Tag: NOVA Bank

Nova Bank Limited is redefining banking landscape and economic growth across the Southeast, South-South with the opening of its office in the region.

Imo State Governor, Senator Hope Uzodinma, announced the State Government’s commitment to provide land for the development of NOVA Bank’s regional head office for South-East/South-South region in Owerri, marking a significant milestone in the Bank’s long-term dominance in the region.

The announcement was made during the commissioning of NOVA Bank’s flagship regional office in Owerri, an event that drew top government officials, prominent business leaders from across the South-East and South-South regions, as well as Nigerians in the diaspora who returned home to witness the landmark occasion.

Governor Uzodinma noted that NOVA Bank’s entry into Imo State aligns with the State’s deliberate efforts to lay a solid foundation for sustainable growth through strategic infrastructure development, improved road networks, and targeted market-driven initiatives.

He described NOVA Bank as one of the “smart first movers” identifying emerging economic opportunities in the region and positioning itself early to lead the next phase of growth.

He further commended the Bank’s phygital strategy, which seamlessly integrates physical banking infrastructure with advanced digital platforms to deliver efficient, transparent, and customer-centric financial services. According to the Governor, this approach mirrors Imo State’s zero-tolerance stance for outdated, analogue systems and its commitment to technology-driven governance and commerce.

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“In recognition of NOVA Bank’s vision and long-term commitment to the region, the Imo State Government will allocate a befitting piece of land in a choice location for the development of its permanent South-East/South-South Regional Headquarters,” the Governor stated.

Speaking at the event, the Chairman of NOVA Bank, Phillips Oduoza, expressed gratitude to the Government and people of Imo State for the warm reception and strong show of partnership.

“The opening of our Regional Office in Owerri marks a strategic milestone in NOVA Bank’s national expansion and reinforces our long-term commitment to the South-East and the broader South,” he said. “Owerri is not just another location for us; it is a flagship hub and a launchpad for deeper market penetration across the region, reflecting our strong confidence in its economic potential.”

He added that for investors and the wider business community, NOVA Bank’s expansion is driven by disciplined growth anchored on strong fundamentals, innovation, and sustainable value creation.

“NOVA Bank is not merely expanding its physical footprint. We are deploying scalable digital infrastructure and innovative financial solutions designed to support SMEs, retail businesses, corporates, public-sector institutions, HNI’s and mass market, he said.

According to the Chairman, the establishment of the regional headquarters at Owerri will catalyse job creation, stimulate enterprise growth, create easy access to credit and deepen financial inclusion across the South-East and South-South, while delivering exceptional service and superior value to customers and stakeholders.

“NOVA Bank remains focused on building a resilient, future-ready institution that delivers sustainable value to customers, partners, and shareholders alike,” he concluded.

With this milestone, NOVA Bank reinforces its commitment to redefining banking in the South-East and South-South, positioning itself as a long-term partner in driving innovation, enterprise growth, and sustainable economic development across the region.

NOVA Bank has announced its intention to strategically shift its operating license from a national to a regional authorisation.

In a statement, the bank is aimed at optimising operational efficiency and deepening its impact within key markets.

The management of the Bank noted that the repositioning aligns with the Bank’s long-term vision to consolidate its strengths, streamline its services, and deploy capital more effectively within targeted regions, without compromising its commitment to innovation, customer satisfaction, and sustainable growth.

To this effect, NOVA has applied to the CBN to recategorize its operating license from a National to a Regional Commercial Banking license.

According to the Bank, NOVA maintains a strong financial position, underpinned by robust capital adequacy, liquidity ratios, and a consistent growth trajectory.

NOVA’s Acting Managing Director/Chief Executive Officer, Mrs. Chinwe Iloghalu, explained that following the Central Bank of Nigeria’s (CBN) revised recapitalisation directive in March 2024, NOVA reviewed its growth trajectory and capital utilisation strategy.

 “Given the Bank’s current stage of growth, we have chosen the prudent route to optimise what we need, grow efficiently, and scale sustainably. This is a major strategic positioning that will ensure continued efficiency in the deployment of assets and resources,” she said

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Mrs. Iloghalu further stated “Indeed, our shareholders have shown strong commitment to ensuring full capitalisation through rights issue by injection of additional 24 billion before end of 2025 to exceed the prescribed capital for regional Banks well ahead of the 2026 CBN deadline”.

In a further affirmation of its strength and stability, Global Credit Rating (GCR) recently reaffirmed NOVA Bank’s BBB rating with a Stable Outlook, citing the Bank’s healthy liquidity profile, improving earnings, and sound asset quality.

The Bank’s audited 2024 financials validate the effectiveness of its growth strategy, recording over 200% year-on-year growth in profit before tax (PBT), alongside improvements across all key financial indicators.

NOVA is set to launch three new branches in the coming weeks, including Owerri, Port Harcourt, and Abuja, to enhance physical access and customer service, while strengthening its digital banking infrastructure to ensure customers continue to enjoy secure, seamless, and convenient banking experiences, anywhere, anytime.

The Chairman of the Board, Mr. Phillips Oduoza, noted that NOVA remains committed to its vision and is thankful for the continued trust of its customers, shareholders, and regulators.

