DataPro, NOVA Merchant Bank partner to increase confidence in Nigeria’s capital market

DataPro Limited, a credit rating agency, has partnered with NOVA Merchant Bank to boost operators’ confidence in the Nigerian capital market.

Abimbola Adeseyoju, managing director of DataPro Limited, stated this when he met with the NOVA Merchant Bank team led by Phillips Oduoza, the bank’s chairman.

Adeseyoju said the synergy and working relationship between the two parties would open up space for increased confidence in the market and more possibilities for operators and players.

“The Capital Market, all over the world, is propelled by credit rating agencies (CRA) by providing opinion on the creditworthiness of obligors thereby ensuring economic growth,” he said.

“DataPro Limited as a credit rating agency licensed by the securities and exchange commission (SEC) in Nigeria has over the past 16 years contributed immensely to the ability to access the market for Debt Securities, Structured Finance Instruments and Borrowing by Entities, State Governments, Public Sector players and Multinationals.

“But a lot more needs to be done. Especially now that cost of funds has become a critical factor when looking for Capital.”

DataPro operates as compliance, corporate governance and fraud risk management consulting firm in Nigeria.

It engages in compliance solutions, third-party verification services, business information reports and credit rating services to end-users in Nigeria and other countries.

The company boasts 16 years of contribution to the Nigerian capital market through access to debt securities, structured finance instruments and borrowing by entities, state governments, public sector players and multinationals.

Nova Merchant Bank was launched in 2018 by Oduoza, a former group managing director of the United Bank for Africa (UBA).

The merchant bank provides end to end financial services covering corporate banking, investment banking, advisory, capital markets, wealth and asset management to its customers.

In 2020, the bank recorded a profit after tax of N1.65 billion for the financial year that ended on December 31, 2019.