Onome Amuge
NOVA Bank has announced a strategic shift, declaring its intention to transition its operating license from a national to a regional authorisation. This move, according to the bank’s management, is aimed at optimising operational efficiency and deepening its impact within key markets, without compromising its commitment to innovation, customer satisfaction, and sustainable growth.
To this effect, NOVA has formally applied to the Central Bank of Nigeria (CBN) for the re-categorisation of its license.
The bank stated that this repositioning aligns with its long-term vision to consolidate strengths, streamline services, and deploy capital more effectively within targeted regions. NOVA maintains a robust financial position, underscored by strong capital adequacy and liquidity ratios, alongside a consistent growth trajectory.
Chinwe Iloghalu, NOVA’s acting managing director/chief executive officer, explained that the decision follows a comprehensive review of the bank’s growth trajectory and capital utilisation strategy, prompted by the CBN’s revised recapitalisation directive issued in March 2024.
“Given the Bank’s current stage of growth, we have chosen the prudent route to optimize what we need, grow efficiently, and scale sustainably. This is a major strategic positioning that will ensure continued efficiency in the deployment of assets and resources,”. Iloghalu stated.
She further affirmed the strong commitment from shareholders, who have pledged to inject an additional N24 billion through a rights issue before the end of 2025. This capital injection is expected to exceed the prescribed capital requirements for regional banks well ahead of the CBN’s 2026 deadline.
In a recent affirmation of its financial strength and stability, Global Credit Rating (GCR) reaffirmed NOVA Bank’s BBB rating with a Stable Outlook. GCR cited the bank’s healthy liquidity profile, improving earnings, and sound asset quality as key contributing factors.
The bank’s audited 2024 financials further validate the effectiveness of its growth strategy, recording over 200 per cent year-on-year growth in profit before tax (PBT), alongside improvements across all key financial indicators.
Looking ahead, NOVA is set to launch three new branches in the coming weeks, strategically located in Owerri, Port Harcourt, and Abuja. These new physical access points aim to enhance customer service, while the bank simultaneously strengthens its digital banking infrastructure to ensure secure, seamless, and convenient banking experiences for its clientele.
Phillips Oduoza, chairman of the Board, reiterated NOVA’s unwavering commitment to its vision. “Every decision we make is deliberate and strategic, guided by sound governance and market insight. Transitioning to a regional license is a recalibration, giving us room to grow optimally, build capacity, and position ourselves for a full national rollout in the next 36 months,” he said.
