The Nation Newspaper

Tag: Nova Merchant Bank

  • Bank raises salaries by 50 per cent

    Bank raises salaries by 50 per cent

    NOVA Merchant Bank Limited has substantially increased its  salaries, effective November 1, 2023.  

    The increase in salary by up to 50 per cent across all staff categories by the Board of Directors is a strategic move which shows a resounding display of commitment to its workforce and comes few months after the Bank announced the approval of its shareholders to transition into a commercial bank, marking a new era.

    According to the bank, the decision to up its salary structure comes after reviewing the impact of the escalating cost of living and dire global economic situations.

    Acknowledging the challenges presented by the prevailing economic conditions, the bank has thus taken proactive steps to tackle these issues,  reaffirming its commitment in prioritising employee welfare  to guarantee their well-being and financial stability.

    Read Also: I will have my empire soon, says Ilebaye

    In the same vein, the bank has announced the commencement of its 2024 NOVA Graduate Trainee Program, set to begin in January 2024 in Lagos. This program is part of its commitment towards nurturing the next generation of banking professionals with relevant skills and knowledge required to drive innovation in the financial sector.

    The Programme is also undertaken by the Bank to empower fresh graduates and equip them with relevant skills required for modern banking practice driven by cutting-edge technologies, fostering innovation while preparing them for leadership positions.

    Explaining further,  the Managing Director/Chief Executive Officer, Mr. Wale Oyedeji, said, “following a comprehensive assessment of the current economic conditions and their impact on our esteemed staff, we have opted to realign our salary structure to reflect the economic realities. We recognize the implications of recent economic policy actions on costs and this adjustment is aimed at easing the financial burden borne by our staff and their families”.

    Oyedeji reiterated that the management places a premium on recognizing and promoting outstanding performance as integral to the Bank’s fundamental principles. He emphasized the belief that fostering a harmonious approach to both professional and personal growth, significantly enhances the overall well-being and satisfaction of its employees.

    While emphasizing the significance of the Graduate Trainee Program, he added, “The NOVA Graduate Trainee Program is a pivotal initiative for us. We provide participants with curriculum taught by best-in-class faculty to empower them to create superior value in the markets we serve. This aligns with our mission to drive the next revolution wave of banking, and we believe these trainees will play a crucial role in shaping the future of the financial services industry.”

    He emphasized that the NOVA Graduate Trainee Program represents the Bank’s dedication to investing in human capital, equipping trainees with essential skills and knowledge required to navigate their careers successfully.

    About 70 staff are set to resume as the Bank prepares to commence operation on its Commercial Banking license. Close to fifty of these new staff have been scheduled for the Graduate Trainee Program and the Bank will continue to attract talents to drive its vision in the commercial and retail banking space.

    Head of Human Capital and Culture Management at NOVA Merchant Bank, Bede Alugbue, highlighted the rigorous selection process, saying, “Out of over one thousand applicants, we meticulously selected the best 49 candidates to undergo the intensive training and become banking professionals. The program offers valuable insights into the global banking business, providing essential skills and expertise to drive innovative financial solutions.”

    Alugbue added that the Bank remains committed to recruiting outstanding individuals who will contribute to creating value for our shareholders, governments, and all stakeholders, particularly as the Bank transitions into a commercial banking franchise.

    NOVA Merchant Bank Limited is an investment grade rated merchant bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Asset and Securities Management, Trade Services, Cash Management, Transaction and Digital Banking. Just recently, the shareholders of the bank approved the convert to commercial bank.

  • Nova Merchant Bank appoints Oyedeji as new MD/CEO

    Nova Merchant Bank appoints Oyedeji as new MD/CEO

    NOVA Merchant Bank Limited has appointed Mr. Adebowale Oyedeji as its new Managing Director/Chief Executive Officer.

    Oyedeji’s appointment which takes effect from today, has been approved by the Central Bank of Nigeria (CBN).

    Oyedeji succeds Nath Ude, whose tenure expired on November 6, last year.

    Oyedeji has held several executive positions in Nigeria and abroad.

