NOVA Bank Reaffirms Commitment to Branch Expansion, To Open Owerri, Abuja, Port Harcourt In Coming Weeks

NOVA Bank has announced its intention of a strategic shift in its operating license from a national to a regional authorisation, a move, which according to the Bank is aimed at optimising operational efficiency and deepening its impact within key markets. 

The management of the Bank noted that the repositioning aligns with the Bank’s long-term vision to consolidate its strengths, streamline its services, and deploy capital more effectively within targeted regions, without compromising its commitment to innovation, customer satisfaction, and sustainable growth.

To this effect, NOVA has applied to the CBN to recategorize its operating license from a National to a Regional Commercial Banking license.

According to the Bank, NOVA maintains a strong financial position, underpinned by robust capital adequacy, liquidity ratios, and a consistent growth trajectory.

NOVA’s Acting Managing Director/Chief Executive Officer, Mrs. Chinwe Iloghalu, explained that following the Central Bank of Nigeria’s (CBN) revised recapitalisation directive in March 2024, NOVA reviewed its growth trajectory and capital utilisation strategy.

“Given the Bank’s current stage of growth, we have chosen the prudent route to optimise 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,” she said

Mrs. Iloghalu further stated “Indeed, our shareholders have shown strong commitment to ensuring full capitalisation through rights issue by injection of additional 24 billion before end of 2025 to exceed the prescribed capital for regional Banks well ahead of the 2026 CBN deadline”.

In a further affirmation of its strength and stability, Global Credit Rating (GCR) recently reaffirmed NOVA Bank’s BBB rating with a Stable Outlook, citing the Bank’s healthy liquidity profile, improving earnings, and sound asset quality.

The Bank’s audited 2024 financials validate the effectiveness of its growth strategy, recording over 200% year-on-year growth in profit before tax (PBT), alongside improvements across all key financial indicators.

NOVA is set to launch three new branches in the coming weeks, including Owerri, Port Harcourt, and Abuja, to enhance physical access and customer service, while strengthening its digital banking infrastructure to ensure customers continue to enjoy secure, seamless, and convenient banking experiences, anywhere, anytime.

The Chairman of the Board, Mr. Phillips Oduoza, noted that NOVA remains committed to its vision and is thankful for the continued trust of its customers, shareholders, and regulators.

“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.” Said Oduoza