Nova Merchant Bank Holds AGM


Nova Merchant Bank yesterday disclosed that it recently held its third Annual General Meeting (AGM) virtually, at its head office in Lagos.

The meeting was held virtually in strict adherence with stipulations by the federal and state government in a bid to limit the spread of the coronavirus pandemic currently ravaging the world.

The meeting which was led by the Chairman, NOVA Merchant Bank, Mr. Phillips Oduoza, had in attendance the Managing Director, Mr Anya Duroha, Company Secretary, Mr. Nnadozie Ohaji, Board of Directors, Shareholders, as well as representatives from key financial regulatory organisations including the Central Bank of Nigeria and the Nigerian Deposit Insurance Corporation.

According to a statement, shareholders at the meeting lauded the innovative concept of the virtual meeting, which according to them, showed that the bank was ahead in keeping up with the times, while ensuring continuous safety of both staff and shareholders.

They also commended its impressive performance and urged the bank to continue the growth trajectory notwithstanding the current macroeconomic headwinds occasioned by the coronavirus and drop in oil price.

While presenting the bank’s financial performance for the year ended December 31, 2019, Oduoza noted that the bank reported a significant improvement in all the key financial indices compared to 2018 achievements.

He attributed this growth to the successful execution of the 2019 strategic plan in line with the key strategic pillars to position the bank as a market leader by 2025.

“While we acknowledge the present macro-economic landscape and its concerns, and even though we see that the situation remains very fluid, it is our firm belief that the COVID-19 crisis will also result in several opportunities for the bank, as industry dynamics evolve,” Oduoza said.

He assured the shareholders that the bank would continue to focus on digital banking, provision of long-term funding, wholesale and investment banking while maintaining a lean operating philosophy.

Also speaking, Duroha said, 2019 was the year in which the bank’s business made major leaps due to the resilience and commitment of our employees.

He said, “I am pleased to inform you that your investments in the Bank have continued to record double digit growth along all major parameters.

“This clearly demonstrates the level of confidence in the bank and our offerings especially given the competitive nature of the banking industry and our relative newness in the market.

“We were able to deliver these impressive results as we remained focused on our mission of creating superior value in the markets we serve and keeping our customers at the center of our business. I believe this performance is sustainable by maintaining our relentless focus on providing a superior customer experience,” Duroha stated.

Some of the key achievements included growth in deposits by 523 per cent, growth in loan book by 1106 per cent, increase in total assets by 155 per cent and rise in profit after tax by 43 per cent over the 2018 performance.

At the meeting, the shareholders also approved the reappointment of two retiring directors and urged the board to continue to steer the bank in the right direction.