    He was the MD/CEO of Guaranty Trust Bank UK (a subsidiary of Guaranty Trust Bank Group) between 2008 and 2011 and an Executive Director of Guaranty Trust Bank Group from 2011 to 2018.   He was on the Board of Stanbic-IBTC as an Independent Non-Executive Director (INED) from 2020 to last year.

    Read Also; Perform on budget or get sacked, President warns

    Oyedeji said: “I am honoured to be the pioneer Chief Executive Officer of the proposed NOVA Commercial Bank which is set to positively change the entire banking landscape.”

    Chairman of NOVA Merchant Bank, Phillips Oduoza, said: “This appointment is a reinforcement of the bank’s belief that with the right people and leadership, using technology and innovation, the bank will compete favourably for market share in the commercial and retail banking space.

     “The Board believes that Wale’s hands-on experience and communication skills combined with his strong leadership capabilities will help NOVA deliver improved execution and financial performance.”

    Oyedeji is an alumnus of University of Ibadan where he bagged a Bachelor of Science degree in Agricultural Economics. He also obtained his M. Sc degree in Financial Economics from University of London and Advanced Management Program (AMP) from Havard Business School (HBS). He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Honorary member of Chartered Institute of Bankers (HCIB).

    NOVA Merchant Bank Limited is an investment grade rated merchant bank in Nigeria which offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Securities Trading, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.

  • NOVA Merchant Bank gets investment rating

    NOVA Merchant Bank Limited has received an investment grade rating from both Agusto & Co (Bbb) and Global Credit Ratings (BBB-). The reasons given for the bank’s rating include the strength of the board and management team, robust capitalisation, prudent risk profile, good asset quality and strong liquidity.

    This achievement follows the publication of the bank’s financial results where it declared a profit after tax of N1.15billion for the year ended December 31, 2018, an increase from N510.6million in 2017.

    Its Managing Director/CEO, Anya Duroha, said:  “The award of investment grade ratings by two leading rating agencies is another significant milestone in the history of the Bank. It further assists us in our plans to scale up our operations this year and deliver value to our customers and all other stakeholders”.

    Read also: ‘Investors should diversify their assets’

    Its Chairman, Mr. Phillips Oduoza, said: “These ratings are further validation of the strength of the foundation which has been laid for the continued future success of the Bank. On behalf of the Board, I will like to commend the management team for all their effort in achieving this milestone debut rating record.”

    NOVA Merchant Bank will continue to focus on delivering on its overarching philosophy of “New Thinking, New Opportunities” to sustainably grow its business as it seeks to assist its clients achieve their strategic objectives and re-establish merchant banking as a key economic driver in the country.

  • Nova Merchant Bank secures new rating

    Nova Merchant Bank Limited has received an investment grade rating from both Agusto & Co (Bbb) and Global Credit Ratings (BBB-). The reasons given for the Bank’s rating include the strength of the Board and management team, robust capitalisation, prudent risk profile, good asset quality and strong liquidity.

    This achievement follows the recent publication of the Bank’s financial results where it declared a profit after tax of N1.15bn for the year ended 31st of December 2018, an increase from N510.6m in 2017.

    Anya Duroha, the MD/CEO, commented “The award of investment grade ratings by two leading rating agencies is another significant milestone in the history of the Bank. It further assists us in our plans to scale up our operations this year and deliver value to our customers and all other stakeholders”.

    Mr. Phillips Oduoza, the Chairman of NOVA Merchant Bank further noted “These ratings are further validation of the strength of the foundation which has been laid for the continued future success of the Bank. On behalf of the Board, I will like to commend the management team for all their effort in achieving this milestone debut rating record.”

    NOVA Merchant Bank will continue to focus on delivering on its overarching philosophy of “New Thinking, New Opportunities” to sustainably grow its business as it seeks to assist its clients achieve their strategic objectives and re-establish merchant banking as a key economic driver in the country.

     

     

  • NOVA Merchant Bank nets N1.15b in 2018

    NOVA Merchant Bank Limited grew its net profit by 125 per cent to N1.15 billion in 2018 as the wholesale banker continued to reap the benefits of its investments in its operations, technology and people.

