Nova Bank Officially Commences Operations as National Commercial Bank

Olufemi Adeyemi 

The commencement of operations for Nova Bank as a national commercial bank has been officially begun.

NOVA Bank Limited, previously known as NOVA Merchant Bank, announced the official commencement of its operations as a national commercial bank.

The Central Bank of Nigeria (CBN) has granted the bank a “final license,” authorizing it to function as a national commercial bank.

In January, the bank formally declared its preparedness to transition into a comprehensive commercial banking operation.

In a statement released on Wednesday, NOVA announced the opening of its inaugural commercial banking branch in Victoria Island (VI), Lagos. The company intends to expand its presence in the state and establish additional branches in Abuja, Port Harcourt, and Kano.

Regarding the milestone, Phillips Oduoza, Chairman and Founder of NOVA Bank, underscored the organization’s steadfast dedication to its clientele and unparalleled service provision.

“We are pleased to continue our tradition of excellence established as a merchant bank and further extend the banking experience to the retail end of the market,” Oduoza said.

“As we expand our services, we remain dedicated to delivering an unparalleled banking experience that seamlessly integrates the physical and digital realms.

“Our trademarked PHYGITAL experience combines a select number of strategically located physical branches with high-tech, seamless digital banking capabilities, ensuring that our customers receive the best of both worlds.”

Oduoza stated that this approach enables the bank to deliver customized and face-to-face service, while simultaneously providing the ease and effectiveness of state-of-the-art digital solutions.

Wale Oyedeji, the esteemed Managing Director and Chief Executive Officer of NOVA Bank, shared his insights on the organization’s significant contributions over the past five decades. He highlighted their expertise in providing tailored solutions to meet the unique business requirements of leading corporations and high-net-worth individuals.

“As we evolve to serve a broader customer base, we remain committed to delivering innovative services, building on our legacy as a leading Merchant Bank,” he said.

Oyedeji shared the bank’s strategic objectives, which include fostering financial inclusion, delivering secure banking solutions, and empowering the small and medium-sized enterprises (SMEs) sector as a crucial driver of economic growth. These goals will be pursued through the introduction of innovative digital products and services.

Recall that in January, NOVA Merchant Bank Limited, a leading merchant bank in Nigeria, declared its intention to begin its conversion to full Commercial Banking Business following its recent requisition of the national commercial banking license from the relevant authorities.

To this end, the Bank appointed Mr. Adebowale Oyedeji, as the new Managing Director and Chief Executive Officer to effectively stir its operations and deliver on its new mandate. His appointment which takes effect from January 2, 2024, has been approved by the Central Bank of Nigeria (CBN).

NOVA Merchant Bank Limited is an investment grade rated merchant bank in Nigeria which offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Securities Trading, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.

July 04, 2024