One of Nigeria’s largest banks, Zenith Bank, is set to increase staff salaries in January as galloping inflation continues to erode the purchasing power of its employees.
Newsonspot reports that sources within the bank informed our correspondent that the management will implement new salary increases in a matter of days. This adjustment would mark the first increase for the bank since 2023, amidst rising economic pressures.
Nigeria’s exchange rate has significantly depreciated, dropping from about N910/$1 at the end of 2023 to over N1,600/$1 in early 2025, exacerbating the financial strain on Nigerians.
In response, Zenith Bank’s decision to elevate salaries comes as a move to alleviate the financial burden on its staff and retain top talent.
The salary increases and widespread promotions also reflect the first major personnel adjustment under the leadership of the bank’s new Managing Director/Chief Executive Officer, Adaora Umeoji.
Since her appointment, Umeoji has focused on building staff morale and addressing operational challenges while navigating the ever-evolving banking sector, a source remarked.
A senior source within the bank also stated that In addition to salary increases, over 4,000 employees have reportedly been promoted across various roles within the bank.
Zenith Bank reported it had about 8,146 employees as of June 2024.
While most staff contacted confirmed hearing about the planned raises, they noted that they had yet to receive their January salaries, making it difficult to verify the actual adjustments.
Nairametrics
