Former Group Managing Director of the United Bank for Africa (UBA), Phillips Oduoza, has launched Nova Merchant Bank.
Declaring the bank open for business, Africa’s richest man and Chairman of the Dangote Group, Alhaji Aliko Dangote, commended the promoter of the bank and expressed his confidence in the quality of the board of directors of the bank and the senior management.
Nova, Nigeria’s fifth merchant bank, officially began operations on Thursday, February 1 at its headquarters in Lagos.
In his remarks at the occasion, Oduoza who is an independent director at the Development Bank of Nigeria. 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.”
