NOVA Merchant Bank Gears Up for Full Commercial Banking Operations with New CEO

NOVA Merchant Bank Limited, a prominent merchant bank in Nigeria, has revealed its plans to transition into a full-fledged Commercial Banking Business after securing the necessary national commercial banking license from relevant authorities.

In light of this development, the bank has appointed Adebowale Oyedeji as the new Managing Director and Chief Executive Officer to lead its operations and fulfill its expanded mandate. The appointment, effective from January 2, 2024, has received approval from the Central Bank of Nigeria (CBN). Oyedeji, bringing a wealth of experience from a major commercial bank in Nigeria, will succeed the former MD, Nath Ude, whose tenure concluded on November 6, 2023. The Board of NOVA expressed gratitude to Mr. Ude for his dedicated service since his appointment in 2020.

Adebowale Oyedeji’s extensive experience at the C-suite level in both foreign and Nigerian financial environments positions him as a fitting leader to guide NOVA Merchant Bank through its transformation into a major Commercial bank. His background includes serving as the MD/CEO of Guaranty Trust Bank UK, an Executive Director of Guaranty Trust Bank Group, and as an Independent Non-Executive Director on the Board of Stanbic-IBTC.

Oyedeji’s leadership will play a crucial role in implementing the Bank’s Accelerated Growth Initiatives (AGI) for the next 5-year plan, starting from January 2024. He expressed enthusiasm about leading the team in reshaping NOVA from a leading Merchant Bank into a significant player in the Commercial banking sector, stating, “I am honored to be the pioneer chief executive officer of the proposed NOVA Commercial Bank, which is set to positively change the entire banking landscape.”

Phillips Oduoza, Chairman of the Board of NOVA Merchant Bank, commented on Oyedeji’s appointment, emphasizing the bank’s confidence that with the right leadership and technological innovation, NOVA will competitively gain market share in the commercial and retail banking space. Oduoza noted, “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 holds a Bachelor of Science degree in Agricultural Economics from the University of Ibadan, an M.Sc degree in Financial Economics from the University of London, and an Advanced Management Program (AMP) from Harvard Business School. He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and an Honorary member of the Chartered Institute of Bankers (HCIB). NOVA Merchant Bank Limited offers a comprehensive suite of financial solutions, including Wholesale Banking, Investment Banking, Asset Management, Securities Trading, Wealth Management, Trade Services, Transaction Banking, Cash Management, and Digital Banking.

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