors of the NOVA Merchant Bank appears to have changed that narrative as it has announces major increase in staff salaries .
Informed sources told The Value News that the Bank Board has approved a 50% increase in salary across all staff categories, meaning that the Management Team are inclusive. The NOVA Mer- chant Bank Board of Directors werer said to have announced the substantial increase in the staff take home pay on November 1, 2023.
Many see the Bank’s Board of Directors move to increase the staff monthly salary as a display of its commitment to its workforce which was said to have come few months after it had announced the approval of its shareholders to transition into a full fledged Commercial Bank, to mark a new era of operation in the Bank.
They see the NOVA Merchant Bank Board’s decision to review upwards the salary of the staff as being orchestrated by the impact of the escalating cost of living i the country and the harsh global economic situations. President Bola Ahmed Tinubu, of the ruling All Progressive Congress, APC, had alluded to the high cost of living and high inflation in the country which is now over 28.9% in his 2024, new year message to Nigerians.
This may have informed why the Board members and their family members who are also facing the same challenges presented by the prevailing economic situations in the most populous African country had no option but to make a bold statement by taking proactive steps to tackle these issues and to forestall losing their staff to other Banks which pays better.
Wale Onyedeji, Managing Director, and Chief Executive Officer, CEO, of NOVA Merchant Bank, who could not hide his feelings may have hit the nail on the head when he disclosed that after ”a comprehensive assessment of the current economic situations of the country and its negative impact on the staff and their family members, the Board , has to realign the staff salary to reflect the economic realities of the bad . times”
Onyedeji, the NOVA Bank CEO, confirmed that the Board approved 50% salary increase for all categories of staff ”to show its commitment to prioritize employee welfare with an aim to guarantee their well-being and financial stability”.
Hear him:We recognize the implications of the recent economic policies of theTinubu’s Administration that had to do with the removal of subsidy on Premium Motor Spirit, PMS, popular, petrol and unification of the Autonomous Foreign Exchange market, AFEM on May 29, 2023., and the parallel, popular, black mark, foreign exchange market rates and have to put smiles on the faces of our staff.
Indeed, Tinubu had admitted that over the last seven months that, the Administration has taken some difficult decisions like the removal of fuel subsidy and chokehold of few people on the country foreign exchange system , which he had said, benefited only the rich and most powerful Nigerians.
He averred that from ”the Boardrooms at Broad street in Lagos to the main streets of the ancient town of Kano and the Nembe Creeks of Bayelsa”, home state of former President Goodluck Jonathan, the story is the same: economic hardship due to high cost of transportation, leading to people’s frustrations.
Given the Bank ‘s interest in capacity building to improve on its operations now that it has acquired a Commercial Bank status may have informed why it has commenced the 2024 fiscal year, NOVA Graduate Trainee program, in Lagos, the nation’s Commercial nerve center.
An insider informed the Magazine that Graduate Trainee program which was undertaken yearly to refresh new employees and equip them with the relevant skills required for modern banking practice driven by cutting-edge technologies , fostering innovation while preparing them for leadership positions in the future in the bank is being taking serious this year.
An elated Onyedeji, the Bank CEO, may have gladdened the heart of the staff when he stated that the ne Management under his Leadership’’ places a premium on recognizing and promoting outstanding performance as integral to the bank’s fundamental principles’’. He was said to have also emphasized belief that ‘’fostering a harmonious approach to both professional and personal growth will significantly enhance the overall well-being and satisfaction of its employees at all levels’’.
While emphasizing the importance of the graduate trainee program, the NOVA Bank, CEO, noted that the program ‘’is a pivotal initiative for the bank to provide participants with curriculum taught by best –in-class faculty to empower them to create superior value in the markets all the Financial institutions in the country serve together.
He asserted that the Graduate trainee program aligns with the Bank’s mission ”to drive the next revolution wave of banking” , stressing that ‘’these new Graduate trainees will play a crucial role in shaping the future of the nation’s financial services industry’’.
Appealing to the Graduate trainees to see the program as the bank’s dedication to investing in human capital, he noted that it is the only ‘’to equip them with ‘’the essential skills and knowledge required to navigate their careers successfully’’.
In a related development, there are indications that about 70% of the NOVA Bank staff are set to resume as the Bank prepares to commence operation on its Commercial Banking license issued by the Central Bank of Nigeria, CBN, under the close watch of Olayemi Michael Cardoso, who is battling to firm up the value of the naira to other world major currencies at the official exchange rate market which cur.
An insider confirmed that close to 50% of these new staff were said to be participants in the bank Graduate trainee program as it continues to poach other banks attract talents to help in driving its vision in Commercial and retail banking space.
Bede Alugbe, head of Human Capital and Culture Management in the Bank, had said that selecting the staff that will work in the new Commercial Bank followed a rigorous process, as it received over 1000 applications. ‘’We meticulously selected the best 49 graduates to undergo the intensive training program to become banking professionals. According to him, ‘’ the Graduate trainee program of the bank offers valuable insights to the new intakes of the bank into the global banking business, providing essential skills and expertise to drive innovative financial solutions.
Given an insider information, he stated that NOVA Merchant Bank until it transformed into Commercial Banking operations with its new operational license from the CBN, was an Investment grade rated Merchant Bank in Nigeria that offers an integrated suite of financial solutions covering Financial intermediation, Wholesale and investment banking., Asset and Securities Management, Trade services, Cash Management, Transaction and Digital Banking.
