NOVA Merchant Bank Lists Bond on the Nigerian Stock Exchange

NOVA Merchant Bank

NOVA Merchant Bank recently concluded the listing of its N10 billion 7-Year Subordinated Unsecured Bond on the Nigeria Stock Exchange. This milestone was marked by the Bank partaking in the closing gong ceremony held remotely with Mr. Nath Ude MD/CEO NOVA Merchant Bank, Mr. Olumide Bolumole Divisional Head Listings Business NGX Limited, Mr. Peter Ashade Group CEO United Capital Plc and Alhaji Rasheed Yusuf Doyen of the Nigerian Capital Market in attendance.  This listing follows the recent reaffirmation by Datapro of the “A” rating on the bond and upgrade by Global Credit…

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GCR Upgrades NOVA Merchant Bank’s Rating

NOVA Merchant Bank

Global Credit Rating (GCR) has upgraded NOVA Merchant Bank’s Long Term Issuer Rating from BBB- to BBB with a stable outlook. The reasons given for the upgrade include the Bank’s strong capitalisation, risk position, liquidity, and evolving brand. The upgrade in the Bank’s rating comes shortly after Datapro recently reaffirmed the “A” rating of its N10 billion 7-Year Subordinated Unsecured Bond which was oversubscribed by 300% when initially issued. This achievement also follows the recent publication of the Bank’s financial results for FY2020 in which it declared a profit after…

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Nova Merchant Bank Bond Reaffirmed  As “A” Rated

NOVA Merchant Bank

Nova Merchant Bank Bond Reaffirmed  As “A” Rated         In recognition of the strong underlying fundamentals driving its business, Datapro reaffirmed an “A” rating on the Bank’s N10 billion 7-Year Subordinated Unsecured Bond issued under its N50 billion debt issuance programme. The bond has a fixed coupon rate of 12% per annum. This achievement follows the recent publication of the Bank’s financial results for FY2020 in which it declared a profit after tax of N3.49bn in 2020 compared to N1.65bn in 2019. The Bank also achieved a 130%…

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NOVA Merchant Bank’s Growth Trajectory Continues as it Declares N3.52bn Profit

NOVA Merchant Bank

NOVA Merchant Bank’s Growth Trajectory Continues as it Declares N3.52bn Profit         NOVA Merchant Bank Limited has released its audited results for the financial year ended December 31st 2020, recording impressive growth across its major financial lines. The Bank declared a profit after tax of N3.49bn in 2020 compared to N1.65bn in 2019 which represents a 112% increase. All the key financial parameters recorded major improvement over the prior year performance; Gross Earnings showed a quantum leap of 130% growth over 2019 and Profit Before Tax at N3.52bn…

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NOVA Merchant Bank Promotes Staff, Flags-Off Executive Trainee Scheme

Executive Trainee Scheme

NOVA Merchant Bank Promotes Staff, Flags-Off Executive Trainee Scheme NOVA Merchant Bank, a leading merchant bank in Nigeria, began 2021 on a high note as it announced several promotions for its employees who excelled in the performance of their responsibilities. The Bank announced on Monday that the promotions are in line with its goal of building a high-performance culture, adding that they cut across most grade levels including General Manager subject to approval by the Central Bank of Nigeria. Managing Director/Chief Executive Officer of the Bank, Mr Nath Ude, explained…

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NOVA Wins ‘Bond Offering of the Year’ at BAFI Awards

Bond Offering of the Year

NOVA Wins ‘Bond Offering of the Year’ at BAFI Awards         NOVA Merchant Bank has emerged the winner of the ‘Bond Offering of the Year’ prize at the BusinessDay Bank and other Financial Institutions (BAFI) Awards. It clinched the prize for its extremely successful N10bn seven-year subordinated unsecured bond which was oversubscribed by 300 percent. In a well-attended ceremony comprising of Bank CEOs, captains of industries and senior financial executives, the Bank was crowned with the award in recognition of the unprecedented and audacious nature of its bond…

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NOVA Merchant Bank Appoints Nath Ude as Acting Managing Director/Chief Executive Officer

Nath Ude

NOVA Merchant Bank Appoints Nath Ude as Acting Managing Director/Chief Executive Officer       NOVA Merchant Bank, a leading merchant bank in Nigeria, is pleased to announce the appointment of Mr. Nath Ude as its Acting Managing Director/Chief Executive Officer effective October 3, 2020 subject to approval by the Central Bank of Nigeria. Nath is a seasoned Banker whose experience cuts across three continents in world class financial institutions. He has held several senior banking positions internationally and in Nigeria including Executive Director First City Monument Bank (FCMB) and…

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NOVA Merchant Bank’s Debut N10bn Bond Oversubscribed by 300%

Executive Trainee Scheme

  NOVA Merchant Bank’s Debut N10bn Bond Oversubscribed by 300%     NOVA Merchant Bank, a leading merchant bank in Nigeria, has announced the successful issuance of its N10 billion 7-Year Subordinated Unsecured Bond under its N50 billion debt issuance programme. The transaction represents NOVA’s first bond issuance in the debt market and was oversubscribed by 300 percent. The offer which opened on June 30, 2020 following relevant approval from the Securities & Exchange Commission(SEC) and the Central Bank of Nigeria (CBN), closed on July 8, 2020 with a bond…

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Nova Merchant Bank Makes Market Debut with N10bn Bond

Executive Trainee Scheme

Nova Merchant Bank Makes Market Debut With N10bn Bond     Nova Merchant Bank, a leading merchant bank in Nigeria has announced that its ongoing N10 billion bond issuance is aimed at putting the business on firm footing to achieve its short-term and long-term goals. The technology-driven financial institution is seeking to raise up to N10 billion 7-year Fixed Rate Subordinated Unsecured Bonds under its N50 billion debt issuance programme. The bond has a price range of from 12 per cent to 12.50 per cent and the offer, which opened on…

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NOVA Merchant Bank Holds 3rd AGM Virtually

Executive Trainee Scheme

Nova Merchant Bank on Thursday, May 7, embraced digital technology as the financial institution held its third Annual General Meeting (AGM) virtually at its head office in Victoria Island, Lagos. The meeting was held virtually in strict adherence with stipulations by the Federal and state government in a bid to limit the spread of the Coronavirus pandemic currently ravaging the world. The meeting which was led by the Chairman, NOVA Merchant Bank, Mr. Phillips Oduoza, had in attendance the Managing Director, Mr Anya Duroha, Company Secretary, Mr. Nnadozie Ohaji, Board…

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