NOVA Commercial Bank Receives Approval to Challenge Banking Landscape

In a bold move to disrupt the Nigerian banking sector, NOVA Commercial Bank has secured approvals from regulatory authorities to commence its operations as a commercial bank. The newly licensed bank is gearing up to compete with established players, signaling increased dynamism within the financial industry.

NOVA Merchant Bank, already a prominent name in merchant banking, has officially transitioned to an entire commercial banking business following approval from the Central Bank of Nigeria (CBN). The move comes with the appointment of Adebowale Oyedeji as the pioneer Managing Director and Chief Executive Officer, succeeding Nath Ude, whose tenure concluded on November 6, 2023.

Oyedeji’s wealth of hands-on experience and a proven track record in achieving revenue targets, business turnaround, productivity enhancement, people management, efficiency, and risk control positions him as an ideal leader for this transformative phase. Having held key positions in both local and foreign environments, Oyedeji brings a global perspective to steer NOVA Commercial Bank toward success. His notable roles include serving as the MD/CEO of Guaranty Trust Bank UK from 2008 to 2011 and Executive Director at the same bank from 2011 to 2018. Additionally, he served on the board of Stanbic IBTC as an Independent non-executive director from 2020 to 2023.

In a statement, the bank outlined its new MD/CEO’s commitment to implementing the Accelerated Growth Initiative (AGI) during the upcoming five-year plan, commencing January 2024. Oyedeji expressed his enthusiasm for leading NOVA Commercial Bank, emphasizing its mission to revolutionize the banking industry.

The development was announced at the company’s 6th Annual General Meeting in Lagos, where shareholders granted approval for the transition plan. As NOVA Commercial Bank steps onto the banking stage, industry watchers anticipate increased competition, providing customers with more options and fostering innovation within the financial sector. Access Bank, Guaranty Trust Bank, and Zenith Bank are now set to face a formidable challenger in NOVA Commercial Bank.

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