See where Nigeria's newest bank sited its first branch

• Nigeria’s newest commercial bank, Nova Bank, has unveiled its first branch in Lagos
• The bank also pledged to open more branches in Lagos, Abuja, Port Harcourt, and Kano to create jobs for Nigerians
• The bank disclosed that its shareholders had provided more funds to scale the new capital requirements of the CBN

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

Nigeria’s newest commercial bank, Nova Bank, opened its first branch in Lagos and plans to open more in Abuja, Port Harcourt, and Kano.

The former Nova Merchant Bank Limited announced plans early this year to transition to a full commercial bank after obtaining a commercial banking license from the Central Bank of Nigeria (CBN).

Nova Bank Limited opens new branch in Lagos, promises to create jobs Credit: Nova Bank/Tim Robberts
Source: Getty Images

Nova Bank triples staff strength

The bank’s staff strength numbered about 80 at the end of last year, tripling since it became a commercial bank.

The bank officially opened its first branch on Tuesday, July 16, 2024, with its Chairman, Philips Oduoza, expressing excitement.

According to reports, Oduoza said the event is about more than increasing clientele; it is also about impacting the community.

He highlighted the bank's three key areas of focus: financial services provision, consumer empowerment via credit, and offering a suite of successful products.

Nova Bank promises more jobs

The bank’s chairman disclosed that the new bank will reach many more people across a wider geographical area, which is essential for job creation, stating that branches are established to create jobs.

TheCable reports that Wale Oyedeji, the bank's managing director, disclosed that the company is now poised to expand its services to the retail and SME sectors.

He disclosed that the transition into full commercial banking aims to replicate the relationship between the management and high-end customer service.

More funds to meet CBN’s requirement

He said the bank is working with tech buffs to create a platform that addresses customer needs while remaining competitive.

According to the bank’s MD, in 2024, its shareholders brought in additional capital, allowing it to scale the hurdle and operate as a commercial bank.

He said the shareholders intend to provide more funds via rights issue to allow it to meet CBN’s new capital requirements.

Nova Bank appoints MD to rival Zenith, Access, and others

Legit.ng earlier reported that NOVA Merchant Bank, one of the leading merchant banks in Nigeria, has announced that it is set to begin conversion to an entire commercial banking business after getting a license from the Central Bank of Nigeria (CBN).

The bank also appointed Adebowale Oyedeji as the new managing director and chief executive officer to manage the bank's operations.

Oyedeji's appointment, which begins on January 2, 2024, has been approved by the CBN.

Source: Legit.ng