NOVA receives shareholders’ nod to transition into commercial banking

The shareholders gave their unanimous approval during the company’s 6th 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 Merchant 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.”

He continued; “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.

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