NOVA Merchant Bank has formally launched operations in Nigeria, becoming the fifth merchant bank to operate in the country.
The new bank will be based in Lagos and offer investment banking, asset management, and wholesale banking services.
NOVA Merchant Bank chairman Phillips Oduoza said: “We believe Nigeria should not be left behind. Therefore, NOVA is here to bring a new experience in the banking industry. That was why we selected the name, NOVA, which means new. We want to do new things.”
The bank would target mergers and acquisition, advisory services, securities and trading, wealth and asset management, debt and equity capital management.
Oduoza also highlighted that the new bank also has the first ‘green field’ licence in merchant banking.
“We didn’t convert from being a representative office or from being a discount house. So, from day one, we have been licenced to operate as a merchant bank. We are the first merchant bank that does not have any legacy history associated with it, as we are a greenfield merchant bank. In essence, we don’t have to deal with issues of carrying-over staff and technology from a legacy operator,” he stated.