By Elizabeth Chukwuma
Officials of NOVA merchant Bank Limited, which had acquired a Commercial Bank operating license from the Central Bank of Nigeria, CBN, under the close watch of Olayemi Michael Cardoso, based on the approval of the bank shareholders, are very happy.
This is because the bank’s subsidiary, Asset Management’s Fixed Income of the North American country of the United States , US, dollar, has been named as the best- performer in December 2023 by Nairametrics, considered in financial circles as the Leading Financial information and data analyst of the Security ad Exchange Commission SEC, under the close watch of Dayo Obisan.
Informed sources told The Value News online that a total of 21 Asset Management dollar FIF, including that of NOVA mbl operating across the country had registered during the review period. All the banks dollar funds which were said to have averaged an impressive 8.5% return, within this category were said to have also achieved positive returns in December 2023.
Based on the reports of Nairametric NOVAmbl Asset Management DFIF, was selected as ”best-performing in December 2023, because of its impressive monthly dolar returns which was very revealing’’.
Financial experts had said that officials of NOVA Merchant Bank’s ‘’dedication to excellence and its unwavering commitment to delivering consistent returns’’ which had positioned the bank DFIF, may have put it at the forefront of the Asset Management landscape in the 36 states of the Federation including Abuja, the Federal Capital Territory, FCT.
There is no gain saying the fact that the recognition of the bank by Niarametric, described as SEC Leading information and Data analyst as the best-performing DFIF, has confirmed its expertise in navigating the complexities of the country’s financial market and its ability to optimize investments for maximum returns.
This may have informed why seasoned bankers had said that now that bank which has obtained the apex bank Commercial Bank operating license in the next coupe of years would be in the league of United Bank of Africa, UBA, plc, a Pan African Bank, Guaranty Trust Bank Financial Company, GTCO, and Zenith and Access, described as banks with solid financial base in Nigeria.
Adebowale Oyedeji, Managing Director and Chief Executive Officer, CEO, of the Bank has every reason to be happy over the Asset Management DIFIF, of NOVAmbl , emerging as the best performing in the country and set to begin its conversion to full scale Commercial banking operation following its recent requisition of that CBN operating license, had said that ‘’the bank would effectively stir its operations and deliver on its new mandate’’.
Given the impressive performance of the bank, the bank had announced late last year a 50% increase in salary increase for all categories of the bank staff including the Management Team instead of taking care of only the welfare of the Board members and the Management team. Recall that the bank had also made other resounding commitments to the staff as a way to encourage them to take the job serious.
Those who are abreast with the operations of the bank over the years noted it is an investment grade rated merchant bank in Nigeria which has made it to deliver on its mandate of offering an integrated suit of financial solutions services covering financial intermediation , wholesale and investment banking. This is addition to offering other services such as Asset and Securities Management, Trade services Cash Management, Transaction and digital banking. These specialized financial services, according to financial experts appears to have had positioned it to give the best in its Asset Management of the United States dollar fixed income fund, beating other banks to it.
