A new bank, Nova Merchant Limited will today begin operations in Lagos.
Nova brings the total number of merchant banks in Nigeria to five.
Its Chairman, Phillips Oduoza, said the bank will be coming into the market with products, ideas and knowledge that are suited to dealing with the challenges faced by Nigeria businesses.
“This means as the economy normalises, we scale up with it. That is why we are coming out now. As a new bank, we have come with a clean slate and are well positioned to take advantage of emerging opportunities as the economy recovers,” he said at a news conference in Lagos.
Oduoza added that “In Nigeria, Merchant Banking has not been fully tapped into. Banking penetration in Nigeria is mostly retail banking focusing on retail and corporate clients but we have opted for merchant banking in the strict sense of it with focus on corporate clients and investment banking.”
Oduoza, who has over 30 years banking experience, said Nova is fully licenced by the Central Bank of Nigeria to commence banking operations.