NOVA Merchant Bank enters the commercial banking arena with Adebowale Oyedeji as new MD/CEO
Business a.m
NOVA Merchant Bank Limited, one of Nigeria’s leading merchant banks, has announced that it is taking the next step in its evolution by converting to a full commercial banking business, following the receipt of a national commercial banking license from the relevant authorities.
As part of this process, NOVA Merchant Bank has appointed Adebowale Oyedeji as the new managing director and chief executive officer, effective from January 2, 2024. Oyedeji’s appointment has been approved by the Central Bank of Nigeria (CBN), and he will be responsible for leading the bank’s transition to commercial banking, and overseeing its operations and strategy going forward.
Wale 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, Nath Ude, whose tenure expired on November 6, 2023. The board of NOVA expressed its appreciation to Ude for his efforts and services to NOVA since his appointment in 2020.
Oyedeji’s extensive experience and track record of success in various leadership roles, both in Nigeria and abroad, make him a well-suited candidate to lead NOVA Merchant Bank into the future. His previous roles have given him a global perspective and understanding of the financial services industry, as well as a strong background in driving revenue objectives, improving operational efficiency, and managing risk. The Board is confident that he will be able to apply these skills and experience to lead NOVA Merchant Bank to greater success.
Prior to joining NOVA Merchant Bank, Oyedeji served as the managing director and chief executive officer of Guaranty Trust Bank UK between 2008 and 2011, during which time he led the company’s expansion and transformation. He then served as an executive director of Guaranty Trust Bank Group from 2011 to 2018, where he supervised various corporate and commercial banking teams that contributed to the group’s growth and success. He also served as an independent non-executive director of Stanbic-IBTC from 2020 to 2023, where he provided guidance and oversight to the board.
Oyedeji expressed excitement to take on the role of leading the bank’s transformation into a major commercial bank. He views this as an opportunity to change the banking landscape in Nigeria, and is committed to implementing the bank’s accelerated growth initiatives over the next five years.
“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,”he said.
Phillips Oduoza, the chairman of the board of NOVA Merchant Bank, who commented on Wale’s appointment, described the appointment as 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.
Oduoza stated,“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.”