NOVA Merchant Bank Limited has announced plans to transition into a full-fledged commercial banking business following its acquisition of a national commercial banking licence.
The bank has set the stage for this significant shift and appointed Adebowale Oyedeji as the new Managing Director and Chief Executive Officer, effective January 2, 2024, upon approval by the Central Bank of Nigeria (CBN).
In a statement issued on Monday, the bank said that Adebowale Oyedeji, known for his extensive experience at the C-suite level within a major commercial bank in Nigeria, will succeed the outgoing MD, Nath Ude, whose tenure concluded on November 6, 2023.
The statement read that the Board of NOVA was thankful and sincerely appreciative of the work done by the outgoing CEO of the bank, Ude, since his appointment in 2020.
The bank added that “Wale’s wealth of hands-on experience combined with his strong track record of delivering revenue objectives, business turnaround, improved productivity, people management, operational efficiency, and risk control make 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.”
Highlighting the accomplishments of Wale that influenced the Board to choose him as the new MD/CEO, the bank said that Wale, a graduate of the University of Ibadan and the University of London, served as the MD/CEO of Guaranty Trust Bank UK (a subsidiary of Guaranty Trust Bank Group) from 2008 to 2011.
Later, he held the position of Executive Director within the Guaranty Trust Bank Group from 2011 to 2018. During this tenure, he oversaw diverse corporate and commercial banking teams, leading transformative changes within the group.
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 5-year plan of the bank, commencing January 2024.
Expressing enthusiasm for the role, Oyedeji stated, ““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.”
Phillips Oduoza, Chairman of the Board of NOVA Merchant Bank, commented on the appointment, emphasising the bank’s confidence in leveraging technology, innovation, and adept leadership to vie effectively for market share in commercial and retail banking. Oduoza expressed faith in Oyedeji’s capabilities to drive improved execution and financial performance.
Oduoza 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.”