Connect with us

Economy

NOVA Commercial Bank Receives Approval to Challenge Banking Landscape

Published

on

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.

See also  Naira exchange rate for Tuesday, March 5 in Nigeria

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Updates

Malian Singer Rokia Traore Detained in Italy Amid Child Custody Dispute

Herve Renard Emerges As Top Contender For Vacant Super Eagles Coaching Job

Senegal’s Oil Discovery: A Game-Changer for the Economy?

IGP Egbetokun’s Shameful Antics: A Betrayal of Public Trust

INEC Verifies ADC Secretariat Ahead of Polls 

Kagame Faces Familiar Rivals As Rwanda’s Presidential Election Campaign Begins

Despite Huge Investments, Unviable Airports Dot Nigerian States

Terror Strikes Russia: Coordinated Attacks Leave Multiple Dead

Nigerian who failed WASSCE 17 times honoured with two doctorate in US

How 1,301 Pilgrims Died During 2024 Hajj In Saudi Arabia

Subscribe to DDM Newsletter for Latest News