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Imo State-born Banker floats Investment Bank, promises to revolutionise the sector

From Nnamdi:

A new bank has just entered the Nigeria financial sector with a promise to change the face of Investment banking in the country and further support the economic growth of the nation.

This was the the thrust of the newly launched NOVA Merchant Bank Limited set-up by the immediate-past Group Managing Director of United Bank of Africa PLC, Mr Philip Oduoza.

According to the Ogbaku- Mbaitolu local Government Area renowned banker with interest in wholesale banking,the entrance of NOVA Merchant bank limited came from clear thinking on the gap in the industry.He maintained that NOVA is in business to expand the frontiers of banking in Africa and also,support the public and private sectors with long-term financing towards economic development.

Inaddition,Oduoza states that the new bank is the only originally licensed Merchant Bank in Nigeria as others either converted from a discount house or once a representative office in Nigeria.

The Chairman of NOVA Merchant bank quipped that the team at NOVA is mix of professionals poached from notable Investment banks across the world and with good background in Risk management.

He bemoaned a situation where top one percent Nigerians still have accounts and assets entrusted to offshore managers, and less being done to deepen the capital market. Also,he recounted that most of the recently acquired banks by the Central bank of Nigeria were sold using offshore Advisers and presently a big telecommunication company on sale is in the hand of foreigb adviser and promise that the commencement of NOVA is to change the situation.

NOVA Merchant bank according to the Chairman has her core value as UPLIFT with U standing for Uniqueness,P for passion,L for leadership,I for Integrity, F for fairness and T-for Teamwork

Oduoza said “Banking is changing globally with the emergence of new entrants and the infusion of non-traditional business models leveraging advances in technology,”.

“We believe Nigeria should not be left behind. Therefore, NOVA is here to bring a new experience in the banking industry. That was why we selected the name, NOVA, which means new. We want to do new things.

 “The major international financial institutions involved in investment banking are doing very well. Today, we do not have any of such institutions in Nigeria and this is the space NOVA plans to occupy.”

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