    Key extracts of the audited report and accounts of NOVA Merchant Bank for the year ended December 31, 2018 showed that the merchant bank achieved strong growth across all parameters. The bank recorded a 54.10 per cent growth in gross earnings from N1.22 billion in 2017 to N1.88 billion in 2018. The bank further grew the total assets by 38.89 per cent from N18 billion in 2017 to N25 billion in 2018. Profit after tax rose from N510.6 million in 2017 to N1.15 billion in 2018.

    Managing Director, NOVA Merchant Bank Limited, Anya Duroha,  said the bank’s performance was a culmination of the hardwork, commitment, resilience, discipline and resourcefulness of all its  employees.

    “We have been able to drive strong customer acquisition and deploy leading edge technology whilst optimising our costs. We will continue to focus on growing our business, providing solutions tailored to our clients’ needs, building a high performance culture, motivating our employees and creating sustainable value for our shareholders,” Duroha said.

    He added that the impressive result demonstrated the bank’s growth trajectory which is expected to accelerate as it scales its business and grows its client base.

    According to him, the performance marks a very successful year for the newly licensed merchant bank which recently deployed a state of the art and fully digital core banking application. The bank also recorded remarkable growth in customer acquisition and in line with its objective to be the employer of choice, promoted about a third of its workforce.

    Chairman, NOVA Merchant Bank Limited, Remarking on the results, Phillips Oduoza, said the bank has been able to build a strong foundation as it approaches the future with confidence and optimism in its business model, value proposition, clients and employees.

    :We remain committed to the implementation of our over-arching philosophy of ‘New Thinking, New Opportunities’ to create value for all our stakeholders,” Oduoza said.

    He assured that the bank would continue to strive to deliver profitable, responsible and sustainable growth, noting that the bank remains dedicated to its core values of uniqueness, passion, leadership, integrity, fairness and teamwork as it believes these ethos will enable it to surpass the expectations of its clients and stakeholders.

  • Nova Merchant Bank promotes staff

    Nova Merchant Bank has promoted nearly a third of its staff who have demonstrated exceptional performance in their responsibilities.

    The promotion was fulfillment of the bank’s commitment to be the best place to work and its policy of rewarding  deserving staff members.

    These promotions come amidst the growth in the bank’s business as it continues to scale up its operations.

    In 2018, despite  the tough economic and operating climate,  Nova in its first full financial  year of operations, was able to deploy a state of the art and fully digital core banking application and recorded impressive strides in customer acquisition as well as the roll out of some bespoke and innovative products.

    Speaking on the promotions, the Managing Director/CEO of the bank, Anya Duroha, while commending the staff for their hardwork said: “The Board and Management remain committed to developing and rewarding the talent of its youthful workforce”.

    “The bank will continue to leverage the innovativeness and dynamism of its young personnel to develop innovative solutions to enable our customers thrive in the marketplace,” he said.

    The Chairman of the Board, Phillips Oduoza while congratulating the newly promoted staff expressed the Board’s satisfaction and complete confidence in the staff and management of the Bank and pledged to continue to support them as they strive to achieve their corporate goals and objectives while realising their personal aspirations.

    Nova is a newly licensed merchant bank focused on providing wholesale and investment banking services. It commenced business in 2017 and has continued to boldly execute its roll out strategies.

  • Nova Merchant Bank gets MD

    Nova Merchant Bank Limited has appointed Anya Duroha as its Acting Managing Director/Chief Executive Officer.

    The appointment, which is subject to the nod of the Central Bank of Nigeria (CBN), took effect from August 30.

    Prior to his appointment, Duroha was the Executive Director (ED), Wholesale Bank.

    The bank’s Chairman, Phillips Oduoza, said: “Duroha’s appointment marks the start of an exciting growth phase in the bank’s business, following the go-live of its Intellect Digital Core (IDC) banking platform as the bank begins to leverage the benefits of its investment to deliver innovative solutions for its customers.”

    Before joining the bank as a pioneer staff member, Duroha was the Head, Business Banking at Stanbic IBTC, where he was in charge of Commercial Banking and SME businesses.

    In that role, he had the responsibility for both relationship and portfolio management. He designed and implemented interventions and strategies that ensured the rapid growth and profitability of the business.

