The re-entry of merchant banks into the Nigerian financial landscape, according to analysts, raises hope for corporate and trade financing.
Philips Oduoza, chairman, Nova Merchant Bank Limited at the launch occasion noted that benefits of merchant banking have not been fully tapped in Nigeria, adding that the business environment in Africa’s most populous black nation will see growth in all sectors as the bank debuts into the market with an array of technological solutions for businesses.
He said merchant banks are very important because they support the economic development of the nation through the provision of long-term funding.
“Banking penetration in Nigeria is mostly retail banking, focusing on retail and corporate clients but we have opted for merchant banking in the strict sense of it with focus on corporate clients and investment banking,” Oduoza said.
He said their entrance into the market with new products, new ideas, fresh thinking, cutting edge technology and excellent customer service was to assist clients to tap into new opportunities by leveraging assembled skills and talents to change the way business is done in the country.
“Provision of funds for long term investments to the various sectors like infrastructure, manufacturing, large scale agricultural practices, wholesale banking, asset management, capital banking, project financing will be our focus but with a different approach as we want all parties to succeed at the end,” he stressed.
“We want to bring innovations in these areas. We believe the industry has reached a stage where it needs another quantum leap to move it to the next level. 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”, he added
Chinedu Ikwudinma, managing director of the bank, 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.
Aliko Dangote, Chairman of Dangote Group and Africa’s richest man, who was the special guest at the opening, said the birth of a financial institution is good news for any industry as funds which has been the problem of industries in the country due to macro-economic challenges will be solved.
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