NOVA Merchant Bank Limited has secured approval from the relevant regulatory authorities to transition into a full commercial banking entity.
In a statement on Monday, the leading merchant bank in Nigeria also announced the appointment of Adebowale Oyedeji as its new Managing Director and Chief Executive Officer. The appointment takes effect from January 2, 2024.
“Oyedeji is coming on board with several years of experience at the C-suite level from a major commercial bank in Nigeria and will be succeeding the erstwhile MD, Mr Nath Ude, whose tenure expired on November 6, 2023. The Board of NOVA has expressed its appreciation to Mr. Ude for his efforts and services to NOVA since his appointment in 2020,” the statement said.
“Oyedeji’s wealth of hands-on experience combined with a 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.
“Oyedeji was previously the 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.”
Before he was appointed the MD/CEO of NOVA, Oyedeji was on the Board of Stanbic IBTC as an Independent Non-Executive Director from 2020 to 2023.
He would lead the new executive team to implement the Bank’s Accelerated Growth Initiatives for the next five-year plan of the bank commencing January 2024.
Oyedeji is an alumnus of the University of Ibadan, where he bagged a Bachelor of Science degree in Agricultural Economics.
He also obtained his M. Sc degree in Financial Economics from the University of London and Advanced Management Programme from Harvard Business School.
He is a Fellow of the Institute of Chartered Accountants of Nigeria and an Honorary member of the Chartered Institute of Bankers.
Speaking on his appointment, Oyedeji said: “I am honoured to be the pioneer Chief Executive Officer of the proposed NOVA Commercial Bank which is set to positively change the entire banking landscape.”
The Chairman of the Board of NOVA Merchant Bank, Phillips Oduoza, 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.”