    He started his banking career at Citibank and has 25 years banking experience spanning several areas of banking. He was the Head, Corporate Banking, United Bank for Africa Plc; Head, Corporate Banking, Diamond Bank Plc and Head of Business Development (Designate), Diamond Bank, United Kingdom. In all these roles, he has managed portfolios in various sectors, including manufacturing, agriculture, construction, oil and gas, infrastructure, aviation, power, maritime, telecommunications, FMCG and structured trade finance.

    Duroha holds M.Sc. in Banking & Finance from the University of Benin and a B.Eng. in Civil Engineering from the University of Nigeria, Nsukka. He is an alumnus of Wharton Business School, University of Pennsylvania and Lagos Business School.

     

  • Nova Merchant Bank chairman advises business leaders

    Nova Merchant Bank Limited  Chairman, Phillips Oduoza, has said building a successful businesses requires courage and resilience.

    He spoke while delivering the Convocation Lecture to the 2017/2018 Leo Graduating Class at Babcock University in Ilisan Remo, Ogun State.

    Oduoza, a former Group Managing Director/CEO of United Bank for Africa (UBA) Plc, said: “Courage and Resilience are character traits common amongst all entrepreneurs, who have been successful as it enabled them to take risks and overcome various obstacles on the road to success.”

    Explaining further, Oduoza said courage is not the absence of fear, but the ability to persist in spite of it, while resilience is the ability to recover from or adjust easily to misfortune or change.

    He challenged Nigerian youths to take advantage of opportunities currently available in the country, especially in agriculture, FinTech, arts and entertainment. “The government’s focus on the diversification of the Nigerian economy has created opportunities across the agriculture value chain for aspiring entrepreneurs covering inputs, such as fertiliser, farming, storage, processing, manufacturing and transportation.

    The tech startup ecosystem in Nigeria is awash with opportunities for young entrepreneurs to create innovative solutions to address many of the structural issues facing the country. Emerging areas such as FinTech, the sharing economy, artificial intelligence amongst others present opportunities to start innovative businesses,” he said.

    On what graduands and aspiring entrepreneurs could learn from his personal life, Oduoza said young business leaders should seek knowledge, build a strong network, be true to themselves, but most importantly “must work very hard, no matter how intelligent you are. It is very rare to find a successful person, who is not a hard-working person. There is no substitute for hard work.”

    President/Vice Chancellor, Babcock University, Ilisan Remo, Prof. Adeola Tayo,   eulogised Oduoza, who he described as a loyal friend of the institution. He acknowledged his efforts in forging a good relationship between Babcock University and his former institution.

    “There is no better person to speak at this event than Oduoza, who having had a successful tenure as CEO of one of Africa’s largest financial institutions, midwifed the birth of a new Merchant Bank, which has achieved many feats in its first year of operation,” Tayo said.

  • Nova Merchant Bank begins operation today

    Nova Merchant Limited will today begin operations in Lagos. Its Chairman, Phillips Oduoza, said the lender, which will be officially opened today, will be coming into the market with products, ideas and knowledge that are suited to dealing with the challenges faced by Nigeria businesses.

    “This means as the economy normalises, we scale up with it. That is why we are coming out now. As a new bank, we have come with a clean slate and are well positioned to take advantage of emerging opportunities as the economy recovers,” he said at a press briefing in Lagos.

    Oduoza, who has over 30 years banking experience, said Nova is fully licenced by the Central Bank of Nigeria to commence banking operations.

    “In the past, we used to have Merchant Banks as well as commercial banks but that boundary was removed because of the onset of the universal banking licence just before the consolidation exercise. The implication was that banks could do both commercial and merchant banking. In 2013, the demarcation was brought back following the review of the Universal Banking license. Therefore, you now have merchant banks and commercial banks with different areas of focus and permissible businesses,” he said.

    He said that merchant banks are very important because they support the economic development of the nation through the provision of long-term funding. “In Nigeria, Merchant Banking has not been fully tapped into. Banking penetration in Nigeria is mostly retail banking focusing on retail and corporate clients but we have opted for merchant banking in the strict sense of it with focus on corporate clients and investment banking.

    Nova brings the total number of merchant banks in Nigeria to five, which I believe is still very low in number. There is opportunity for more, considering the key role merchant banks play.