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Today: Jun 14, 2024

NOVA Merchant Bank goes commercial, crowns Adebowale Oyedeji as CEO.

1 min read

NOVA Merchant Bank has announced plans to transition into a full-fledged commercial banking business following its acquisition of a national commercial banking license. The bank has appointed Adebowale Oyedeji as the new Managing Director and Chief Executive Officer, effective January 2, 2024. Oyedeji brings extensive experience at the C-suite level within a major commercial bank in Nigeria. He will succeed the outgoing MD, Nath Ude.

The appointment of Oyedeji is seen as a strategic move for NOVA Merchant Bank as it shifts its focus to commercial banking. Oyedeji has a strong track record of delivering revenue objectives, business turnaround, improved productivity, people management, operational efficiency, and risk control. He has held several executive positions in foreign and Nigerian environments, giving him a global perspective to lead the financial institution to success.

Prior to his appointment at NOVA Merchant Bank, Oyedeji served as the MD/CEO of Guaranty Trust Bank UK and later held the position of Executive Director within the Guaranty Trust Bank Group. He most recently served on the Board of Stanbic-IBTC as an Independent Non-Executive Director (INED).

Oyedeji will lead the new executive team at NOVA Merchant Bank to implement the bank’s Accelerated Growth Initiatives (AGI) for the next 5-year plan, commencing January 2024. The bank aims to leverage technology, innovation, and adept leadership to effectively compete for market share in commercial and retail banking.

The Chairman of the Board, Phillips Oduoza, expressed confidence in Oyedeji’s capabilities to drive improved execution and financial performance. The board believes that Oyedeji’s hands-on experience, communication skills, and strong leadership capabilities will help the bank deliver improved results.

Overall, the appointment of Adebowale Oyedeji as the new CEO of NOVA Merchant Bank marks the bank’s transition into commercial banking and signifies its commitment to growth and competition in the industry. Oyedeji’s experience and leadership skills make him a strong fit to lead the bank during this new phase.