NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated.

The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction. As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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NOVA Bank has reaffirmed its commitment to the well-being and interests of high-net-worth individuals by sponsoring the 27th Nigeria Cup Golf Tournament. Hosted at the prestigious Ikoyi Golf Club 1938, the annual tournament for 2024 took place from, September 21st, to Saturday, September 28th, 2024.

The Nigeria Cup Golf Tournament, organized by the Ikoyi Golf Community Nigeria Association (IGCNA), showcased the remarkable talent of golfers and the sport’s capacity to foster connections across board. This year, Mr, Tayo Babalakin emerged as the Nigeria Cup 2024 Champion, clinching the title with a stunning 85 gross with Handicap (HCP) 19 = 66 net. This victory etched Tayo Babalakin’s name in the history books as the 27th champion of this celebrated tournament.

As a former merchant bank serving high-net-worth clients, NOVA Bank has long valued golf as a recreation sport for business executives to network and relieve stress. The Bank’s transition to a national commercial bank has not diminished this commitment but has instead deepened its relationship with the golfing community, as reflected in its ongoing partnership with the Nigeria Cup.

Mr. Phillips Oduoza, Chairman of NOVA Bank and an avid golfer, highlighted the importance of the partnership in a speech presented by Mrs. Esther Adino, on his behalf. “As a long-term partner of the Nigeria Cup and the Ikoyi Club Golf Section, this annual event is always a delight for us at NOVA. It provides a unique opportunity to engage with our esteemed customers and the broader community while celebrating the beautiful game of golf. For over four years, NOVA Bank has been a proud supporter of this tournament, a sponsorship that aligns with our dedication to fostering wealth creation and enhancing the well-being of our customers. Golf plays an essential role in that mission, allowing us to connect with our HNI clients in a meaningful and engaging environment. We consider ourselves long-term sponsors of this tournament, and we are pleased to deepen our partnership with Ikoyi Golf Club. We look forward to exploring new opportunities for collaboration to elevate this esteemed club further.”

Reiterating NOVA’s involvement, Mrs. Chinwe Iloghalu, Executive Director of Institutional and Commercial Banking at NOVA Bank, added, “Our support of the Nigeria Cup reflects our commitment to offering our high-net-worth clients and C-suite executives an atmosphere of relaxation, well-being, and healthy competition. As a commercial bank, we continue to develop tailored products for SMEs and retail clients, including our groundbreaking NOVA Phygital mobile banking, which redefines personal banking experiences. The NOVA Phygital platform is designed to provide seamless financial solutions, ensuring our clients can manage their wealth effortlessly while enjoying the lifestyle they deserve. We remain dedicated not only to supporting our corporate customers’ businesses but also to helping them stay fit, relaxed, and focused. Golf is the perfect avenue to achieve this balance.”

Mr. George Etomi, Chairman of the 2024 Nigeria Cup Organizing Committee, commended NOVA Bank for their unwavering support. “NOVA Bank’s consistent sponsorship of the Nigeria Cup truly embodies the spirit of this club—harmony through recreation. Their partnership exemplifies the harmony and shared vision that has made them an integral part of our journey. We are thankful for NOVA’s dedication and look forward to more opportunities to create lasting impacts together.”

As NOVA Bank continues its growth trajectory, expanding its exceptional services to retail and SME markets, it remains committed to creating meaningful experiences for its high-net-worth clientele, while embracing a broader audience through innovation and customer-centered solutions. The partnership with the Nigeria Cup Golf Tournament reflects the values that define NOVA Bank— Uniqueness, Leadership, Teamwork, and Passion

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NOVA Bank has announced the appointment of David Isiavwe as Executive Director, Operations and Information Technology, and Chinwe Iloghalu as Executive Director, Institutional and Commercial Banking.

These appointments are part of NOVA Bank’s plan to strengthen its leadership team as the Bank continues its innovative journey, following its recent transition to a national commercial bank.

