NOVA Bank launches new branch, gets Sanwo-Olu’s commendation

Nike Popoola

Lagos State Governor, Babajide Sanwo-Olu, has commended Nova Bank limited for its investments and contributions to the country’s economy.

He gave his commendation and support, while speaking during a ceremony by Nova Bank to open its first branch as a commercial bank at 18, Kofo Abayomi Street, Victoria Island, Lagos. The event which took place on Tuesday was well attended by financial leaders and other stakeholders.

Sanwo-Olu said, “When you see the economic challenges globally, when you see uncertainties and risks that abound everywhere, and most especially in our economy, but you still see investors, shareholders, that are committed in this environment that still believe that there is a need for them not to take their monies out but to invest in their communities, in their country, we need to commend them, we need to encourage them to stay in the country because they have a choice.

“But like the chairman (Nova) said, they could have decided to stay as a merchant bank, but they felt they need to take it further, and taking it further means they need to dip their hands into their pocket, and bring additional resources that will make it possible for them to be able to compete in the larger space.

“On behalf of the people of Lagos State, I am doing my job by ensuring that I come here, to come and encourage you, to come and thank you, to say to you that we are excited, to say we will continue to create an enabling business environment, where shareholders, stakeholders, customers see the need for them to grow their business and make addition investment. I want to say that you have taken the right step.”

The Chairman of the Board, Nova Bank Limited, Phillips Oduoza, while noting that the bank was no longer Nova Merchant Bank anymore, said, “It is Nova Bank Limited, driving sustainability, empowering the consumers, providing the credit, providing solutions. We actually do not want to be the largest bank, we do not want to be the biggest bank, but we want to be the solution-driven bank, the most efficient bank, and providing solutions that every customer benefits from it.”

He noted that Nova Bank was successful when it was a merchant bank, and now as a commercial bank, it would make more positive impact in the economy.

With about 160 workers, he said it plans to open more offices, create jobs for more Nigerians, and support the retail market.

“The retail market has a far larger population and offers more opportunities for impactful engagement,” he said.

He also said the bank will focus on financial services provision, empowering consumers through consumer credit, and offering products that meets different needs.