The Board of NOVA Merchant Bank has secured the approval of shareholders to transform the bank into a commercial banking services provider.
In a unanimous approval given during the company’s 6th Annual General Meeting in Lagos on Wednesday, the shareholders agreed that the bank remained well-positioned to sustain and build upon its growth legacy by transiting to a deposit money bank (DMB)
During the yearly meeting, the company’s Board of Directors elaborately spoke on its comprehensive restructuring plans on how the bank will change from a merchant bank to a commercial bank.
Addressing the shareholders during the AGM, the Board Chairman of the bank, Mr. Phillips Oduoza, told the investors that the decision to transform the bank to a commercial lender would 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.
“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 licence 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”, Oduoza added.
Speaking at the meeting, the bank’s Managing Director, Mr. Nath Ude, explained that the bank would be able to extend its comprehensive range of financial services nationwide and strengthen its position as a leading player in the Nigerian banking industry.
On the shareholders’ approval, he said: “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”, Ude added.
