Friday, May 30, 2025
  • Share your story
  • About
  • Contact
Economy FootPrint
  • Home
  • News & Politics
  • Opinion
  • Finance & Economy
  • Aviation
  • Editorial
  • Transport & Blue Economy
  • Features | Analysis
  • Health | Environment
Economy FootPrint
Home Finance | Insurance | Pension

NOVA Merchant Bank Gets Shareholders Approval for Full Commercial Banking

EconomyFoot Print by EconomyFoot Print
July 20, 2023
in Finance | Insurance | Pension, Top News
Reading Time: 2 mins read
0
Share on FacebookShare on Twitter

Shareholders have haven nod to NOVA Merchant Bank received approval to go into commercial banking.

The shareholders gave their unanimous approval during the company’s 6th Annual General Meeting in Lagos on Wednesday, where they agreed that the bank remains well-positioned to sustain and build upon its growth legacy.

Related posts

Tax Reforms Is One of My Most Impactful Achievements – Pres. Tinubu

May 29, 2025
THE TAH DOCTRINE: A PRESIDENTIAL MANDATE FOR AFRICA’S NEXT CHAPTER

THE TAH DOCTRINE: A PRESIDENTIAL MANDATE FOR AFRICA’S NEXT CHAPTER

May 29, 2025

At the meeting, the company’s Board of Directors unveiled their comprehensive restructuring plans on how the bank will transition from a merchant bank to a commercial banking license.

The Chairman, NOVA Merchant Bank, Mr. Phillips Oduoza, who addressed shareholders at the meeting, explained that the decision to transition will help the bank to further streamline its operations, bolster its financial stability, and foster sustainable growth across its businesses.

He said, “I am excited about the prospects of NOVA as we embark on this new growth phase. This strategic move is in line with our vision of expanding operations and diversifying services while providing exceptional services to our valued customers.

Continuing, he said, “The Management of the Bank has firmly established a remarkable legacy of growth since its inception and has consistently demonstrated its ability to achieve substantial progress across various parameters and the commercial banking license will strengthen the Bank’s revenue base, entrench value creation, impact earnings growth and sustain higher returns for the shareholders, while affording more banking customers across the nation the opportunity to enjoy the products and services of NOVA Bank.”

Expounding on this, NOVA’s Managing Director, Mr. Nath Ude, said, that with the new license, the bank is poised to extend its comprehensive range of financial services throughout Nigeria and cement its position as a leading player in the Nigerian banking industry.

“The resounding approval from the shareholders for the transition to a commercial bank reflects their confidence in NOVA’s ability to thrive in the evolving financial landscape. The Bank remains resolute in its pursuit of sustainable growth while continuing to provide its customers with innovative financial solutions. As we transition into a commercial bank, NOVA aims to expand its services and further enhance its position as a trusted provider of cutting-edge financial solutions in Nigeria,” the MD stated.

Ude restated the bank’s commitment to continue to invest in new technologies, including our robust digital platform, to create exceptional service experiences for its customers.

Shareholders also ratified the bank’s result for the full year ended December 31, 2022, where the bank recorded outstanding performance and significant growth across all its indicators on the back of innovative offerings and exceptional customer service.

Specifically, total assets grew by 14.6% to close 2022 at N279.9bn up from N244.2bn recorded the previous year; while profit before tax rose significantly by 107.9 percent to close the year 2022 at  N3.50bn. Profit after tax also recorded a similar feat, as it jumped from N1.58bn in 2021 to N3.21bn in the year under consideration, representing an impressive growth of 102.9%.

Previous Post

Avanti holds is leading  sub-Saharan Africa’s high-throughput satellite capacity partner

Next Post

Water in Aircraft Fuel Tanks: NCAA Move to Stop Reoccurrence

Next Post
Water in Aircraft Fuel Tanks: NCAA Move to Stop Reoccurrence

Water in Aircraft Fuel Tanks: NCAA Move to Stop Reoccurrence

Leave a Reply Cancel reply

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

RECOMMENDED NEWS

Logistics, Administrative hurdle characterised Nigeria election – Commonwealth Observer Group

2 years ago

Obaseki plotting to impeach his deputy, Mr..Philip Shuaibu

2 years ago

oraimo Named Top 100 Most Admired Brand In Africa

2 years ago

The Zawadi Collection:  Miladé’s Gift to The Girls That Get It

1 year ago

FOLLOW US

  • 86.2k Followers

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

BROWSE BY TOPICS

2023 Benue Budget Abuja-Kaduna Rail Access Corporation Access pension airports concession Aviation Ayu Benue Budget Benue Community Buhari Business CBN Central Bank Dana Air Economy FGPL Herdsmen Herdsmen attacks insecurity insurance Maritime Min of Transport MSMEs NAICOM NCAA Nigeria Nigeria -Cameroon Border Post Nigeria Air NRac Onne Port ooh Orrom Ortom PDP PenCom pension Railway Sambo Jaji Transcorp Transcorp Group Transcorp Hotels Plc UBA Ukohol Wike Wildon Ideva

BROWSE BY CATEGORIES

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Economy Footprint

The EconomyFootprint is published by Ideas Tent Communications Ltd®. All Rights Reserved.

Follow us on social media:

Recent News

  • Tax Reforms Is One of My Most Impactful Achievements – Pres. Tinubu
  • MTN Nigeria and Pan-Atlantic University Welcome Fourth Cohort of Media Innovation Programme
  • THE TAH DOCTRINE: A PRESIDENTIAL MANDATE FOR AFRICA’S NEXT CHAPTER

Category

  • Aviation
  • Brands
  • Crime
  • Editorial
  • Features | Analysis
  • Finance | Insurance | Pension
  • Health | Environment
  • Industry | Trade | Commerce
  • International
  • Interview | Profile
  • News
  • Opinion
  • Politics
  • Small Business
  • Sports
  • Top News
  • Transport & Blue Economy
  • Uncategorized

Recent News

Tax Reforms Is One of My Most Impactful Achievements – Pres. Tinubu

May 29, 2025

MTN Nigeria and Pan-Atlantic University Welcome Fourth Cohort of Media Innovation Programme

May 29, 2025
No Result
View All Result
  • Home
  • Politics
  • News
  • Sports
  • Opinion