Dr. Isiavwe has over 30 years of banking experience in domestic and international banks. With a Ph.D. in Accounting, Dr. Isiavwe is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Fellow Compliance Institute of Nigeria (FCIN) in addition to other professional certifications such as Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), Certified Governance of Enterprise IT (CGEIT), Certified Information System Auditor (CISA), Certified Data Privacy Solutions Engineer (CDPSE) amongst others. David has attended leadership programs in some major global institutions such as Harvard Business School, MIT and Oxford University. He currently serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), and holds a position on the Governing Council of the Fintech Association of Nigeria. Additionally, he chairs the Statutory Audit Committee of Nigeria Inter-Bank Settlement System Plc (NIBSS). His appointment underscores NOVA’s focus on digital transformation, with his vast experience playing a crucial role in advancing the Bank’s technology-driven phygital model.

Mrs. Chinwe Iloghalu, with close to 30 years of experience in the banking industry, joins as Executive Director for Corporate and Commercial Banking, the key business and relationship management engine of the bank. Throughout her distinguished career, she has made significant contributions in business and corporate banking, with expertise spanning sectors such as energy, corporate, commercial and digital banking, where she has consistently created sustainable value and returns for key stakeholders. Holding an MSc in Media and Communications, along with an MBA, Chinwe is a Fellow of the Institute of Credit Administration (FICA). She has attended leadership and executive programs in key institutions such as Said Business School Oxford, Harvard Business School, Wharton amongst others. Her role will be central to enhancing NOVA’s commercial banking rollout across all key business development segments.

Phillips Oduoza, Chairman of NOVA Bank, commented on the appointments: “The addition of Dr. Isiavwe and Mrs. Iloghalu marks a critical point in constituting the management team that will lead NOVA into its next phase of growth. David’s expertise in technology will be key in enhancing our phygital model, while Chinwe’s strong business drive and relationship management coupled with the retail and product engine of the bank will be instrumental in driving the Bank’s strategic intent to become a formidable player in the banking industry. Their deep understanding of digital and electronic banking will significantly contribute to our trademarked phygital experience, which seamlessly combines the best of in-person service and bespoke digital solutions to serve our customers. Both leaders bring valuable experience that aligns perfectly with NOVA’s vision to be Africa’s preferred financial solutions provider.”

These two appointments will further diversify the board and bring about inclusiveness noted by Mr. Oduoza.

As NOVA Bank continues its expansion and transformation into a national commercial bank, these leadership appointments highlight its commitment to delivering innovative financial services. The Bank’s phygital model, combining cutting-edge technology with a physical presence, is redefining customer experiences and setting the stage for future advancements in the Nigerian banking landscape.

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The Bank has further announced the official launch of this first branch within the next two weeks, to be followed by additional branches in Lagos, as well as in Abuja, Port Harcourt, and Kano, shortly from now.

Speaking on the commencement of commercial banking operations, Mr. Phillips Oduoza, Chairman and Founder of NOVA Bank, emphasized the Bank’s unwavering commitment to customer focus and delivering exceptional service while introducing the innovative “PHYGITAL” model, a trademark of NOVA. He stated, “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. 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. This approach allows us to provide personalized, in-person service where it is most needed, while also offering the convenience and efficiency of cutting-edge digital solutions.”

The Managing Director/CEO of NOVA Bank, Wale Oyedeji, added, “For over half a decade, NOVA has been instrumental to the success of leading corporates and high-net-worth individuals, delivering tailored solutions to meet the unique needs of their businesses. 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. Through disruptive seamless digital products and services, we are poised to deepen financial inclusion, provide convenient and secure banking solutions, and elevate the SME market as a key economic driver”.

