In an era where some commercial banks in the country are looking for partnership towards a merger arrangement, NOVA Bank has done the unthinkable by opening its first commercial bankbranch in Lagos.
The bank, which has operated as a merchant banksince 2018 has officially transformed into a national commercial bank in Nigeria in a move described by stakeholders as audacious.
Lagos State Governor, Mr. Babajide Sanwo-Olu, while commissioning the bank, commended the Chairman, Board of Directors and management of NOVA Bank Limited, Dr Philips Oduoza on the inauguration of the lender’s new business office on Victoria Island Lagos.
Sanwo-Olu expressed delight that despite the challenges being faced within the Nigerian economy, a lot of investors and shareholders are still committed to the conducive business environment that Lagos State provides.
“We need to commend them. We need to encourage them. The NOVA team has a choice to go elsewhere or to remain in the merchant banking space. But they decided to take it further, and taking it further means they have to commit additional resources that will enable them to remain competitive and to make more impact.
“So on behalf of the Lagos State government, I am here to thank you, encourage you and to say to you that we are excited with this milestone, “the governor stated, adding that NOVA Bank limited has a lot of multi-talented men and women.
While specially thanking the Board Chairman, Mr. Philip Oduoza for playing a significant role on the board of the Lagos State Security Trust Fund years back, he said there has been no record of Bankrobbery for a long time due to improvement in the security situation in the state.
He further assured that the government will continue to provide an enabling environment for businesses to thrive.
By the opening of its first commercial banking branch Victoria Island area of Lagos, NOVA BankLimited has officially commenced operations as a National Commercial Bank.
The bank, formerly known as NOVA Merchant Bank, had received the Central Bank of Nigeria’s approval of its final license.
Earlier in his address, the Chairman and founder of NOVA Bank, Phillips Oduoza, expressed delight that the bank is out for a brighter future.
“I feel very excited about it because this is something that we have been looking up to, for some time. And as we have been very successful in the Merchant banking space, which is the space where you attend to the wholesale banking clients and corporate commercial banking.
‘Now we have turned around, to take this success story to the retail market, and the retail market has far more population than the wholesale space. So we want to take this excellent service to many more people in Nigeria, because we know it is going to make an impact on the economy.
“The impact comes in various forms. One is financial services provision, the second one is empowering the consumers through consumer credit and the third one is providing them with our suite of products that have been very, very successful,” Oduoza stated.
According to him, of critical importance is the ‘PHYGITAL’ that we talked about, which is a convergence of the physical offices and digital platforms, and it empowers customers to do so many things.
Both “from your office, your house, on the go, anywhere at all, and that’s what the digital experience gives to you, “he assured.
He said by opening up more branches, the Bankwould be supporting the president Bola Ahmed Tinubu administration in the area of job creation and in stabilizing the economy. He emphasized the bank’s unwavering commitment to customer focus and delivering exceptional service.
“As we expand our services, we remain dedicated to delivering an unparalleled banking experience that seamlessly integrates the physical and digital realms.
“Our trademarked PHYGITAL experience combines a select number of strategically located physical branches with high-tech, seamless digital banking capabilities, ensuring that our customers receive the best of both worlds. This approach allows us to provide personalised, in-person service where it is most needed, while also offering the convenience and efficiency of cutting-edge digital solutions,” he explained.
Answering questions regarding the latest N500 billion banking sector recapitalization requirements, Oduoza said that shareholders who believed so much in the lender, raised capital through a rights issue last year to meet the capital requirements of the commercial banks, have committed to do it again.
Also speaking, the Managing Director/Chief Executive Officer of the bank, Wale Oyedeji, added that the lender is coming with top grade talent, reliable human capital and top rate technology. He explained that the Bank has invested in the highest range of the core banking software in the industry today.
“We are also joining technologies to create the platforms to help us serve the retail customers and SME stage while remaining entrenched in this sector of the market where we have operated for the last five years.
“As we evolve to serve a broader customer base, we remain committed to delivering innovative services, building on our legacy as a leading merchant bank,” Oyedeji emphasized.
On recapitalization, he said shareholders who last year brought in additional capital to enable the bank scale the hurdle and get to its position today, have committed that they would bring in capital via rights issue to raise the capital required before the deadline.
NOVA Bank, which was established in 2018, is set to open additional branches in Lagos, Abuja, Port Harcourt and Kano.
Customers speak
A customer of the bank, Gabriel Ogbechie, Managing Director, RainOil Nigeria, said his company had enjoyed excellent service and wonderful support from the bank and thanked the management of the bank for being professional.
He said, “We have enjoyed your service and we are glad that this will improve as you have transited as a commercial bank now. I have no doubt that the future is bright for the bank . Nova is a bank to do business with”.
Another customer, Mr, Chairman of Simba Group, Dr. Patrick Bitature, said the bank has shown the company what real banking is all about.
He said, “We have been in Nigeria for 37 years and we have been dealing with many banks but we have a good relationship with Nova Bank. I wish them the best”.
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