...Plans new branches in Abuja, Owerri, Port Harcourt; shareholders to inject ₦24bn capital boost
NOVA Bank has unveiled plans to transition from a national to a regional commercial banking license as part of a strategic move to enhance operational efficiency and deepen its presence in key markets across Nigeria.
Announcing the decision, the bank said it has formally applied to the Central Bank of Nigeria (CBN) for approval to recategorize its license. The shift, it explained, aligns with its long-term vision of consolidating strengths, optimising capital deployment, and sustaining organic growth within priority regions.
“This decision reflects our careful assessment of current realities and growth opportunities,” said Mrs. Chinwe Iloghalu, Acting Managing Director/Chief Executive Officer of NOVA Bank. “In response to the CBN’s revised capital requirements, we are positioning ourselves to meet the obligations efficiently while staying focused on delivering long-term value to our stakeholders.”
According to Iloghalu, the bank’s shareholders have already pledged to inject an additional ₦24 billion in fresh capital through a rights issue by the end of 2025—exceeding the capital requirement for regional banks ahead of the 2026 regulatory deadline.
Despite recalibrating its license scope, NOVA Bank remains on solid financial footing. Its 2024 audited results recorded more than 200% year-on-year growth in profit before tax, alongside significant gains in key performance metrics. The bank also maintains strong capital adequacy and liquidity ratios, reinforcing investor confidence.
Global Credit Rating (GCR) recently reaffirmed NOVA’s “BBB” rating with a Stable Outlook, citing the bank’s sound asset quality, improving earnings, and healthy liquidity position as key strengths.
In line with its expansion strategy, NOVA will open three new branches in Abuja, Owerri, and Port Harcourt in the coming weeks. These additions are aimed at enhancing physical reach while complementing its expanding digital infrastructure to ensure seamless, secure banking services across all channels.
Chairman of NOVA Bank, Mr. Phillips Oduoza, described the move as a strategic repositioning that allows the bank to build deeper relationships in core markets and operate with greater agility.
“Every step we take is guided by foresight, governance, and market intelligence. The shift to a regional license is not a retreat but a recalibration—allowing us to consolidate, scale responsibly, and prepare for a return to national status within the next 36 months,” Oduoza said.
NOVA Bank reaffirmed its commitment to innovation, customer satisfaction, and sustainable banking as it enters this new phase of focused expansion and capital optimisation.
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