There is hope for job seekers across the country as Nova Bank Limited opens its first branch in Lagos and plans to open more across the City, Abuja, Port Harcourt and Kano.
Nova Bank, formerly Nova Merchant Bank Limited, early this year announced plans to transition into a full-fledged commercial banking business following its acquisition of a national commercial banking licence.
At the end of the year, the bank’s team numbered around 80 individuals. Since entering the commercial market space, that number has tripled. “Today, we have nearly 160 team members, all operating from the same two offices. The potential for growth is substantial, especially when considering the impact of future branch openings,” Phillips Oduoza, Chairman of the Board, said.
The bank on Tuesday, officially opened its first branch as a bank at Kofo Abayomi, Lagos. “I feel very excited about it, because this is something that we have been looking up to for some time. And as a whole we have been very successful in the merchant banking space, which is the space you attend to only the wholesale banking clients, corporate commercial banking clients,” he said.
The new venture aims to extend its services to a broader audience, reaching the retail and Small and Medium Enterprises (SME) markets. “This time around, I want to take this success story to the retail market,” Oduoza said. “The retail market has a far larger population and offers more opportunities for impactful engagement.”
The expansion, he said, it is not just about increasing their client base but also about making a tangible difference in the community. Oduoza highlighted three key areas of impact: financial services provision, empowering consumers through consumer credit, and offering a suite of successful products. “Of critical importance is the ‘phygital’ approach we talked about, which is a convergence of physical offices and digital platforms,” he explained. “It empowers customers to access services from their office, home, or on the go.”
In addition to enhancing customer experience, the company aims to support job creation and economic stabilisation in Nigeria. “With a commercial banking franchise, we will be able to reach out to many more people across a wider geographical area, which is very important for job creation,” Oduoza noted. “Branches that are established need to create jobs, and the more branches we open, the more jobs we create.”
In his remarks, Babajide Sanwo-Olu, governor of Lagos State, highlighted the dedication of investors and shareholders who remain committed to investing in the region despite economic challenges and global uncertainties.
“We need to commend them,” Sanwo-Olu stated. “When you look at all the economic challenges we face, not only in our country but globally, with all the disruptions and uncertainties, and the risk profiles that exist almost everywhere—especially in our economy, you still see investors and shareholders who are committed to this environment. They believe in the need to invest in their community, their state, and their country rather than taking their money elsewhere.”
Sanwo-Olu emphasised the importance of acknowledging and supporting these investors. “We need to commend them, encourage them, and stay in touch with them,” he said. “They felt the need to take it further, meaning they need to bring in additional resources that will enable them to compete in a larger space. We are committed to providing an enabling environment for businesses to thrive and will continue to do so.”
Wale Oyedeji, managing director/CEO, Nova Bank, said having operated successfully in the wholesale space for five years, the company is now set to extend its services to the retail and SME sectors. This transition aims to replicate the effective relationship management with high-end customers in a broader market.
He said the bank is leveraging advanced technology to enhance customer service, incorporating digital solutions and bringing in top-grade talent. “We are coming with top-grade talent and human capital,” he added. “We have invested in the highest range of banking software in the country today.”
The company is also working with technologists to create a platform that addresses customer needs while remaining competitive in the market.
Regarding capital raising, Oyedeji noted, “Last year, our shareholders brought in additional capital, enabling us to scale the hurdles necessary to operate as a commercial bank. They have committed to bringing in further capital via a rights issue to ensure we meet the required capital before the CBN deadline.”
