NOVA Bank plans to launch new branches in Owerri, Abuja, and Port Harcourt in the coming weeks to support its expansion strategy, while highlighting its robust liquidity, growing earnings, and strong asset quality. Chinwe Iloghalu, the Acting Managing Director/CEO, revealed that the bank has sought approval from the Central Bank of Nigeria to shift from a national to a regional commercial banking licence, a move aimed at fostering strategic growth.
Iloghalu noted, “At this stage of our development, we’re taking a cautious approach to optimize resources, grow efficiently, and ensure sustainable scaling. This shift to a regional licence is a key step to enhance asset and resource efficiency.” She added that, in response to the CBN’s March 2024 recapitalization mandate, the bank reassessed its growth and capital strategies.
“Our shareholders are fully committed to meeting the regional bank capital requirements ahead of the 2026 CBN deadline, with plans to inject an additional N24 billion through a rights issue by the end of 2025,” Iloghalu stated. The bank emphasized that its strategic focus supports a long-term goal of increasing market presence, refining services, and deploying capital effectively in selected regions while prioritizing innovation and customer satisfaction.
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NOVA Bank’s 2024 audited financials reflect a profit before tax increase of over 200% year-on-year, with improvements in key performance metrics. Global Credit Rating recently upheld the bank’s BBB rating with a stable outlook, citing its strong liquidity, rising earnings, and solid asset quality.
Board Chairman Phillips Oduoza described the move to a regional licence as a deliberate strategy to enhance growth potential. “Our decisions are driven by strong governance and market insights. The regional licence allows us to grow strategically, build capacity, and prepare for a national rollout within the next three years,” he said. The bank also plans to bolster its digital banking infrastructure to improve customer accessibility and convenience across its platforms.
