The management of NOVA Merchant Bank Limited has disclosed that the bank has transitioned to a national bank after securing the required approval from the Central Bank of Nigeria (CBN).
The bankâs Board Chairman, Philips Oduoza, disclosed that the bankâs full commercial operations will begin in July and spread to other parts of Nigeria.
The NOVA bank chairman disclosed this when the board and management visited the Lagos State Governor, Babajide Sanwo-Olu.
The bankâs chairman said they will roll out the first branch in Lagos, saying they will have many branches because it already secured a national banking license.
He said Lagos had provided NOVA Merchant Bank, which transitioned to commercial banking, with a good operating environment.
He said:
Reports say that Oduoza lauded Sanwo-Oluâs government for providing a conducive environment for businesses to flourish and expressed the bankâs readiness to collaborate with the governor on his plans for the state.
Sanwo-Olu congratulated the bank on its commercial bank conversion and said that the government must protect and provide the environment for individuals and businesses to thrive in the state.
Sanwo-Olu said:
Last year, NOVA Merchant Bank disclosed plans to enter the commercial banking business and compete with Access, Zenith, and other Nigerian commercial banks for customers.Â
At its Annual General Meeting (AGM), NOVAâs board of directors received approval from its shareholders to commence the transition plan.Â
NOVA was founded in 2017 and began operations as a CBN-licensed merchant bank in February 2018.Â
Oduoza explained that the bank’s decision to transition into the commercial banking business will help it further streamline its operations, bolster its financial stability, and foster sustainable growth across its businesses.Â
In January this year, the bank appointed Adebowale Oyedeji as its new managing director and chief executive officer to manage its operations.Â
Oyedeji’s appointment, which begins on January 2, 2024, has been approved by the CBN.Â
He succeeded the former MD/CEO, Nath Ude, whose tenure ended on November 6, 2023.Â
The bank said in a statement that Oyedeji’s hands-on experience combined with a strong record of delivering revenue targets, business turnaround, productivity, people management, efficiency, and risk control makes him the ideal person for the job.Â
TimesNow.com.ng earlier reported that the Nigeria Deposit Insurance Corporation (NDIC) has begun paying customers of the defunct Heritage Bank two weeks after the Central Bank of Nigeria (CBN) revoked the bankâs license.
A bank customer said he received the N10,000 left in his account with Heritage Bank.
