By Stephen Ubanna
With barely two months of operation from being a Merchant Bank to a fully- fledged Commercial Bank based on the approval of Olayemi Michael Cardoso, led Central Bank of Nigeria, CBN, the Leadership of the new bank appear to have embarked on aggressive marketing of the Financial Institution to individuals and Corporate Organization.
As a prelude to sensitizing the general public about the existence of the new Money Deposit Bank, which is in the class of United Bank for Africa, UBA, plc, Zenith Bank, Guarantee Trust Company, GTCON, bank, Access/Diamod Bank and First Bank unlimited, the bank, was said to have partnered with the Nigeria Cup Golf of Excellence, as part of its commitment to the well-being and interest of the high –network individuals in the society.
As a prelude to winning the business interests of the high –networks individuals, described as the upper class in the society, the bank which may have put its business interest first by sponsoring the 27th Nigerian Cup Golf Tournament that would be hosted at the Ikoyi Golf Club 938 for 2024.
The Golf Cup Tournament, which was said to have started on September 21, 2024, was said to have ended on Saturday, 28, 2024, an interval of one week, was said to have attracted the nation’s Golf Community.
Note that the yearly Golf Cup tournament in Nigeria , is organized by the Ikoyi Golf Community, Nigeria , IGCNA, to showcase the remarkable talent of Golfers and sports foster connections across the board. Tayo Babalakin, who may hay have fully prepared for the Tournament was said to have emerged the 2024 Champion , amidst cheers, clinching the title with a stung 85 gross with Handicap, HCP, 19=66 net. The victory, according to one of the notable Golfers, has etched Babalakin‘s fame in the history books as the 2th champion of this celebrated tournament.
There is no gain saying the fact that as a previous Merchant Bank serving the interests of high net-worth individuals in the society, NOVA bank has long valued golf as a recreation sport for top business executives ‘’ to work and relieve stress’’.
Indeed, the Merchant bank transition to a national commercial bank may not have diminished this original commitment but was said to have deepened its relationship with the golf community, as reflected in its partnership with the Nigeria Golf Cup tournament.
An elated Philips Oduoza, the Chairman of the bank, who many believe is ardent golfer, had highlighted the importance of partnership in a speech presented by one Esther Adino, on his behalf, stressing that ‘’as a long-term partner of the Nigeria Golf Cup tournament and the Ikoyi Club, Golf section, the annual event is always a delight for officials of NOVA.
He noted that ‘’it provides a unique opportunity to engage with esteemed customers and the broader business Community while celebrating the beautiful game of Golf.
Oduoza, the NOVA bank, Chairman, for over four years, it has remained a major supporter of this Nigeria Golf Cup tournament , organized by the Ikoyi Club, Golf section, a sponsorship, which he had aid aligns with the bank’s dedication ‘’to fostering wealth creation and enhancing the well-being of customers’’.
Giving an insider information, he disclosed that Golf, as a recreation sport, to ease stress of business executives, plays a major role in its mission, allowing the bank to connect with high net-worth clients in the society in a more meaningful and engaging environment.
This may have informed why Oduoza, hand considered the NOVA bank, as a long –term sponsors of the Nigeria Golf up tournament and has promised that the ban would continue to maintain its partnership with th Ikoyi Golf Club and exploring new opportunities for collaboration to elevate this esteemed club of business executives further.
Chiwe Mghalu, the bank’s Executive Director, Insitutonal and Commercial Banking , who may have corroborated hat the Chairman said , further added that its support to the Ikoyi Golf Club, organized Nigeria Golf Cup, yearly tournament, reflects its avowed commitment ‘’ to offering the bank’s high net -worth clients and C-Suit executives an atmosphere of relaxation’’, well-being and wealth
Competition’’.
She averred that a national bank, it will continue to develop tailored products to Small and Medium Scale Enterprise, SMEs, and retail clients, including ground breaking NOVA digital banking, which defines personal banking experience
The Phydital platform, according Moghalu, the Executive Director, Institutional and Commercial banking, was designed ‘’to provide seamless financial solutions , ensuring that that its clients can effectively manage their wealth effortlessly while enjoying the customers’ businesses but also helping them to stay fit , relaxed and focused’’. She was said to have further remarked that‘’Golf is perfect avenue to achieve this balance’’.
George Etomi, Chairman of the 2024, Nigeria Golf Cup tournament Organizing Committee, who could not hide his feelings was said to have commended NOVA Bank for their unwavering support to the yearly sporting event. He had asserted that NOVA bank’s consistent sponsorship of the Nigeria Cup, truly embodies the spirit of this Club –harmony through recreation.
The Ikoyi Club Golf Chairman, was said to have told those that cares to listen that the Club partnership with NOVA bank clearly exemplifies the harmony and shared vision that has made them integral part of the journey. ‘’We are thankful for NOVA ‘s dedication and look forward to more opportunities to create lasting impacts together in the future’’, he had remarked.
He may have gladdened the heart of theNOVA bank Leadership, when he noted that as the bank continues its growth trajectory, expanding its exceptional services to retail and SMEs markets. ‘’it remains committed to creating meaningful experiences for its high net worth clientele, while embracing a broader audience through innovation and customer centered- solutions.
He had said that the partnership with Nigeria Cup Golf tournament reflects the values that define NOVA Bank Uniqueness, Leadership , Teamwork and passion.
In a related development, the Leadership of UBA plc, Pan African Bank, has demonstrated that despite the down turn in the economy, they remained the master of the game, as the bank has sustained its impressive performance. This is shocased the bank’s half year audited financial reports which was said to have been released on the floor of the Nigerian Stock Exchange Limited, NGX. The bank was said to have recorded an increase in its Gross earnings, which rose from N981.77 in 20223 to N371 trillion as at June 2024, an interval of six months trading period.
The bank’s audited half year report also shows that the interest on income increased by 134.3% to N1.oo3 trillion from N428.2 billion recorded in the 202, half year report.The bank’s total assets was said to have skyrocketed by 37.2% from N20.6 trillion in December 2023 to close at N28.3 trillion .
Customer deposits , going the bank’s half year audited report shows that it jumped by 33.% to close at N23.2 trillion up from N17. Trillion recorded in the previous year. Note that as at June 2023, the bank ‘s Profit Before Tax, PBT, which a top official, had said stood at N402 billion but the Profit Tax, PAT, was said to have dropped from N378 billion to N36 billion, as at June , 2024. Shareholders’ funds was said to have increased by 47% from N2.03 trillion in December 2023, to N2.99 trillion as at June 2024.
Despite the drop in the Pan African bank PAT, Tony Elumelu, led Board of Directors , was said to have approved an interim dividend of N2.00 per share for every Ordinary share of 50 Kobo each held by the bank’s shareholders compared to N0,50 declared in the same period in 2023 fiscal year. Oliver Alawuba, the bank’s Group Managing Director and his Management Team, who appears to have the bank to a new level as it continued to deliver strong double-digit growth in high quality and sustainable banking revenue streams , driven by a focused growth in balance sheet , transaction and digital banking services have promised to do much better in the remaining four months of the year to beef up the PAT, of the bank.