In the heart of Nigeria’s dynamic financial landscape, a bold vision is unfolding. Phillips Oduoza, the driving force behind NOVA Bank, is steering the institution towards uncharted territories. With a pulse on the nation’s financial future, Oduoza is leveraging technology and innovation to bridge gaps and fuel growth. NOVA Bank is Oduoza’s answer to the nation’s cry for innovative financial solutions, addressing long-standing challenges and unlocking new opportunities. The bank’s UPLIFT values – Uniqueness, Passion, Leadership, Integrity, Fairness, and Teamwork – serve as its guiding light, shaping every decision and action. Since its inception, NOVA Bank has been a game-changer, breaking even in record time and earning investment-grade ratings. Now, with a strategic shift to regional authorization and a robust “Phygital” model, the bank is poised to ignite Nigeria’s financial future, driving economic growth and financial inclusion. With a focus on “doing things differently”, NOVA Bank is ready to make its mark, redefining the banking experience and setting new standards in the industry.
A Visionary’s New Frontier
Phillip Oduoza, chairman of Nova Bank, is a visionary banker with a pulse on Nigeria’s financial future. Having led UBA with distinction, Oduoza had earned the right to coast into retirement. Instead, he opted for a new frontier – one that would redefine the country’s banking landscape.
Oduoza’s return to banking was a deliberate choice, not a default. After considering retirement, he realized his energy was far from spent – and the industry was on the cusp of a revolution. With tech transforming finance at breakneck speed, he couldn’t stand by as Nigeria risked being left in the dust. Driven to shape the country’s financial future and fuel innovation, Oduoza took the leap, ready to make his next big impact.
This led him to explore options, and Nova Bank emerged as the perfect fit. Oduoza saw immense potential in this niche, with opportunities spanning asset management, brokerage, capital markets, and debt equity – allowing him to drive meaningful change. By maintaining strong ties with deposit money banks, he envisioned Nova as a powerhouse, poised to disrupt and lead the industry.
Navigating the Licensing Odyssey
The road to Nova’s launch was paved with hurdles. Securing a banking license proved a marathon, not a sprint – a grueling process that spanned over a year. Oduoza and his team worked relentlessly, crafting a watertight business model alongside consultants and lawyers, before submitting their bid to the Central Bank of Nigeria. The wait was long, but the payoff was huge: Nova clinched its provisional license in April 2017, followed by the final nod in December 2017.
Bridging Nigeria’s Funding Gap
“Merchant banking penetration in Nigeria was surprisingly low,” Oduoza says, reflecting on Nova Bank’s inception. “We saw an opportunity to focus on wholesale and investment banking, diving deep into pure merchant banking activities.” Oduoza highlights Nigeria’s long-term funding gap for businesses. “We wanted to channel direct funding into Nigeria for long-term lending, partnering with development financial institutions to make it happen.” He adds that many businesses aren’t ready for the capital market. “Through Nova Bank’s advisory services, we’d restructure and prep them for IPOs, unlocking long-term funding and boosting Nigeria’s economic growth.”
Tech-Driven Transformation
Oduoza’s vision is crystal clear: harness technology to propel Nova to the forefront of Nigeria’s financial sector. By infusing innovation and excellence, he aims to make Nova a game-changer, leaving a lasting impact on the economy.
In 2018, Nova Merchant Bank burst onto the scene, laser-focused on wholesale and investment banking. The impact was immediate: the bank broke even in record time and snagged an investment-grade rating. This marked a turning point in Nigerian banking – Nova’s “Phygital” revolution had begun, blending digital savvy with human touch to redefine the game.
Phygital Revolution: Redefining Banking
Nova Bank’s Phygital strategy is a game-changer, blending physical branches with cutting-edge digital banking to deliver a seamless experience. This smart hybrid model caters to Nigeria’s diverse customers – from tech-whizzes to those who crave face-to-face interactions – offering flexibility, speed, and personalized service. “We tailored our tech to fit merchant banking, prioritizing digital prowess and top-notch customer service,” Oduoza explains. “Plus, we’ve locked down our IT with ironclad firewalls and robust security – it’s foolproof.” By embracing Phygital, Nova Bank is redefining the banking experience, making it more accessible, convenient, and customer-centric.
