NOVA Merchant Bank Limited, a prominent merchant bank in Nigeria, has announced its transition to full Commercial Banking Business after obtaining the national commercial banking license.
Gatekeepers News reports that the bank has appointed Mr. Adebowale Oyedeji as the new Managing Director and Chief Executive Officer, effective January 2, 2024, with approval from the Central Bank of Nigeria.
Mr. Oyedeji, equipped with extensive experience from a major commercial bank in Nigeria, will succeed the outgoing MD, Mr. Nath Ude whose tenure expired on November 6, 2023.
The Board has expressed gratitude to Mr. Ude for his contributions since his appointment in 2020.
Oyedeji’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.
Adebowale Oyedeji, MD/ CEO, NOVA
He has held several executive positions in foreign and Nigerian environments giving him the global perspective to leading a financial institution to success.
His past roles include 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.
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.
Mr. Oyedeji, thrilled at the opportunity, stated, “I am honoured to be the pioneer CEO of the proposed NOVA Commercial Bank, set to positively change the entire banking landscape.”
Mr. Phillips Oduoza, Chairman of the Board of NOVA Merchant Bank, 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, Mr. Oduoza stated”.
Chairman of NOVA, Phillips Oduoza
Wale Oyedeji, an alumnus of the University of Ibadan, holds a Bachelor’s degree in Agricultural Economics and an M.Sc. in Financial Economics from the University of London. among other qualifications. He also has an Advanced Management Program (AMP) from Havard Business School (HBS).
He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and Honorary member of Chartered Institute of Bankers (HCIB).
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.
