The management of NOVA Merchant Bank Limited has revealed that the bank has transitioned to a national bank after getting approved by the Central Bank of Nigeria (CBN).

The bank’s Board Chairman, Philips Oduoza, stated that the bank will begin completely operating commercially in July and spread to other parts of Nigeria.

Mr Oduoza said this when the board and management visited the Lagos State Governor, Babajide Sanwo-Olu.

According to him, the bank will roll out the first branch in Lagos, and that they will have many branches because it already secured a national banking license.

He said Lagos had provided NOVA Merchant Bank, which transitioned to commercial banking, with a good operating environment.

“An investment in Lagos to support part of the drive for economic activities, the creation of employment for people here.

"And of course, provision of additional banking services to the customers in Lagos,” he said.