Connect with us

Hi, what are you looking for?

News

Exclusive: LAPO MFB staff reject 25% salary increase after 7 years of alleged stagnant pay, more

LAPO MFB STAFF

Members of staff of popular financial institution, LAPO Micro Finance Bank (MFB) have kicked against the bank management’s move to increase staff salaries by only 25% and 12.5% after 7 years of alleged stagnant pay.

Exclusive reports obtained by Kemi Filani reveals that the last time LAPO MFB’s staff‘s salaries were reviewed was in 2016, and their staff don’t allegedly get the annual (step) increment other organisations/institutions enjoy. “Our salaries have been stagnant since 2016″ after they reviewed it upwards by 15%. The management only reviews staff salaries as at will. It can take 10 or 7 years which is not supposed to be so.” A staff who pleaded anonymity told Kemi Filani.

Kemi Filani gathered that as at 2016, before the 15% review, graduate (BSC/HND) staff (CSOs) earned a net salary of seventy five thousand, seven hundred and fifty naira, eighty six kobo (N75,750.86K), and after the review, their net pay became ninety eight thousand, three hundred and fifty six naira, forty one kobo (N98,356.41K). While Branch Managers (BM) get same salary, but an extra eight thousand naira (N8,000) as duty allowances.

2017 LAPO CSO payslip
2022 BM salary pay slip with duty allowances of 8,000

It was gathered that after seven years of stagnant pay, the bank management decided to increase staff salaries by 25% for Junior staff (Graduate CSO, BM, Auditors and AM) and 12.5% for senior staff (Zonal managers – ZM).

“We have had stagnant salaries for years with no one being able to complain. If you do, they will threaten to transfer you to another state, far away from your family. After we were able to complain, they decided to increase it by 25% for Junior staff and 12.5% for senior staff” another staff whispered to Kemi FIlani.

The staff continued, “We have told them that due to the current economic situation in the country, a 25% increase after 7 years wouldn’t make sense. A graduate working for over 10 years and up till now, my net pay is not up to 100K. I can not complain or renegotiate my pay, they only decide on when to review it, which isn’t a standard practice anywhere.”

Kemi FIlani also obtained a message sent by the bank management to their staff informing them about the increase;

“We have begged them to at least review CSO salaries to 135K, BMs to 160K and so on, but they refused. Over the years, everything have increased exponentially and become more expensive; transportation, food, school fees, house rent etc. But our salaries have been stagnant or move like snail” another staff who pleaded anonymity cried out to Kemi FIlani.

“Also, they have refused to pay us institutional bonus since 2020. They claim that CBN has not updated their financial records. We work hard for these people. We trek looking for customers and clients, but they treat us like rags and pay us peanuts. They will disengage staff without query or warning letter , suspension letter, they will just disengage staff like that, which is not the standard anywhere” another staff added.

Kemi FIlani News reached out to the Ed Operation of LAPO MFB, Faith Ojo, however, she chose not to respond as at the time of writing this report.

A message was also sent to Oluremi Akande, Head, Communications & Branding of the institution, but no response was received as at the time of filling this report.

Recall that in 2022, LAPO MFB was nominated and won the “Microfinance Bank of the Year” 2022 award in the 10th edition of the Businessday Banks’ and other Financial Institutions’ (BAFI) Awards event.

In a press release, Oluremi Akande, Head, Communications & Branding, said “LAPO MfB has won this award category for the 9th consecutive time; a recognition of LAPO’s industry leadership and its consistency in the delivery of its core mandate of social and economic empowerment of members of low-income households, through the provision of responsive financial services and social interventions impacting lives and communities in a sustainable manner”.

You May Also Like

Entertainment News

Nollywood veteran actor Patrick Doyle was recently on PlusTV Africa’s “Tea Time” show where he spoke about a need for a balance of family...

Entertainment News

Popular crossdresser, Idris Okuneye better known as Bobrisky has expressed his gratitude to actress Eniola Badmus for turning up for him. Kemi Filani news...

Entertainment News

Nigerians on Instagram have resorted to insulting and blasting Nigerian music artist manager and the founder of record label Made Men Music Group, Ubi...

Entertainment News

Actress, Seun Osigbesan, who is well known for playing the role of Jennifer, in the popular TV series, The Johnsons has revealed that she...

Sport

West Ham boss David Moyes has lambasted the VAR decision to cancel a goal scored by one of his players. Kai Havertz gave Chelsea...

Entertainment News

Minutes after denying ever cheating on her estranged husband, Korra Obidi has been slammed with receipts. KemiFilani recalls that after Justin Dean, an American performance...

Entertainment News

Alaafin of Oyo’s estranged queen, Ola took to her Instastory on Instagram to open up about her marital status and why she left the...

Entertainment News

Controversial faceless gossip, Gist Lover has set the internet in a frenzy after unveiling the alleged crisis rocking Rita Dominic’s marriage. Kemi Filani News...

Entertainment News

Fine Boy Nollywood actor Frederick Leonard has called out his female colleagues for stinking. The movie star who obviously couldn’t stand the offensive smell...

Entertainment News

Nollywood actress and producer, Rita Dominic has stepped out for the first time with her husband, Fidelis Anosike since news of his alleged affair...

Entertainment News

Ibidun Ajayi-Ighodalo’s mum had planned to gift her a house on her 40th birthday which would been on July 19. Her brother in-law, Asuen...

Entertainment News

Nollywood actress turned Evangelist, Eucharia Anunobi has reacted to the reports that she is allegedly having an affair with her 27-year-old colleague;  Identified as...

Page was generated in 0.10472702980042