NOVA Merchant Bank appoints new directors and promotes workers

NOVA Merchant Bank, one of Nigeria's leading merchant banks, has announced the appointment of two independent non-executive directors and one non-executive director as it raises approximately 20% of its workforce to various levels rank within the bank. The three new appointees are expected to strengthen the board and bring more inclusiveness and diversity to the bank's board.

Chinedu Uzoho, who was appointed non-executive director, is a senior finance, banking and capital markets professional with over 40 years of experience in banking and capital markets. He has served on the board of many reputable institutions and is currently Chairman of NovaMBL Securities Limited (a subsidiary of Nova Merchant Bank Limited).

Funmi Oyetunji, appointed Independent Non-Executive Director, is an accomplished professional with approximately 40 years of corporate experience gained in several roles in professional practice and banking in Nigeria and the UK. She sits on several boards and recently retired as an independent non-executive director of Ecobank after serving the full term of three terms. She is CEO of Abitos Financial Services Limited.

Gbemisola Laditan, also an independent non-executive director, is an award-winning chartered accountant with over thirty years of banking and consulting experience. She has served on the boards of major institutions and is currently Managing Director/Chief Executive Officer of Flux Logistix Limited.

The appointments were ratified by shareholders on 29 July 2022 at the bank's headquarters in Lagos, following its 5th Annual General Meeting at which the bank's financial results for the year ended 31 December 2021 were presented and approved. The bank reported significant improvement in key financial metrics during the year under review despite headwinds and macroeconomic challenges. All nominations have been approved by the Central Bank of Nigeria and all regulatory bodies.

NOVA Merchant Bank Chairman Phillips Oduoza, who congratulated the new directors, said the appointments demonstrate the bank's commitment to leveraging a team of talented professionals with the required experience, new insights and ideas for driving the next wave of banking revolution. "We are an impact-driven organization committed to delivering lasting tangible results to all stakeholders and believe that the careful selection of new members is guided by the bank's overarching philosophy: 'New Thinking - New Opportunities for win in the market," he said.

Furthermore, to demonstrate the bank's commitment to empowering its employees and in recognition of their efforts to drive productivity despite the difficult economic terrain, Managing Director/Managing Director Nath Ude announced the promotion of approximately 20% of the bank's workforce. . The promotion exercise has extended to the senior, middle and junior levels of the bank, even as management strives to continuously create career development opportunities within the institution.

Commenting on the exercise, Mr. Ude said, "NOVA is a performance-driven organization that holds its people to the highest ethical standards. We have a refreshing corporate culture at NOVA that offers immense benefits for our people embodied in our commitments to them, hence this promotion exercise. We will remain dedicated to developing and empowering our people to reach their full potential."

NOVA Merchant Bank Limited is a listed merchant bank in Nigeria that offers an integrated suite of financial solutions covering financial intermediation, wholesale banking, investment banking, asset management, commodity trading Securities, Wealth Management, Business Services, Transaction Banking, Cash Management and Digital Banking.

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