Phillips Oduoza, former UBA GMD, floats merchant bank

Phillips Oduoza, former group managing director of the United Bank for Africa (UBA), has launched Nova Merchant Bank.

A merchant bank is a financial institution that focuses more on investments, loans, asset management, mergers, acquisition and even advisory services to its customers.

Nova, Nigeria’s fifth merchant bank, officially began operations on Thursday, February 1 at its headquarters in Lagos.

“Banking is changing globally with the emergence of new entrants and the infusion of non-traditional business models leveraging advances in technology,” said Oduoza, who is an independent director at the Development Bank of Nigeria.

“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 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.”

Aliko Dangote, chief executive officer of Dangote Group who declared Nova open for business, commended the promoter of the bank and expressed his confidence in the quality of the board of directors of the bank and the senior management team.