Another commercial bank begins operations in Nigeria, appoints MD to rival Zenith, Access, Others

Another commercial bank begins operations in Nigeria, appoints MD to rival Zenith, Access, Others

 NOVA Merchant Bank, one of the leading merchant banks in Nigeria, has announced that it is set to begin conversion to an entire commercial banking business after getting a license from the Central Bank of Nigeria (CBN). 

The bank also appointed Adebowale Oyedeji as the new managing Director and chief executive officer to manage the bank’s operations. 

 Oyedeji’s appointment, which begins on January 2, 2024, has been approved by the CBN. 

 He will succeed the former MD/CEO, Nath Ude, whose tenure ended on November 6, 2023. The bank said in a statement that Oyedeji’s hands-on experience combined with a strong record of delivering revenue targets, business turnaround, productivity, people management, efficiency, and risk control makes him the ideal person for the job. 

Oyedeji has held several positions in foreign and local environments, giving him the global perspective to handle a leading financial institution. 

He was the MD/CEO of Guaranty Trust Bank UK between 2008 and 2011 and the Executive Director of the bank from 2011 to 2018. 

 He was also on the board of Stanbic IBTC as an Independent non-executive director from 2020 to 2023. 

The new MD/CEO will lead the bank to implement its Accelerated Growth Initiative (AGI) for the next 5-year plan beginning January 2024. Oyedeji said he is elated to be the pioneer MD/CEO of NOVA Commercial Bank, which was established to change the banking industry. Access, GTB, Zenith set to get new rival as NOVA gets approval to transition into commercial bank Legit.ng reported that NOVA Merchant Bank will be going into the commercial banking business and challenging Access, Zenith, and other Nigerian commercial banks for customers. This was disclosed at the company’s 6th Annual General Meeting in Lagos, Punch reports. At the meeting, the company’s NOVA board of directors received approval from its shareholders to commence the transition plan.