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How Sterling Bank Uses Tiered Salary Structure to Hold Down Staff Without Promotion—-Sterling Bank’s recent 7% salary increase which was announced earlier this month has been met with widespread criticism and disappointment among its employees, who feel undervalued, overworked, and underappreciated.

According to sources, the bank’s Executive Trainees (ETs) will receive a monthly raise of ₦24,000, from ₦327,000 to ₦351,000, while Senior Executives will receive a monthly raise of ₦27,000, from ₦500,000 to ₦527,000.

Employees have expressed frustration and disappointment with the raise, citing the bank’s failure to keep up with Nigeria’s soaring inflation rate.

The tired salary structure of the bank has sparked a crisis of morale and motivation among Sterling Bank’s staff, with employee engagement and productivity hitting an all-time low. This has significant implications for the bank’s business, as customer satisfaction is likely to suffer.

In contrast, other banks in the industry have taken a more aggressive approach to salary increases. Union Bank and GTBank raised salaries by 40% in late 2024, in a bid to retain top talent in an industry plagued by high employee turnover and poaching.

Research shows that competitive salaries are key to reducing employee attrition in Nigeria’s banking industry. Sterling Bank’s failure to deliver on this front may have far-reaching consequences for its business.

All attempt to get Sterling Bank’s management to respond as at press time proves abortive, but insiders say that the bank’s leadership is aware of the growing discontent among its employees.

As the situation continues to unfold, one thing is clear: Sterling Bank’s employees will not be silenced, and they will continue to demand a fair and living wage.

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Mojisola Meranda Speaks On Resigning As Lagos Assembly Speaker Amid Crisis

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Meranda Speaks On Resigning As Lagos Assembly Speaker

Mojisola Meranda Speaks On Resigning As Lagos Assembly Speaker Amid Crisis—-Mojisola Meranda a member of the Lagos State House of Assembly Speaker, has refuted claims of her resignation, dismissing the rumors amid the ongoing leadership crisis in the Assembly.

Speculation surged on Monday following a forceful invasion of the Assembly complex by operatives of the Department of State Services (DSS) and the Nigeria Police.

According to reports, security forces stormed the premises in the early hours, sealing the offices of Speaker Meranda, her deputy, and the clerk.

Speaking to Punch, the Speaker’s Chief Press Secretary, Segun Ajiboye, denounced the reports of her resignation as “a lie from the pit of hell.” He reaffirmed that Meranda remains committed to her role despite mounting pressure.

The crisis, which began with the removal of former Speaker Mudashiru Obasa, intensified when security personnel occupied the Assembly on Monday, further escalating tensions among lawmakers and staff.

Reacting to the situation, Ajiboye stated, “It is a lie from the pit of hell. If she had resigned, would she come back to sit at the plenary today?”

Meanwhile, a member of the Lagos State Governor’s Advisory Council (GAC), Muraina Taiwo, acknowledged that the crisis had spiraled beyond the council’s ability to manage, calling for President Bola Tinubu’s intervention.

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JUST IN: Pan Niger Delta Forum leader, Edwin Clark Is Dead

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Edwin Clark Is Dead

JUST IN: Pan Niger Delta Forum leader, Edwin Clark Is Dead

Thecloudngr gathered that the elder statesman died at the age of 97.

The former Federal Commissioner for Information and South-South leader’s death was confirmed in a statement by a representative of the family, Prof. C. C. Clark, on Tuesday.

In a statement, the Clark-Fuludu Bekederemo family of Kiagbodo Town, Delta state, said the ex-senator died on Monday, February 17.

He was 97 years of age.

Until his passing, Clark was the leader of the Pan Niger Delta Forum (PANDEF).

His political career began in 1953 when he was elected councillor of Bomadi in Delta state. Clark would later join the National Council of Nigeria and the Cameroons (NCNC) political party.

He served as Midwestern commissioner of education and later finance between 1966 and 1975.

He pitched tent with the National Party of Nigeria (NPN) in the second republic and was treasurer of the party in the old Bendel state.

The outspoken Ijaw leader and critic was senator for three months in 1983 during the Shehu Shagari administration.

Clark spent the rest of his life advocating for development of the Niger Delta region.

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