Behind the digital interface, Nova Bank’s physical presence remains a cornerstone – branches buzz with expert staff, ready to offer personalized guidance, advice, or simply a human touch. This perfect blend of digital ease and human connection allows Nova to craft a bespoke experience for each customer, redefining customer-centric banking in Nigeria.
Economic Optimism & The Nova Promise
Oduoza is optimistic about the Nigerian economy’s trajectory, believing it’s moving in the right direction and will continue to expand. He points to diversification efforts, contrasting the current landscape with the pre-recession period when oil dominated the economy. “The economy is moving in the right direction, and we believe NOVA will benefit from its expansion,” he says.
The name “Nova” embodies the bank’s ethos – it’s a nod to the “new” era of banking that Nova Merchant Bank Limited is ushering in. Translating to “new” in Latin, Portuguese, and other languages, Nova perfectly encapsulates the bank’s promise of introducing fresh perspectives, innovative thinking, cutting-edge tech, and top-notch customer service to the Nigerian banking scene.
As banking evolves globally with new players and non-traditional models leveraging technology, Oduoza believes Nigeria shouldn’t be left behind. “NOVA is here to bring a new experience to the banking industry,” he affirms. “We selected the name NOVA, because we want to do things differently.”
UPLIFT: The DNA of Nova Bank
At Nova Bank, governance is woven into the fabric of the bank’s daily operations and long-term vision. With a guiding philosophy that is encapsulated in the acronym UPLIFT, which represents the bank’s core values: Uniqueness, doing things differently with innovative approaches; Passion, serving customers and community with energy and care; Leadership, stepping up to lead in their space; Integrity, standing firm on ethical principles; Fairness, treating all stakeholders with justice and respect; and Teamwork, achieving goals together. UPLIFT isn’t just a mantra—it’s the foundation of Nova Bank’s approach to business, customer engagement, and community impact.
NOVA Bank’s community impact since inception is driven by the NOVA UPLIFT Initiative, a CSR program aligned with UN SDGs, rooted in the bank’s UPLIFT values. Key impact areas include healthcare, disaster relief, education, gender equality, and economic growth. The bank supported a medical outreach in Akwa Ibom State, contributes relief materials to flood victims, promotes financial literacy, sponsors women in sports and tech, and transitions to a commercial bank to boost financial inclusion and SME support, prioritizing social accountability and sustainable development.
Financial Strength & Future Plans
Building on NOVA Bank’s community impact through the UPLIFT Initiative, the bank’s strength and stability are further affirmed by Global Credit Rating’s reaffirmed BBB rating, citing stable funding, adequate liquidity, sound capitalization, and asset quality. This financial robustness is backed by audited 2024 results showing over 200% year-on-year PBT growth and improvements across all key indicators, validating the bank’s effective growth strategy. With a solid financial foundation, NOVA Bank is poised to amplify its UPLIFT impact.
Regional Expansion & Growth
NOVA Bank is taking a bold step forward! Building on its UPLIFT Initiative impact and solid financials, the bank announced a strategic shift from national to regional authorization in August 2025, aiming to optimize efficiency and deepen regional impact. This move aligns with its vision to consolidate strengths, streamline services, and deploy capital effectively.
Oduoza noted, this “recalibration” positions NOVA Bank for optimal growth, capacity building, and a full national rollout in the next 36 months. The recent commissioning of its Owerri regional office marks a key milestone, pledging to redefine banking and drive economic growth in the South-East and South-South regions. “Owerri is a flagship hub and launchpad for deeper market penetration,” Oduoza said, highlighting the bank’s confidence in the region’s potential.
