By Dipo Olowookere
Newly licensed merchant bank by the Central Bank of Nigeria (CBN), NOVA Merchant Bank Limited, has commenced operations in Nigeria after its formal launch in Lagos on Thursday.
The financial institution has former Group Managing Director (GMD) of United Bank for Africa (UBA) Plc, Mr Phillips Oduoza, as its chairman.
While addressing newsmen yesterday, Mr Oduoza explained that the lender is focused on project financing, asset management, capital market operations, wholesale and investment banking.
According to him, merchant banking has not been fully tapped into in Nigeria, describing the sector as very important because it supports the economic development of the nation through the provision of long-term funding.
He said, “In the past, we used to have merchant banks as well as commercial banks but that boundary was removed because of the onset of the universal banking licence just before the consolidation exercise.
“The implication was that banks could do both commercial and merchant banking. In 2013, the demarcation was brought back following the review of the Universal Banking license.
“Therefore, you now have merchant banks and commercial banks with different areas of focus and permissible businesses.”
He described NOVA as a firm, which wants to do new things, new ideas, new thinking and assisting the clients in different business models.
Mr Oduoza told journalists that NOVA has experienced and talented people in its workforce, who share the vision of the lender.
He noted that NOVA has different products designed to meet the needs of business owners and individuals. He said with time, the company will conquer Africa because of the high standards it will operate with.
NOVA Merchant Bank Limited has Chinedu Ikwudinma as its Managing Director as well other top banking professionals.
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