Mrs. Esther Adino, Group Head, Retail and Digital Banking, highlighted innovative financial solutions that NOVA Bank offers: “At NOVA Bank, we provide a comprehensive suite of banking services tailored to meet the diverse needs of individuals, SMEs, and large corporations. Our card solutions ensure convenience and security for everyday transactions. Our state-of-the-art mobile app empowers customers to manage their accounts, transfer funds, pay bills, and do much more, all from the convenience of their mobile devices. Additionally, we offer quick and efficient POS solutions that facilitate seamless transactions for SMEs and large businesses, along with flexible account options designed to cater to the varied financial needs of our customers.”

Since its inception in 2018, NOVA Bank has firmly established its presence in Nigeria’s banking landscape and beyond. Despite its relatively young presence in the industry, spanning just over five years, NOVA has consistently surpassed market expectations, posting profits and strengthening its position as an investment grade leading financial institution both domestically and globally.

The issuance of the national commercial banking license underscores CBN’s confidence in the strength of the Bank and, reflecting its robust financial health, good governance, and commitment to excellence.

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NOVAmbl Asset Management’s Dollar Fixed Income Fund has been named as the best-performing Dollar Fund in 2023 by Nairametrics, the leading financial information and content creation company based on data from the Securities & Exchange Commission (SEC).

NOVAmbl Asset Management is a subsidiary of NOVA Bank.

SEC had reported that a total of 21 dollar funds registered during the review period averaged an impressive 8.5% return, and all funds within this category achieved positive returns in 2023, with NOVAmbl Asset Management’s Dollar Fixed Income Fund emerging as the best-performing.

Undoubtedly, NOVA Bank’s dedication to excellence and its unwavering commitment to delivering consistent returns have positioned NOVAmbl Asset Management at the forefront of the Asset management landscape in Nigeria.

The recognition goes ahead to affirm the Bank’s expertise in navigating the complexities of the market and its ability to optimise investments for maximum returns.

Just recently, NOVA Merchant Bank Limited, the parent company of NOVAmbl Asset Management announced that it is set 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.

In another major development, NOVA Bank not long ago announced a substantial increase in staff salaries by up to 50% for all staff, another resounding indication of the Bank’s commitment to its workforce.

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

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NOVA Bank Limited, a leading merchant bank in Nigeria, has announced a substantial increase in staff salaries, effective November 1, 2023.

The increase in salary by up to 50% across all staff categories by the Board of Directors is a strategic move which shows a resounding display of commitment to its workforce and comes few months after the Bank announced the approval of its shareholders to transition into a commercial bank, marking a new era.

According to the Bank, the decision to up its salary structure comes after reviewing the impact of the escalating cost of living and dire global economic situations.

Acknowledging the challenges presented by the prevailing economic conditions, the Bank has thus taken proactive steps to tackle these issues reaffirming its commitment in prioritizing employee welfare with an aim to guarantee their well-being and financial stability.

In the same vein, the Bank has announced the commencement of its 2024 NOVA Graduate Trainee Program, set to begin in January 2024 in Lagos. This program is part of its commitment towards nurturing the next generation of banking professionals with relevant skills and knowledge required to drive innovation in the financial sector. The Program is also undertaken by the Bank to empower fresh graduates and equip them with relevant skills required for modern banking practice driven by cutting-edge technologies, fostering innovation while preparing them for leadership positions.

Explaining further, Mr. Wale Oyedeji, the Managing Director/Chief Executive Officer, said, “following a comprehensive assessment of the current economic conditions and their impact on our esteemed staff, we have opted to realign our salary structure to reflect the economic realities. We recognize the implications of recent economic policy actions on costs and this adjustment is aimed at easing the financial burden borne by our staff and their families”.

Mr. Oyedeji reiterated that the management places a premium on recognizing and promoting outstanding performance as integral to the Bank’s fundamental principles. He emphasized the belief that fostering a harmonious approach to both professional and personal growth, significantly enhances the overall well-being and satisfaction of its employees.

While emphasizing the significance of the Graduate Trainee Program, he added, “The NOVA Graduate Trainee Program is a pivotal initiative for us. We provide participants with curriculum taught by best-in-class faculty to empower them to create superior value in the markets we serve. This aligns with our mission to drive the next revolution wave of banking, and we believe these trainees will play a crucial role in shaping the future of the financial services industry.”

