NOVA Merchant Bank, a leading merchant bank in Nigeria, recorded $ 65.12 million in Foreign Direct Investments (FDIs) in 2023, a remarkable 76.1 per cent increase over the prior year’s figure.
It recorded $36 million in FDIs in 2022.
With this, the merchant bank surpassed expectations and firmly established its presence in Nigeria’s banking landscape as a lender of note.
This performance was underlined by the “Top 10 Banks with the highest capital inflow facilitation Q4 2023,” by Nairametrics, in which NOVA secured a coveted spot in the top 10 list of banks attracting foreign investment and also demonstrated a substantial surge in FDs
This significant growth underscores the bank’s ability to foster global confidence and highlights its strategic vision in capitalizing on opportunities in the ever-evolving financial landscape.
The analysis showed that while Stanbic IBTC led banks with the highest capital inflow, recording $99.4 million; NOVA Bank secured its position as one of the top 10 banks, with a substantial inflow of $33.5 million – 8.2 per cent below Access Bank but ahead of Standard Chartered and Union Bank, which each recorded $14.4 million and $10 million respectively within the top 10 list.
This was corroborated by the National Bureau of Statistics (NBS) which showed that NOVA not only secured a place among the top 10 list of banks attracting foreign investment but also recorded a remarkable 76.1% increase in foreign direct investment (FDI) year on year.
NOVA has proven to be a force in the Nigerian baking landscape after five years in operation and has consistently posted profits since its inception in 2018, reflecting its sound financial strategies and operational efficiency.
Moreover, the Bank’s non-performing loan ratio consistently maintains an enviable 0.2 per cent, a remarkable achievement by industry standards which speaks volumes about NOVA’s prudent lending practices. Such meticulous attention to asset quality underscores the Bank’s best-in-class governance and management discipline, setting a benchmark for industry peers. It is also noteworthy that NOVA remains in the forefront of foreign investment attraction given its relatively young presence in the banking industry, spanning just over five years and solidifying its position as a leading financial institution both domestically and globally.
Just recently, NOVAmbl Asset Management’s Dollar Fixed Income Fund was named as the best-performing Dollar Fund in 2023 based on data from the Securities & Exchange Commission (SEC). NOVAmbl Asset Management is a subsidiary of NOVA Merchant Bank.In this dynamic and stiff competitive landscape, NOVA Bank’s growing performance reaffirms its status as a “player to watch” in Nigeria’s banking sector.
The Bank’s ability to not only attract substantial capital inflows but also significantly boost foreign direct investment reflects its resilience and strategic foresight.As the bank gears up for transition to full scale commercial banking operation, having received the approval in principle from CBN, there are expectations of higher levels of customer confidence and trust. This strategic evolution might position the Bank as a formidable entity, poised to set new standards and redefine the banking landscape in Nigeria.
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