NOVA Gets Shareholders Nod For Full Commercial Banking License

NOVA Merchant Bank Limited, on Wednesday at its 6th annual general meeting held in Lagos received approval of its shareholders to transition into commercial banking, noting that it remains well-positioned to sustain and build upon its growth legacy.
At the meeting, the company’s Board took time to unveil its comprehensive restructuring plans on how the bank will transition from a merchant bank to a commercial banking license.
The Chairman of the board, Phillips Oduoza, who addressed the meeting, said the transition will help NOVA further streamline its operations, bolster its financial stability, and foster sustainable growth across its businesses.
He expressed excitement at the prospects of NOVA embarking on this new strategic growth phase which “is in line with our vision of expanding operations and diversifying services while providing exceptional services to our valued customers.
“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 stressed.
Speaking further on this, NOVA’s Managing Director, 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.
For him, “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.”

From left: Emmanuel Onokpasa, Executive Director; Nath Ude, MD/CEO; Funmi Oyetunji, Independent Non-Executive Director; Gbemisola Laditan, Independent Non-Executive Director; Phillips Oduoza, Chairman; Funke Okoya, Executive Director ; Nnadozie Ohaji, Company Secretary/Legal Counsel

The bank, he also assured, “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.”
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, showing sustained 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 N279.9bn from N244.2bn recorded in the previous year, while profit before tax rose by a significant 107.9% to N3.50bn. Profit after tax also recorded a similar feat, leaping from N1.58bn in 2021 to N3.21bn in the year under consideration, representing an impressive growth of 102.9%.
NOVA Merchant Bank Limited is an investment grade rated financial institution 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.