Chairman, NOVA Merchant Bank, Phillips Oduoza (R) with the Managing Director/CEO, Nath Ude.
NOVA Merchant Bank says it has received the approval of its shareholders to transition into full commercial banking operations.
The bank said in a statement that shareholders gave their unanimous approval during the company’s 6th Annual General Meeting held in Lagos on Wednesday.
The bank said the shareholders agreed during the meeting that the bank would remain well-positioned to sustain and build upon its growth legacy.
At the meeting, the company’s Board of Directors unveiled their comprehensive restructuring plans on how the bank would transition from a merchant bank to a commercial banking license.
The Chairman, NOVA Merchant Bank, Phillips Oduoza, who addressed the shareholders at the meeting, explained that the decision to transition into full commercial banking license would help the bank to further streamline its operations, bolster its financial capacity, and foster sustainable growth across its businesses.
“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,” Oduoza 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,” he added.
Expounding on this, NOVA’s Managing Director, Nath Ude, said, with the new license, the bank was poised to extend its comprehensive range of financial services throughout Nigeria and cement its position as a leading player in the Nigerian banking industry.
L-R: Executive Director , Emmanuel Onokpasa; MD/CEO, Nath Ude, and Independent Non-Executive Director,Funmi Oyetunji, as well as Independent Non-Executive Director, Gbemisola Laditan, Chairman, Phillips Oduoza, Executive Director, Funke Okoya, Company Secretary/Legal Counsel, Nnadozie Ohaji.
“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 of the Bank grew by 14.6 percent to close the year at N279.9billion up from N244.2billion recorded the previous year, while profit before tax rose significantly by 107.9 percent to close the year 2022 at N3.50billion. Profit after tax also recorded a similar performance, as it jumped from N1.58billion in 2021 to N3.21billion in the year under consideration, representing an impressive growth of 102.9 percent.
NOVA Merchant 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.
