Zenith Bank Reportedly Increases Staff Salaries, Promotes 4,000 Employees
- One of Nigeria’s biggest banks, Zenith Bank, has allegedly promoted over 4,000 of its personnel as part of its key changes
- The promotions were also accompanied by salary increases, which focused on lower-level personnel
- The bank disclosed that it awaits approval from the Central Bank of Nigeria (CBN) for further promotions
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
As part of the ongoing restructuring in one of Nigeria’s biggest banks, Zenith Bank has reportedly elevated 4,165 staff members, aiming to reward performance and boost the confidence of its workforce.
According to available information, more promotions are expected in the coming weeks as the bank awaits approval from the Central Bank of Nigeria (CBN).
Source: UGC
Zenith Bank increases staff salaries
The expected approval may relate to more extensive restructuring policies or changes in Zenith Bank’s organisational structure. This is also a standard practice for key personnel changes in financial institutions.
According to Punch, the promotions were on Monday, January 13, 2025, and Friday, January 17, 2025. The promotion recognises stellar contributions while addressing organisational needs.
The bank also made significant salary increases this January, focusing on lower-level personnel.
GTBank raises staff salaries
Zenith Bank joins the list of Nigerian banks that have raised staff salaries recently.
Legit.ng reported that one of Nigeria’s tier-1 banks, Guaranty Trust Bank, also raised staff salaries late last year.
Four bank employees reportedly disclosed no prior communication before the raise. However, there were expectations among the bank's staff.
TechCabal said that one of the employees, an assistant banking officer who now earns N720,000, disclosed that the position is just one level above the entry-level in the bank’s employee structure.
Sterling Bank also increases salaries by 40%
Also, Sterling Bank, with a market cap of N175.76 billion, has reportedly increased the salaries of its 3,000 staff members amid the rising cost of living caused by inflation.
According to reports, the increase is 7%, which was communicated to the staff in a memo in early January 2025.
Sterling's move is a new trend among Nigerian banks, which are reviewing staff salaries amid escalating high living standards and pressure on consumer spending.
TechCabal reports that the bank embarked on a cost-of-living adjustment (COLA) stipend of N75,000 to employees from executive trainee to assistant banking officer levels.
Access, Zenith, UBA lead 10 banks with highest staff salaries
Legit.ng earlier reported that as banks increased salaries to alleviate the effect of high living standards on their staff, about 10 banks in Nigeria spent N589.88 billion on personnel costs in the first nine months of 2023, representing a 33.2% increase from the N442.97 billion reported in the first nine months of last year.
Access Holdings Pls, Zenith Bank, UBA, Guaranty Trust Bank, and First Bank were among the banks.
Others included Fidelity Bank, Wema Bank, Stanbic IBTC, Sterling Financial Holdings, and Unity Bank.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
