Business
NOVA Merchant Bank’s Transition to Commercial Banking and the Appointment of Adebowale Oyedeji as MD/CEO
NOVA Merchant Bank’s Transition to Commercial Banking and the Appointment of Adebowale Oyedeji as MD/CEO
NOVA Merchant Bank Limited, a prominent merchant bank in Nigeria, has recently announced its intention to transition into a full-fledged commercial banking business after acquiring a national commercial banking license from the relevant authorities. As part of this strategic move, the bank has appointed Mr. Adebowale Oyedeji as the new Managing Director and Chief Executive Officer to lead its operations and drive its new mandate. This appointment, which has been approved by the Central Bank of Nigeria (CBN), will take effect on January 2, 2024.
Adebowale Oyedeji, widely known as Wale, brings with him a wealth of experience at the C-suite level from a major commercial bank in Nigeria. He will be succeeding the outgoing MD, Mr. Nath Ude, whose tenure expired on November 6, 2023. The Board of NOVA has expressed its gratitude to Mr. Ude for his contributions and services to the bank during his tenure.
Wale Oyedeji’s extensive experience, encompassing a strong track record of achieving revenue objectives, leading business turnarounds, enhancing productivity, managing people, ensuring operational efficiency, and implementing robust risk control measures, positions him as an ideal leader to steer NOVA Merchant Bank’s transformation into a major commercial bank. His previous executive roles in both foreign and Nigerian financial institutions have equipped him with a global perspective on leading a financial institution to success.
Notably, Wale served as the MD/CEO of Guaranty Trust Bank UK, a subsidiary of Guaranty Trust Bank Group, from 2008 to 2011. Subsequently, he held the position of Executive Director of Guaranty Trust Bank Group from 2011 to 2018, overseeing various industry-focused corporate and commercial banking teams that significantly transformed the group. His tenure as an Independent Non-Executive Director (INED) at Stanbic-IBTC from 2020 to 2023 further enriched his industry insights and leadership capabilities.
As Wale assumes the role of MD/CEO at NOVA Merchant Bank, he will lead the new executive team in implementing the bank’s Accelerated Growth Initiatives (AGI) for the next 5-year plan, commencing January 2024. Expressing his enthusiasm for leading the transformation of NOVA from a leading merchant bank to a major commercial bank, Wale stated, “I am honored to be the pioneer Chief Executive Officer of the proposed NOVA Commercial Bank, which is set to positively change the entire banking landscape.”
Mr. Phillips Oduoza, the Chairman of the Board of NOVA Merchant Bank, emphasized the significance of Wale’s appointment, stating, “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 favorably for market share in the commercial and retail banking space.” Mr. Oduoza expressed confidence in Wale’s hands-on experience, communication skills, and strong leadership capabilities, highlighting their potential to drive improved execution and financial performance at NOVA.
Wale’s academic background includes a Bachelor of Science degree in Agricultural Economics from the University of Ibadan, an M.Sc. degree in Financial Economics from the University of London, and completion of the Advanced Management Program (AMP) from Harvard Business School (HBS). He is also a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and an Honorary Member of the Chartered Institute of Bankers (HCIB).
NOVA Merchant Bank Limited, an investment-grade-rated merchant bank in Nigeria, offers an integrated suite of financial solutions covering wholesale banking, investment banking, asset management, securities trading, wealth management, trade services, transaction banking, cash management, and digital banking. The bank’s strategic transition to a commercial banking business under Wale’s leadership signifies a significant milestone in its pursuit of delivering enhanced financial services to its clients and competing effectively in the dynamic Nigerian banking landscape.
In conclusion, NOVA Merchant Bank’s evolution into a commercial banking entity and the appointment of Adebowale Oyedeji as MD/CEO mark a pivotal moment in the bank’s journey. With Wale’s leadership and the support of the Board, NOVA is poised to embark on a new phase of growth and innovation, leveraging its strong foundation and commitment to delivering exceptional financial solutions to its customers. As NOVA sets its sights on the future, the industry will keenly observe the bank’s strategic initiatives and the impact of its transformation on the Nigerian banking sector.