NOVA Merchant Bank has received approval from its shareholders to transition into commercial banking.
During the 6th Annual General Meeting held in Lagos on Wednesday, the shareholders of the company unanimously approved the bank’s strong position to sustain and expand its growth legacy. The meeting provided an opportunity for the company’s Board of Directors to unveil their comprehensive restructuring plans, transitioning the bank from a merchant bank to a commercial banking license.
Addressing the shareholders, Mr. Phillips Oduoza, Chairman of NOVA Merchant Bank, explained that this strategic decision to transition would streamline operations, enhance financial stability, and foster sustainable growth across all business sectors. He expressed his excitement about the prospects of NOVA as they embark on this new growth phase, aiming to expand operations and diversify services while providing exceptional customer service.
Mr. Nath Ude, NOVA’s Managing Director, further emphasized that with the new commercial banking license, the bank is well-positioned to offer a comprehensive range of financial services throughout Nigeria and solidify its position as a prominent player in the country’s banking industry. The shareholders’ approval reflects their confidence in NOVA’s ability to thrive in the evolving financial landscape.
The bank’s outstanding performance and substantial growth were ratified for the full year ended December 31, 2022. Notably, total assets grew by 14.6% to N279.9bn, while profit before tax increased significantly by 107.9% to N3.50bn. Profit after tax also showed remarkable growth, surging from N1.58bn in 2021 to N3.21bn in the year under consideration, representing an impressive growth of 102.9%.
Mr. Ude reassured the shareholders of the bank’s commitment to invest in new technologies, including their robust digital platform, to ensure exceptional customer experiences and continued innovation in providing financial solutions. As they transition into a commercial bank, NOVA aims to expand its services and maintain its position as a trusted provider of cutting-edge financial solutions in Nigeria.