He emphasized that the NOVA Graduate Trainee Program represents the Bank’s dedication to investing in human capital, equipping trainees with essential skills and knowledge required to navigate their careers successfully.

About 70 staff are set to resume as the Bank prepares to commence operation on its Commercial Banking license. Close to fifty of these new staff have been scheduled for the Graduate Trainee Program and the Bank will continue to attract talents to drive its vision in the commercial and retail banking space.

Bede Alugbue, the Head of Human Capital and Culture Management at NOVA Bank, highlighted the rigorous selection process, saying, “Out of over one thousand applicants, we meticulously selected the best 49 candidates to undergo the intensive training and become banking professionals. The program offers valuable insights into the global banking business, providing essential skills and expertise to drive innovative financial solutions.”

Mr. Alugbue added that the Bank remains committed to recruiting outstanding individuals who will contribute to creating value for our shareholders, governments, and all stakeholders, particularly as the Bank transitions into a commercial banking franchise.

NOVA Bank Limited is an investment grade rated merchant bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction and Digital Banking. Just recently, the shareholders of the bank approved the convert to commercial bank.

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NOVA Bank Limited, a leading merchant bank in Nigeria, has announced that it is set 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 has 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).

Wale Oyedeji is coming on board with several years of experience at the C-suite level from a major commercial bank in Nigeria, and will be succeeding the erstwhile MD, Mr. Nath Ude, whose tenure expired on November 6, 2023.

The Board of NOVA has expressed its appreciation to Mr. Ude for his efforts and services to NOVA since his appointment in 2020.

Wale’s wealth of hands-on experience combined with strong track record of delivering revenue objectives, business turnaround, improved productivity, people management, operational efficiency and risk control makes him a perfect fit to captain the ship of NOVA Bank. He has held several executive positions in foreign and Nigerian environments giving him the global perspective to leading a financial institution to success.

He was previously the MD/CEO. Of Guaranty Trust Bank UK (a subsidiary of Guaranty Trust Bank Group) between 2008 and 2011 and was an Executive Director of Guaranty Trust Bank Group from 2011 to 2018 with supervision of various industry focused Corporate and Commercial Banking teams that transformed the Group. Just before his appointment as the MD/CEO of NOVA, Wale was on the Board of Stanbic-IBTC as an Independent Non-Executive Director (INED) from 2020 to 2023.

Wale will lead the new executive team to implement the Bank’s Accelerated Growth Initiatives (AGI) for the next 5-year plan of the Bank commencing January 2024.

Wale Oyedeji who expressed his excitement at the opportunity to lead the team in transforming NOVA from a leading Merchant Bank to a major Commercial bank, said, “I am honoured to be the pioneer Chief Executive Officer of the proposed NOVA Commercial Bank which is set to positively change the entire banking landscape”.

Mr. Phillips Oduoza, the Chairman of the Board of NOVA Bank, who commented on Wale’s appointment, said, “this appointment is a reinforcement of the Bank’s belief that with the right people and leadership, using technology and innovation, the Bank will compete favourably for market share in the commercial and retail banking space. The Board believes that Wale’s hands-on experience and communication skills combined with his strong leadership capabilities will help NOVA deliver improved execution and financial performance, Mr. Oduoza stated”.

Wale is an alumnus of University of Ibadan where he bagged a Bachelor of Science degree in Agricultural Economics. He also obtained his M. Sc degree in Financial Economics from University of London and Advanced Management Program (AMP) from Havard Business School (HBS). He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Honorary member of Chartered Institute of Bankers (HCIB).

NOVA 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.

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NOVA Bank, a leading merchant bank in Nigeria, has reaffirmed its commitment to the well-being of high-net-worth individuals through its recent sponsorship of the 26th Nigeria Cup Golf Tournament. The tournament, hosted at the prestigious Ikoyi Golf Club 1938, took place from Saturday, September 23rd, to Saturday, September 30th, 2023.

