Nova Merchant Bank Makes a Market Debut with N10bn Bond

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Phillips Oduoza, Chairman, NOVA Merchant Bank
Phillips Oduoza, Chairman, NOVA Merchant Bank

Nova Merchant Bank 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 June 30, will close on July 8, 2020

The Managing Director/CEO, Nova Merchant Bank, Anya Duroha, who disclosed this, explained that the bank is raising the N10bn in Subordinated Unsecured Bonds under its N50 billion debt issuance programme.

Duroha who pledged the bank’s commitment to creating superior value in the market and keeping customers at the centre of its business, noted that the Bond will be invested in long-term risk assets as part of its medium-term growth strategy and advised interested investors to obtain more details of the bond from the Bank’s website www.novambl.com.

Nova Merchant Bank Limited is a licensed merchant bank in Nigeria rated BBB by Agusto & Co. and A+ by Datapro and the bond which is issued under a SEC-approved N50billion Debt Issuance Programme is callable in five years by the bank.

Speaking to shareholders at a meeting recently, the bank’s Chairman, Mr. Phillips Oduoza, noted that the bank reported a significant improvement in all the key financial indices compared to the previous year’s achievement, and attributed the growth to the successful execution of the 2019 strategic plan in line with the key pillars to position the bank as a market leader by 2025.

He said that the Bank will continue to focus on digital banking, provision of long-term funding, wholesale and investment banking while maintaining a lean operating philosophy.