Union Bank of Nigeria, acquired by Titan Trust Bank in 2022, has raised staff salaries by 40% to support its over 2,000 employees during Nigeria’s ongoing cost of living crisis. The salary adjustment took effect on November 1, 2024, with arrears for November to be paid alongside December salaries, according to an internal memo obtained by TechCabal.
The increase applies to all employees, from executive trainees to general managers, as well as outsourced associates. Executive trainees, who previously earned ₦260,000 ($153) monthly, will now earn ₦364,000 ($215), sources revealed. A senior banking officer (SBO) will now earn ₦20 million ($11,792) annually in gross salary.
This is the Bank’s third salary hike since 2022 and reflects a growing trend among Nigerian banks. In recent months, GTBank implemented a 40% salary increase, and Sterling Bank introduced a cost of living adjustment stipend.
Nigeria’s economic struggles, including naira devaluation and inflation. These have severely impacted consumer spending, prompting banks to enhance compensation to remain competitive. “The recent adjustments to our compensation and benefits package strongly reflect Union Bank’s commitment to investing in our employees and aligning with industry standards,” the internal memo stated.
Union Bank, which spent ₦34 billion on personnel expenses in 2023, is expected to spend ₦47.6 billion in the coming year following this 40% increase.
Union Bank declined to comment on the development.
