Home Header NOVA Merchant Bank Opens for Business, Promises New Ideas and Fresh Thinking

NOVA Merchant Bank Opens for Business, Promises New Ideas and Fresh Thinking

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The Vice President Yemi Osinbajo panel on the farmers/herdsmen clashes raised a committee yesterday to address some specific aspects of the task of ending killings in the country. Zamfara State Governor Abdulaziz Yari, who broke the news, said the sub-committee headed by Ebonyi State Governor Dave Umahi, will interface with the Miyetti Allah and the other stakeholders in the herders/farmers crises. He said some of those involved in the clashes had taken it as a money-making venture, adding that criminals also hide under them to perpetrate evil. He said: “There is progress. This committee is a NEC committee established by the Vice President so that this issue of herdsmen/farmers clashes will be put to rest. “Though it is a long-standing problem since 2007, in some states, particularly in my own state, we have been battling with it. Now the states and Federal Government under the leadership of the Vice President have agreed to have a small committee at NEC so that the situation will not get out of hand, so that it won’t be looked at as an ethnic crisis or religious crisis. “So, in our discussion today, we set up a committee headed by the Governor of Ebonyi State. Plateau and Adamawa governors are members. Other people will be brought to join the committee from hotspot states – Benue, Taraba, Adamawa and Zamfara, where there is crises so that they can interface with the Miyetti Allah and other groups to see how we can reduce this to the barest minimum. “As government, we have to take all the measures despite the fact that the Army, Police, and all the security agents are on the field at the respective places, still we have to form this committee to interface with those actors so that this matter can be reduced to the barest minimum and possibly be wiped off.” he said No fewer than six people have been killed and many others injured in another night attack on Kaguru village in Birnin Gwari Local Government Area of Kaduna State. The police have moved men and officers to the area to fish out the perpetrators. The State Emergency Management Agency (SEMA) is providing relief materials for distressed people and taking the inventory. An indigene of the area, Abdullahi Usman, said the gunmen suspected to be herdsmen attacked the village on Wednesday night. Usman, who said, the villagers were caught unawares, added that “after the gunmen sacked the village, they continued shooting sporadically and they went round to release all the cows from house to house and led them into the bush unchallenged. “They also set many houses ablaze after that. Nobody knows the exact number, but the cows are in their hundreds, they took all of them and left with them after killing six innocent souls.” Kaduna police spokesman ASP Mukhtar Aliyu said the gunmen invaded the community while the villagers were asleep. He confirmed that six people were killed. “The hoodlums invaded the community when the residents went to bed after which they started shooting indiscriminately and burning down houses before the arrival of security operatives. “More troops have been deployed in the affected region, while those that sustained injuries were taken to Birnin Gwari General Hospital for medical attention,” he said. A source in Birnin Gwari told our correspondent that, heavy movement of security personnel was witnessed in the area yesterday morning. In a statement, the Kaduna State Government said, “The government has condoled with the Kaguru community in Birnin Gwari Local Government Area of the state, following the killings by unknown gunmen of some residents of the community.” The statement signed by the Senior Special Assistant to the Governor on Media and Publicity, Samuel Aruwan, said: “The Kaduna State Government wishes to extend its condolences to the entire Kaguru community. It urges vigilance and prompt reporting to appropriate authorities of suspicious movements and actions.”

NOVA Merchant Bank Limited, a newly licensed merchant bank with a focus on wholesale banking, investment banking and asset management, formally opened its doors to the public on Thursday 1st of February 2018 at its corporate headquarters on 23 Kofo Abayomi Street Victoria Island, Lagos.

Chairman giving a welcome address

At an impressive ceremony attended by business leaders and industrialists, the Bank unveiled its objective to re-establish merchant banking as a key economic driver by providing long-term funds and advisory services.

Alhaji Aliko Dangote cutting the tape to declare the bank open

Speaking at the launch, the promoter of the Bank and its Chairman of the Board of Directors, Mr. Phillips Oduoza, says “Banking is changing globally with the emergence of new entrants and the infusion of non-traditional business models leveraging advances in technology. 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.”

Cross section of business leaders at the event

Speaking further, Mr. Oduoza reaffirmed his belief that the number of merchant banks in Nigeria is still very low and there is opportunity for more, considering the key role merchant banks play. “The major international financial institutions involved in investment banking are doing very well. Today, we do not have any of such institutions in Nigeria and this is the space NOVA plans to occupy not only in Nigeria but across Africa.”

Chairman Mr Phillips Oduoza introducing the special guest of honor Alhaji Aliko Dangote to make a brief remark before declaring the bank open

Dwelling on the strength of the new bank, Mr. Oduoza, who until recently was the GMD/CEO of a leading pan-African Bank, noted that NOVA is equipped with talented people and cutting-edge technology, necessary to deliver its mandate as a merchant bank. “We have structured our products and designed our business model around merchant banking. We have carved a niche for ourselves and we believe strongly we will deliver in this area,” he promised the customers.

On corporate governance, he assured the highest standards are maintained at NOVA. “There are three executive directors and six non-executive directors. So, we have twice the number of non-executive directors as executive directors. Out of those six directors, we have four independent directors. These board members are well accomplished and capable of independent opinion.”

Declaring the Bank open, Alhaji Aliko Dangote, the Special Guest of Honour, commended the promoter of the Bank who he considered to be a thorough bred professional with a strong track record of achievements in the banking industry. He expressed his confidence in the quality of the board of directors of the Bank and the senior management team.

The Managing Director of the Bank, Chinedu Ikwudinma further explained the strategic direction of the Bank stating NOVA will focus on wholesale banking by offering trade services, project financing, cash management, corporate solutions, advisory services etc. In investment banking, the Bank would be looking at mergers and acquisition, advisory services, securities and trading, wealth and asset management as well as debt and equity capital management.

Dignitaries at the event included Chief Executive Office of the Nigerian Stock Exchange Mr. Oscar Onyema, the Managing Director/CEO FMDQ Mr. Bola Onadele, Chairman of UBA Mr. Tony Elumelu and Chairman of Fidelity Bank Mr. Ernest Ebi amongst others.

For more on NOVA Merchant Bank Limited visit their website
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6 COMMENTS

  1. Kudos to Phillips Oduoza who has always been a pace setter in Nigerian banking for assembling this great bank and this great team. We expect the best from them

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