UNION BANK SALARY SCALE IN NIGERIA 2021: HOW MUCH UNION BANK PAYS STAFF

In this article, we shall be discussing about Union Bank salary structure in Nigeria this 2021 in order to know how much they pay their staff/workers.

Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in Africa. As of Mar 31, 2018, the bank’s asset base was estimated at NGN1, 381 billion (US$4.1billion). The shareholders’ equity at that time was estimated at NGN286 billion (US$851 million).

Union Bank of Nigeria History

Union Bank of Nigeria’s rich history can be traced to 1917 when it was first established as Colonial Bank.

In 1925 the bank became known as Barclays Bank DCO (Dominion, Colonial and Overseas) resulting from its acquisition by Barclays Bank. Following Nigeria’s independence and the enactment of the Companies Act of 1968, the bank was incorporated as Barclays Bank of Nigeria Limited (BBNL, est. 1969).

Between 1971 and 1979, the bank went through a series of changes including its listing on the NSE and share acquisitions/transfers driven by the Nigerian Enterprises Promotion Acts (1972 and 1977); this resulted in its evolution into a new wholly Nigerian-owned entity. To reflect the new ownership structure, and in compliance with the Companies and Allied Matters Act of 1990, it assumed the name Union Bank of Nigeria Plc. (UBN “the Bank” or “Union Bank”).

In 1993, in line with its privatisation/commercialisation drive, the Federal Government divested by selling its controlling shares (51.67%) to private investors. Thus, Union Bank became fully owned by Nigerian citizens and organizations all within the private sector. During the Central Bank of Nigeria’s (CBN) banking sector consolidation policy, Union Bank of Nigeria Plc acquired the former Universal Trust Bank Plc and Broad Bank Ltd. and absorbed its one-time subsidiary, Union Merchant Bank Ltd.

In compliance with CBN’s Regulation 3, UBN is divesting of all non-core banking subsidiaries, which aligns with our core banking business model. Union Bank, United Kingdom (UBUK) will remain the only subsidiary of the bank.

Following the banking crisis in 2009 and the intervention of the CBN via Asset Management Company of Nigeria (AMCON), the bank was recapitalized in 2012 with an injection of $500 million by Union Global Partners Limited (UGPL), a consortium of local and international investors. UGPL acquired 65% of the bank’s shareholding and in the last quarter of 2014, AMCON’s remaining 20% stake in the bank was acquired by Atlas Mara. UGPL comprises:

Africa Capital Alliance

ADC African Development Corporation

Corsair Capital

FMO (the Netherlands Development Finance Company)

Chandler Corporation

Standard Chartered Private Equity

HOW MUCH UNION BANK PAYS STAFF

Union Bank of Nigeria Plc is one of the companies in the banking sector that pays some of the highest salaries today, this is why it comes as no surprise to see many fresh graduates listing the bank as one of the companies to work at in their scale of preference.

Apart from the normal basic salaries that are paid to their workers at the end of every month, the bank also pays performance-related incentives, as well as other allowances and bonuses that effectively boosts the final figures of what most of their employees earn but for the purposes of this post, we will be concerned with only the basic salaries of Union Bank staff members in Nigeria today. The details of how much Union Bank pays some of their employees are given below.

INTERNS/IT STUDENTS

Interns/IT students at Union Bank of Nigeria Plc are paid a monthly salary in the range between ₦20,000 – ₦30,000, and this runs throughout the duration of their stay at the bank for their various internship/IT programmes. These set of employees are not permanent staff.

CONTRACT STAFF

Contract staff are not permanent staff either and they are engaged by the bank based on agreement for the duration of a number of years before they can be considered for a permanent role. At Union Bank, contract workers are paid between ₦70,000 – ₦85,000 per month this 2021, and this amounts to ₦840,000 – over ₦1 million every year.

MARKETERS

Marketers at Union Bank are workers who are constantly on the move to help promote the bank to potential customers. On the average, Union Bank pays its marketers between ₦50,000 – ₦70,000 per month and this totals between ₦600,000 – ₦840,000 per annum.

GRADUATE TRAINEES

Graduate Trainees are fresh intakes at the Bank who are relatively inexperienced in the banking sector and for this reason, they undergo a certain period of training to get up to speed with the inner workings of the bank. These set of Union Bank workers are eventually upgraded to permanent staff, with the aim of occupying senior roles in the future beginning at entry level.

On the average, Graduate Trainees at Union Bank of Nigeria Plc are paid about ₦75,000 every month as salaries for the entire duration of the 4-5 months training period. After their training has been completed, they are evaluated based on their performance, and are employed permanently to departments that are in need of them. Not everyone is given permanent employment though as some are outrightly terminated and dismissed still based on performance.

ENTRY LEVEL

Entry level employees at Union Bank are permanent staff. They are fresh graduates newly employed into the bank through the graduate trainee programme. On the average, entry level workers at Union Bank are paid a monthly salary of about ₦180,000 this 2021. This amounts to a sum total of over ₦2 million in earnings every year. Promotion guarantees higher pay.

BRANCH MANAGER

The branch managers and other top personnel earn up to about N700, 000 – N900, 000 in addition to other basic allowances to make life easier for them.

CONCLUSION

We hope this article will be of help as the salary structure of union bank has been analyzed.

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