Nova Bank Limited’s shareholders have promised to raise new funds to meet the Central Bank of Nigeria (CBN) capital requirement of N200 billion to operate as a national bank.
Phillips Oduoza, the bank’s chairman, made this known during the opening of the bank’s first branch as a national commercial bank in Lagos state.
In March 2024, TimesNow.com.ng reported that the Central Bank of Nigeria unveiled new minimum capital requirements for banks, capping the minimum capital base for commercial banks with national authorisation at N200 billion.
The new capitalisation directive became effective on April 1, 2024 with the deadline fixed for March 31, 2026.
Speaking on the CBN directive, Oduoza said the bank’s shareholders raised funds through a rights issue in 2023 and promised to bring new funds for the ongoing recapitalisation exercise.
Regarding the bank’s modalities as a commercial bank, Oduoza said Nova Bank will be looking beyond profitability in its operations
He said:
He lauded the Central Bank of Nigeria (CBN) and the Lagos state government for their support.
He said operating as a commercial bank provides a greater opportunity for the bank to employ more people and support more businesses.
Oduoza added:
Legi” .ng earlier reported that the Nigeria Deposit Insurance Corporation (NDIC) has begun paying customers of the defunct Heritage Bank two weeks after the Central Bank of Nigeria (CBN) revoked the bank.
A bank customer said he received the N10,000 left in his account with Heritage Bank.
Ayodeji Olowe, founder of the loan management system Lendsqr, reportedly said the NDIC deposited the money in his alternative account using his BVN.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
