Sterling Bank raises staff salaries by 7%, but staff expectations fall short

Sterling Bank, a tier-2 Nigerian commercial bank with a market capitalization of ₦174.76 billion, has raised salaries for its over 3,000 employees to help them cope with rising living costs and inflation, sources familiar with the matter confirmed. The salary adjustment, said to be around 7%, was communicated in an internal memo in early January 2025.

This move continues a trend among…