Lagos State Governor, Mr. Babajide Sanwo-Olu, has lauded the Chairman, Board of Directors, and management of NOVA Bank Limited for remaining resilient and focused to take the outfit to the enviable heights it has reached.

He gave the commendation on Tuesday during the inauguration of the bank’s new business office.

He hailed the commitment of investors and shareholders to Lagos’s conducive business environment despite economic challenges.

“We need to commend and encourage them. The NOVA team had the choice to remain in the merchant banking space or expand, and they chose the latter, committing additional resources to remain competitive and impactful. On behalf of the Lagos State government, I thank and encourage you. We are excited by this milestone,” the governor stated. He also praised NOVA Bank for its talented team and acknowledged the significant contributions of the Board Chairman, Mr. Philip Oduoza, to the Lagos State Security Trust Fund, which has helped improve security in the state.

Sanwo-Olu assured that the government will continue to provide an enabling environment for businesses to thrive.

With the opening of its first commercial banking branch in Victoria Island, NOVA Bank Limited has officially commenced operations as a National Commercial Bank. Formerly known as NOVA Merchant Bank, the institution recently received the Central Bank of Nigeria’s approval of its final licence.

In his address, NOVA Bank’s Chairman and founder, Philip Oduoza, expressed his excitement about the bank’s future. “We are thrilled to transition from the merchant banking space, where we have been very successful, to the retail market, which has a far larger population.

Our goal is to bring excellent service to more people in Nigeria and make a significant impact on the economy through financial services, consumer credit, and our successful suite of products,” Oduoza stated.

He emphasized the importance of the bank’s ‘PHYGITAL’ approach, which combines physical offices with digital platforms, empowering customers to manage their banking needs from anywhere. “This digital experience allows you to bank from your office, your home, or on the go,” he assured. Oduoza also noted that by opening more branches, the bank would support President Bola Ahmed Tinubu’s administration in job creation and economic stabilization.

The bank’s Managing Director/Chief Executive Officer, Wale Oyedeji, highlighted NOVA Bank’s commitment to customer focus and delivering exceptional service. “As we expand our services, we remain dedicated to providing an unparalleled banking experience that integrates physical and digital realms. Our PHYGITAL approach ensures personalized, in-person service and the convenience of cutting-edge digital solutions,” he explained.

Regarding the recent N500 billion banking sector recapitalization requirements, Oduoza mentioned that shareholders, who raised capital through a rights issue last year to meet these requirements, are committed to doing so again. Oyedeji added that the bank is bringing top-grade talent, reliable human capital, and state-of-the-art technology to serve the retail and SME sectors while maintaining its strong position in the market.

Established in 2018, NOVA Bank plans to open additional branches in Lagos, Abuja, Port Harcourt, and Kano, continuing its mission to deliver innovative services and build on its legacy as a leading merchant bank.