Nova CEO says bank is committed to support economic growth

Nova Merchant Bank CEO, Nath Ude, confirms the firm intends to stay committed to providing long-term support in funds aspects of Nigeria’s economy that require a push towards inclusive growth.

While speaking at the virtual closing gong put together by the Nigerian Exchange (NGX) Ltd in commemoration of the listing of  NVM Bank’s N10 billion unsecured fixed-rate bond due 2027. Classified under the company’s N50 billion bond issuance programme, this bond is oversubscribed by 300%.

The said ceremony is hosted by the NGX to celebrate the close of trading, while marking notable events and drawing attention to significant matters of concern both on a local and international scale.

Ude promised that the bank intends to keep its funding commitment until the shared goal of bolstering the growth and development of the economy is reached. 

“This listing is for our N10 billion seven years subordinated unsecure bond under our N50 billion debt issuance programme and this over subscription is a huge milestone for us as an institution,” Ude said. “It represents among other things, a vote of confidence by the investing community and depicts the resilience of the bank’s strong business model and sustainability to show that we are well positioned to fulfil the promise of providing long-term funding especially on the real sector.”