The Nigeria Cup Golf Tournament, organized by the Ikoyi Golf Community Nigeria Association (IGCNA), was established to celebrate the nation’s Independence Day anniversary and has grown to become one of the country’s most prestigious golf tournaments. This year’s event featured professional golfers from across the country competing for the prize money of 2.5 million Naira. The tournament was a thrilling blend of skill and camaraderie, culminating in the heavy presence of High Net-Worth Individuals (HNIs) and golf enthusiasts at the tournament.

Mrs Funke Okoya, an Executive Director of NOVA Bank, provided insights into the bank’s rationale for backing golf as an aspect of their Environment, Social and Governance (ESG) program called the NOVA UPLIFT Initiative.  She said, “As part of NOVA’s commitment to wealth management, we continuously seek opportunities and platforms that empower our customers to prioritize their health, relax, and explore potential business avenues. Our deep concern for their well-being extends to our belief in golf, a sport that not only promotes physical fitness but also enhances mental focus.” “This is our way of fulfilling our Corporate Social Responsibility by supporting these platforms to ensure the well-being of our HNI customers.”

Mrs. Okoya also added that the provision of automated self-monitoring medical kits during the tournament allows recipients to conveniently track their health every morning therefore eliminating the need for frequent doctor’s visits.

Speaking on the impact of NOVA’s sponsorship, Akoni Yinka Olafimihan, Chairman of the 2023 Nigeria Cup Organizing Committee said, “The Nigeria Cup Golf Tournament has evolved into one of the most highly regarded tournaments in the country over the years, and this achievement owes much to sponsors who consistently place their trust in the organization’s capacity to maintain the tournament’s prominence within the golfing scene in Nigeria.”

Mr. Olafimihan highlighted that NOVA Bank’s continued support is a testament to the bank’s dedication to promoting well-being and fostering avenues for business opportunities. “We are thrilled to have NOVA as regular sponsors, and their contribution significantly enhanced the tournament’s success,” he added.

In addition, expressing his elation and enthusiasm, Mr. Makinde Mike, Champion of this year’s tournament, securing an impressive 76 gross off a handicap of 9, resulting in a net score of 67, said, “I was confident that I would be bringing this trophy home. In fact, this morning, my children asked me where I was taking the cup to, and I assured them I just wanted to show them at the club but would return with it for the next year, and I did.”

“It’s an incredible feeling to emerge as the champion again, and I want to take this opportunity to extend my gratitude to my fellow competitors for their exceptional sportsmanship and the organizers, as well as NOVA Bank who made this historical event possible,” he added.

NOVA Bank Limited is an investment grade-rated merchant bank in Nigeria, offering an integrated suite of financial solutions encompassing Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction, and Digital Banking.

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This initiative, conducted in partnership with the Association of Paediatric Surgeons of Nigeria (APSON), positively impacted 50 indigent child patients at Lagos State University Teaching Hospital (LASUTH) on Monday, September 18, 2023.

APSON is the umbrella body of all Paediatric Surgeons in Nigeria engaged in the treatment of surgical issues in children, the education and training of specialists in Pediatric surgery, and the enhancement and preservation of the high standards and quality of surgical care provided to children.

This collaboration exemplifies NOVA’s unwavering commitment to community development and its dedication to impacting lives through its UPLIFT Initiative projects aimed at creating “Today’s solution for tomorrow’s sustainability (UPLIFT).”

Speaking on the motivation behind NOVA’s intervention, Mr Nath Ude, Managing Director of NOVA Bank, said, “NOVA envisions a future in which millions of people have free or low-cost access to healthcare and where unnecessary pain caused by preventable illnesses and untimely fatalities can be mitigated. This intervention is a stride towards achieving this vision.” He added that, “No child should be deprived of their promising future due to a lack of healthcare accessibility” noting that the impact of this project will echo through lifetimes to come.

