As inflation in Nigeria climbs to 34.8% in December 2024, straining household incomes, Wakanow, a leading travel agency in Nigeria, has increased employee compensation and awarded significant bonuses, joining a trend among top Nigerian firms responding to economic pressures.
The company paid bonuses of 20% to 40% of employees’ salaries in December 2024 and followed up with a retention bonus of the same range in January 2025. In addition, Wakanow raised its minimum compensation by over 200%, a rare move in Nigeria’s private sector.
While several banks, including Zenith Bank, have recently increased salaries, few non-financial institutions have implemented similar measures. Wakanow’s decision was confirmed by Group CEO Bayo Adedeji in a post on LinkedIn, where he described it as part of a broader effort to “to elevate the standard to a level where we actively combat poverty among our workforce considering the current economic hardship locally” while ensuring the company remains profitable.
The announcement came after BroadwayTV shared details on social media, prompting discussions about Wakanow’s employee welfare policies. Industry analysts see the move as a strategy to attract and retain top talent in an increasingly competitive job market.
Wakanow, one of Africa’s leading travel technology companies, has expanded aggressively in recent years, entering multiple African markets and forming key partnerships. The company has not issued an official statement on the compensation changes, but Adedeji’s confirmation signals a growing focus on employee well-being in Nigeria’s corporate landscape.
