NOVA Merchant Bank Set to Begin Commercial Banking, Appoints Oyedeji CEO

Emmanuel Addeh in Abuja

NOVA Merchant Bank Limited, a leading bank in Nigeria, has announced that it is set to begin its conversion to full commercial banking business, following its recent requisition of the national commercial banking licence from the relevant authorities.

To this end, the bank has appointed Mr. Adebowale Oyedeji, as the new Managing Director and Chief Executive Officer to effectively steer its operations and deliver on its new mandate. His appointment which takes effect from January 2, 2024, has been approved by the Central Bank of Nigeria (CBN).

 Oyedeji, a statement from the bank said, is coming on board with several years of experience at the C-suite level from a major commercial bank in Nigeria, and will be succeeding the erstwhile MD, Mr. Nath Ude, whose tenure expired on November 6, 2023.

The board of NOVA has expressed its appreciation to Ude for his efforts and services to NOVA since his appointment in 2020.

“Wale’s wealth of hands-on experience combined with strong track record of delivering revenue objectives, business turnaround, improved productivity, people management, operational efficiency and risk control makes him a perfect fit to captain the ship of NOVA Merchant Bank.

“He has held several executive positions in foreign and Nigerian environments giving him the global perspective to leading a financial institution to success,” the statement added.

He was previously the MD/CEO Of Guaranty Trust Bank UK (a subsidiary of Guaranty Trust Bank Group) between 2008 and 2011 and was an Executive Director of Guaranty Trust Bank Group from 2011 to 2018 with supervision of various industry focused corporate and commercial banking teams that transformed the group.

According to the press release, Just before his appointment as the MD/CEO of NOVA, Wale was on the board of Stanbic-IBTC as an Independent Non-Executive Director (INED) from 2020 to 2023.

“Wale will lead the new executive team to implement the Bank’s Accelerated Growth Initiatives (AGI) for the next five-year plan of the bank commencing January 2024,” it explained.

 Oyedeji who expressed his excitement at the opportunity to lead the team in transforming NOVA from a leading merchant bank to a major commercial bank, said:  “I am honoured to be the pioneer chief executive officer of the proposed NOVA commercial bank which is set to positively change the entire banking landscape”.

The Chairman of the Board of NOVA Merchant Bank, Mr. Phillips Oduoza, who commented on Oyedeji’s appointment, said: “This appointment is a reinforcement of the bank’s belief that with the right people and leadership, using technology and innovation, the bank will compete favourably for market share in the commercial and retail banking space.

“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,” Oduoza stated.

Oyedeji is an alumnus of the University of Ibadan where he bagged a Bachelor of Science degree in Agricultural Economics.

He also obtained his M.Sc degree in Financial Economics from University of London and Advanced Management Program (AMP) from Harvard Business School (HBS).

He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and Honorary member of the Chartered Institute of Bankers (CIB).

NOVA Merchant Bank Limited is an investment grade rated merchant bank in Nigeria which offers an integrated suite of financial solutions covering wholesale banking, investment banking, asset management, securities trading, wealth management, trade services, transaction banking, cash management and digital banking.