Emphasizing the pivotal role of NOVA’s intervention, the President of APSON, Professor Roland Osuoji, said, “In the past year, Lagos state heavily subsidized paediatric operations for children between the ages 0-12 which have resulted in a growing waiting list, stretching until 2025.” He added that, “This initiative not only reduces the backlog but also saves lives and offers hope to these deserving families.

Commenting on the patient selection process, Dr Omolara Williams, the Local Organizing Committee Chairman of the medical outreach, said, “We surveyed our group of patients from our database and pinpointed those who were on the waiting list due to financial constraints. We made every effort to contact as many of them as possible, and as a result, we now have patients ranging from 1 to 14 years old who will receive treatment for their pediatric conditions through this intervention.” She further emphasized the need for continued regional and national initiatives like this to bridge the gap in paediatric surgical care accessibility.

Expressing appreciation for NOVA’s intervention, the LASUTH Chief Medical Director (CMD), Prof Adetokunbo O. Fabamwo, said, “This collaboration reflects a shared vision of a healthier and brighter future for children in Nigeria.” He noted that this meaningful impact is not just mending bodies but also building dreams.

NOVA Bank Limited is an investment grade-rated merchant bank in Nigeria, offering an integrated suite of financial solutions encompassing Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction, and Digital Banking.

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The shareholders gave their unanimous approval during the company’s 6^th Annual General Meeting in Lagos on Wednesday, where they agreed that the bank remains well-positioned to sustain and build upon its growth legacy.

At the meeting, the company’s Board of Directors took time to unveil their comprehensive restructuring plans on how the bank will transition from a merchant bank to a commercial banking license.

The Chairman, NOVA Bank, Mr. Phillips Oduoza, who addressed shareholders at the meeting, explained that the decision to transition will help the bank to further streamline its operations, bolster its financial stability, and foster sustainable growth across its businesses.

He said, “I am excited about the prospects of NOVA as we embark on this new growth phase. This strategic move is in line with our vision of expanding operations and diversifying services while providing exceptional services to our valued customers.

Continuing, he said, “The Management of the Bank has firmly established a remarkable legacy of growth since its inception and has consistently demonstrated its ability to achieve substantial progress across various parameters and the commercial banking license will strengthen the Bank’s revenue base, entrench value creation, impact earnings growth and sustain higher returns for the shareholders, while affording more banking customers across the nation the opportunity to enjoy the products and services of NOVA Bank.”

Expounding on this, NOVA’s Managing Director, Mr. Nath Ude, said, that with the new license, the bank is poised to extend its comprehensive range of financial services throughout Nigeria and cement its position as a leading player in the Nigerian banking industry.

“The resounding approval from the shareholders for the transition to a commercial bank reflects their confidence in NOVA’s ability to thrive in the evolving financial landscape. The Bank remains resolute in its pursuit of sustainable growth, while continuing to provide its customers with innovative financial solutions. As we transition into a commercial bank, NOVA aims to expand its services and further enhance its position as a trusted provider of cutting-edge financial solutions in Nigeria,” the MD stated.

Ude restated the bank’s commitment to continue to invest in new technologies, including our robust digital platform, to create exceptional service experience for its customers.

Shareholders also ratified the bank’s result for the full year ended December 31, 2022, where the bank recorded outstanding performance and significant growth across all its indicators on the back of innovative offerings and exceptional customer service.

Specifically, total assets grew by 14.6% to close 2022 at N279.9bn up from N244.2bn recorded the previous year; while profit before tax rose significantly by 107.9 per cent to close the year 2022 at  N3.50bn. Profit after tax also recorded a similar feat, as it  jumped from N1.58bn in 2021 to N3.21bn in the year under  consideration, representing an impressive growth of 102.9%.

NOVA Bank Limited is an investment grade rated merchant bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction and Digital Banking. The bank will announce a new name to reflect this strategic change in its banking licence.

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