NOVA Merchant Bank has received approval from its shareholders to transition into commercial banking.

The shareholders gave their approval during the company’s sixth annual general meeting in Lagos on Wednesday.

They agreed that the bank remained well positioned to sustain and build upon its growth legacy.

A statement said at the meeting, the company’s Chairman, Phillips Oduoza, explained that the decision to transition would help the bank to further streamline its operations, bolster its financial stability, and foster sustainable growth across its businesses.

He said, “I am excited about the prospects of NOVA as we embark on this new growth phase. This strategic move is in line with our vision of expanding operations and diversifying services while providing exceptional services to our valued customers.”

Oduoza added, “The management of the bank has firmly established a remarkable legacy of growth since its inception and has consistently demonstrated its ability to achieve substantial progress across various parameters and the commercial banking licence will strengthen the bank’s revenue base, entrench value creation, impact earnings growth and sustain higher returns for the shareholders while affording more banking customers across the nation the opportunity to enjoy the products and services of NOVA Bank.”

In his comments, NOVA’s Managing Director, Nath Ude, said, that with the new licence, the bank was prepared to extend its comprehensive range of financial services throughout Nigeria, and cement its position as a leading player in the Nigerian banking industry.

He said, “The resounding approval from the shareholders for the transition to a commercial bank reflects their confidence in NOVA’s ability to thrive in the evolving financial landscape.

“The bank remains resolute in its pursuit of sustainable growth while continuing to provide its customers with innovative financial solutions. As we transition into a commercial bank, NOVA aims to expand its services and further enhance its position as a trusted provider of cutting-edge financial solutions in Nigeria.”

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