NOVA Bank has announced plans to open new branches in Owerri, Abuja, and Port Harcourt as part of efforts to expand its operations across the country. The bank also said it is taking steps to convert its national banking licence to a regional one.
Acting Managing Director and Chief Executive Officer, Chinwe Iloghalu, made this known in a statement where she described the move as a strategic decision aimed at improving efficiency and ensuring sustainable growth.
“Given the bank’s current stage of growth, we have chosen the prudent route to optimise what we need, grow efficiently, and scale sustainably,” Iloghalu said. “This is a major strategic positioning that will ensure continued efficiency in the deployment of assets and resources.”
She explained that the bank’s decision followed the Central Bank of Nigeria’s recapitalisation directive issued in March 2024. As a response, NOVA Bank reviewed its growth plans and capital strategy to align with the new regulatory requirements.
According to Iloghalu, shareholders have committed to injecting N24 billion into the bank through a rights issue before the end of 2025. This, she said, will help the bank exceed the minimum capital required for regional banks ahead of the 2026 CBN deadline.
“The commitment of our shareholders shows the strength of our long-term vision. This move will deepen our market impact, streamline our services, and allow us to focus capital where it matters most,” she added.
NOVA Bank said its plan to scale back to regional status will not reduce its ambition, but rather allow it to operate more effectively within focused areas while still preparing for future national expansion.
The bank also reported strong financial performance in its 2024 audited results, with profit before tax growing by over 200 percent year-on-year. It also recorded improvement in other key performance indicators.
Global Credit Rating recently reaffirmed NOVA Bank’s BBB rating with a stable outlook, highlighting the bank’s healthy liquidity, improving earnings, and strong asset quality.
Chairman of NOVA Bank’s Board, Phillips Oduoza, backed the move to go regional, calling it a “well-considered strategy” that would strengthen the bank’s growth capacity.
“Every decision we make is deliberate and strategic, guided by sound governance and market insight,” Oduoza said. “Transitioning to a regional licence is a recalibration, giving us room to grow optimally, build capacity, and position ourselves for a full national rollout in the next 36 months.”
In addition to branch expansion, the bank revealed plans to enhance its digital banking infrastructure to improve access and customer experience across various platforms.
