Zenith Bank to increase staff salaries, promote over 4000 employees  

Sources within the bank informed Naijaonpoint 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.

Leadership under Adaora Umeoji

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.

While most staff contacted by Naijaonpoint 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. 

Zenith Bank recorded personnel expenses of N150.5 billion in the first nine months of 2024, compared to N124 billion for the entire year of 2023.

Zenith Bank’s decision to adjust salaries is expected to ripple across the Nigerian banking sector. As one of the country’s largest and most influential financial institutions, any significant restructuring or compensation adjustment often sets a benchmark for the industry.

“Zenith Bank’s move will likely force other banks to review their own compensation structures,” said a senior analyst familiar with the sector.

“Talent retention is becoming increasingly challenging, and with inflation eroding income levels, banks will need to act to remain competitive.”

Furthermore, banks in Nigeria recently raised significant capital following recapitalization requirements set by the Central Bank of Nigeria (CBN). Zenith Bank, for example, raised over N290 billion in 2024, providing the financial strength to implement these changes.