 “Every decision we make is deliberate and strategic, guided by sound governance and market insight. Transitioning to a regional license is a recalibration, giving us room to grow optimally, build capacity, and position ourselves for a full national rollout in the next 36 months,” said Oduoza.

NOVA Bank has appointed David Isiavwe as Executive Director, Operations and Information Technology, and Chinwe Iloghalu as Executive Director, Institutional and Commercial Banking.

These appointments are part of NOVA Bank’s plan to strengthen its leadership team as the Bank continues its innovative journey, following its recent transition to a national commercial bank.

 Isiavwe has over 30 years of banking experience in domestic and international banks. With a Ph.D. in Accounting, Dr. Isiavwe is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Fellow Compliance Institute of Nigeria (FCIN) in addition to other professional certifications such as Certified Information Systems Security Professional (CISSP), Certified Information Security Manager (CISM), Certified Governance of Enterprise IT (CGEIT), Certified Information System Auditor (CISA), Certified Data Privacy Solutions Engineer (CDPSE) amongst others.

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He has attended leadership programs in some major global institutions such as Harvard Business School, MIT and Oxford University. He currently serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), and holds a position on the Governing Council of the Fintech Association of Nigeria. Additionally, he chairs the Statutory Audit Committee of Nigeria Inter-Bank Settlement System Plc (NIBSS). His appointment underscores NOVA’s focus on digital transformation, with his vast experience playing a crucial role in advancing the Bank’s technology-driven phygital model.

Mrs. Iloghalu, with close to 30 years of experience in the banking industry, joins as Executive Director for Corporate and Commercial Banking, the key business and relationship management engine of the bank.

Throughout her distinguished career, she has made significant contributions in business and corporate banking, with expertise spanning sectors such as energy, corporate, commercial and digital banking, where she has consistently created sustainable value and returns for key stakeholders. Holding an MSc in Media and Communications, along with an MBA, Chinwe is a Fellow of the Institute of Credit Administration (FICA).

She has attended leadership and executive programs in key institutions such as Said Business School Oxford, Harvard Business School, Wharton amongst others. Her role will be central to enhancing NOVA’s commercial banking rollout across all key business development segments.

Chairman of NOVA Bank, Phillips Oduoza, commented on the appointments: “The addition of Dr. Isiavwe and Mrs. Iloghalu marks a critical point in constituting the management team that will lead NOVA into its next phase of growth. David’s expertise in technology will be key in enhancing our phygital model, while Chinwe’s strong business drive and relationship management coupled with the retail and product engine of the bank will be instrumental in driving the Bank’s strategic intent to become a formidable player in the banking industry.

Their deep understanding of digital and electronic banking will significantly contribute to our trademarked phygital experience, which seamlessly combines the best of in-person service and bespoke digital solutions to serve our customers. Both leaders bring valuable experience that aligns perfectly with NOVA’s vision to be Africa’s preferred financial solutions provider.”

These two appointments will further diversify the board and bring about inclusiveness noted by Oduoza.

Nova Bank Limited shareholders have promised to raise new funds  to meet the Central Bank of Nigeria (CBN) recapitalisation deadline.

The Bank’s Chairman, Phillips Oduoza, disclosed this yesterday during the opening of the bank’s maiden branch as a national commercial bank in Lagos.

He said the bank’s shareholders had last year raised funds through rights issue, and promised to bring new funds for the ongoing recapitalisation excercise.

On the bank’s operational modalities as a commercial bank, Oduoza said Nova Bank will be looking beyond profitability in its operations.

He said: “We are not here to maximise profit but to support businesses and extend our services to the retail end of the market. We want to impact the Nigerian banking sector positively.

We have long term goal to impact society”.

He lauded the Central Bank of Nigeria (CBN) and Lagos State Government for their support. He said operating as a commercial bank provides greater opportunity for the bank to employ more people and support more businesses.

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“Having a commercial bank licence gives us opportunity for more job creation. We are over 100 people in our workforce. We are going to employ more people as we branch out to more locations in Lagos. We will also open branches in Abuja, Kano and other parts of the country,” he said.

He said the bank will also carry out transactions in locations where it does not have physical presence with digital banking services. “This is our fifth year in business and we are ready to disrupt the industry and bring radical business model that will change the banking industry. We want to empower the consumers, create excitement for our customers. We want to be a solution-driven bank,” he said.

Managing Director/CEO of NOVA Bank, Wale Oyedeji, said the bank has what it takes to succeed as a commercial bank, and will prioritise excellent services that meet customer’s needs.

He said the bank has been instrumental to the success of leading corporates and high-net-worth individuals, delivering tailored solutions to meet the unique needs of their businesses. As we evolve to serve a broader customer base, we remain committed to delivering innovative services to customers.

Speaking during the programme, Lagos State Governor, Babajide Sanwo-Olu, said government will continue to encourage people that have interest in investing in the economy.

“We need to encourage those investing in the economy. I want to encourage you, and tell you that we are excited at your commencement of commercial banking operation. You have taken the right decision. Your vision aligns with that of the Federal Government’s vision of achieving $1 trillion economy,” Sanwo-Olu said.