Glamtush
No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events
No Result
View All Result
Glamtush
No Result
View All Result
Home Business & Brands

NOVA Merchant Bank Receives Shareholders Nod For Full Commercial Banking License

Shareholders gave their unanimous approval during the company’s 6th Annual General Meeting in Lagos on Wednesday.

byGLAMTUSH
July 20, 2023
in Business & Brands
Reading Time: 3 mins read
Commercial Banking

Chairman, NOVA Merchant Bank, Phillips Oduoza and Managing Director/CEO. Nath Ude

Share on FacebookShare on TwitterShare on PinterestShare on WhatsappShare on LinkedinShare on Telegram

NOVA Merchant Bank has received its shareholders’ nod for a full commercial banking license.

 

Glamtush reports that NOVA Merchant Bank has received approval from its shareholders to transition into commercial banking.

This online newspaper understands that 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.

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.”

Commercial Banking
l-r: 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

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.

READ ALSO

Polaris Bank Commits To Continuous Investment In Journalism Excellence

GTCO Marks 15 Years Of Autism Advocacy With Pan-African Conference “From Awareness To Action”

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

Related Posts

Polaris Bank
Business & Brands

Polaris Bank Commits To Continuous Investment In Journalism Excellence

July 15, 2025
Autism Advocacy
Business & Brands

GTCO Marks 15 Years Of Autism Advocacy With Pan-African Conference “From Awareness To Action”

July 14, 2025
Woodhall Capital
Business & Brands

Woodhall Capital In Partnership With Polaris Bank, Uk & Lagos State Governments, Launch ₦1.5 Billion Fund To Scale Nigeria’s Creative Economy

July 14, 2025
Empowering Women
Business & Brands

Empowering Women At Work: How Union Bank’s Family-Friendly Revolution Is Setting New Standards

July 11, 2025
Empowering Women
Business & Brands

Union Bank Responds To High Court Ruling On NICON Investments Limited, Global Fleet And Jimoh Ibrahim Case

July 9, 2025
ASIS
Business & Brands

The Alternative Bank Champions Bold Action For Africa’s Future Ahead Of ASIS 2025 Summit

July 9, 2025
Next Post
Black Market Dollar To Naira

Naira Appreciates, Exchanges For 793.70/$

LATEST COVER

Priscilla Ojo

GPBN Associates Member

Fidelity Bank

Zenith Bank

National Assets

CDS Urges Community Ownership Of National Assets, Commends PINL On Zero Infractions

July 16, 2025
Muhammadu Buhari

SDNON Mourns Former President Muhammadu Buhari, Awujale Of Ijebuland

July 15, 2025
Buhari Buried

Buhari Buried In Hometown Daura

July 15, 2025
Buhari Body

Buhari’s Body Arrives In Katsina

July 15, 2025
Buhari's Burial

Buhari’s Burial Holiday: Five Major Events Postponed

July 15, 2025
Awujale Of Ijebuland

Aare Adetola Emmanuelking Mourns Passing Of The Awujale Of Ijebuland

July 15, 2025
Beyoncé

Beyoncé’s Unreleased Songs, Tour Plans Stolen In Atlanta

July 15, 2025
Sanwo-Olu

JUST IN: Sanwo-Olu, Dapo Abiodun, Dangote, Others Arrive Katsina For Buhari’s Burial

July 15, 2025
Polaris Bank

Polaris Bank Commits To Continuous Investment In Journalism Excellence

July 15, 2025
Buba Galadima

I Forgive Buhari For Everything – Buba Galadima

July 15, 2025

GLAMTUSH

 

Glamtush publishes the latest trends in fashion, beauty, and lifestyle, as well as those making the fashion world interesting and adorable.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us

REACH OUT

Do you have any news for us? Event Coverage, Press Releases or Adverts? Then reach out to us via glamtush@gmail.com or glamtush15@gmail.com

OFFICE ADDRESS

Lagos, Nigeria

Copyright © 2022 Glamtush

  • About Us
  • Advertise
  • Contact Us
  • Disclaimer
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Glamtush – Nigeria News, Nigerian Newspapers, Naija News
  • Terms And Conditions
  • Write for Us

© 2022 Glamtush

No Result
View All Result
  • Home
  • News
  • Beauty
  • Business & Brands
  • Entertainment
  • Fashion
  • Features
  • Lifestyle
  • Politics
  • Sports
  • Telenovelas
  • Events

© 2022 Glamtush