The veteran banker takes the helm at a defining moment in the institution’s history, following its transition from merchant banking to commercial banking and the successful completion of its recapitalisation programme ahead of the March 31, 2026, regulatory deadline.

Anele brings more than 33 years of banking experience across West and Central Africa, with deep expertise in retail / commercial banking, corporate banking, risk management, institutional transformation and executive leadership.

Over the course of his career, he has led complex banking operations, strengthened governance frameworks, delivered sustainable revenue growth and built high-performance teams.

The appointment reflects the Board’s strategic commitment to consolidating NOVA Bank’s commercial banking platform while accelerating growth across its Corporate, Commercial and Retail segments, as well as priority markets.

Speaking on his appointment, Anele said he was honoured to assume leadership of the Bank at a defining stage of its growth.

“Nova Bank has built a strong institutional foundation defined by regulatory compliance, capital strength, disciplined governance and a clear commercial mandate. Our focus now is execution, deepening customer relationships, expanding responsibly across priority markets, strengthening risk discipline and delivering sustainable value to our shareholders,” he said.

Phillips Oduoza, the Bank’s chairman, also expressed confidence in the new leadership.

“The Board is pleased to welcome Mr. Jude Anele as Managing Director and Chief Executive Officer. His depth of experience, strategic clarity and proven leadership record align strongly with NOVA Bank’s growth ambitions,” Oduoza said.

He added that with recapitalization completed ahead of the regulatory timeline, the Bank is entering a new phase defined by scale, stability and structured expansion.

NOVA Bank also confirmed that it has met the recapitalization requirements set by the Central Bank of Nigeria ahead of the regulatory deadline, reinforcing its capital adequacy and long-term financial stability.

The capital raise, supported by new and existing shareholders, further strengthens the Bank’s balance sheet and positions it for disciplined growth.

In 2025, Global Credit Rating reaffirmed NOVA Commercial Bank’s national scale long- and short-term issuer ratings of BBB(NG) and A3(NG) respectively, while Agusto & Co. reaffirmed the Bank’s “Bbb” rating with a stable outlook, reflecting its strong capital base, sound liquidity position and resilient asset quality relative to its risk profile.

NOVA Bank currently maintains operations in Lagos, Abuja, Owerri and Port Harcourt, with plans to open eight additional branches across key commercial hubs in 2026 as part of its expansion strategy.

The commissioning of the Bank’s regional office in Owerri marked a significant milestone in its South-East and South-South growth strategy.

The event attracted government officials’ business leaders and Nigerians in diaspora and underscored NOVA Bank’s commitment to supporting enterprise development and economic growth.

NOVA Bank Limited is a commercial bank licensed and regulated by the Central Bank of Nigeria. Commencing operations in 2018 as a merchant bank, the institution transitioned to a commercial bank in 2024 and provides retail, SME, corporate and commercial banking services through its Phygital model, an integrated approach combining physical branch presence with digital banking infrastructure.

NOVA Bank, formerly NOVA Merchant Bank, has officially commenced operations as a National Commercial Bank.

This follows the Central Bank of Nigeria’s (CBN) approval of the final license for the Bank to commence operations as a National Commercial Bank.

Apart from the newly opened branch in VI, the bank announced that additional branches in Lagos, Abuja, Port Harcourt, and Kano, will follow shortly.

Phillips Oduoza, Chairman and Founder of NOVA Bank, who spoke on the commencement of its commercial banking operations, emphasized the Bank’s unwavering commitment to customer focus and delivering exceptional service.

He noted that the introduction of the innovative “PHYGITAL” model, is a trademark of NOVA.

“We are pleased to continue our tradition of excellence established as a merchant bank and further extend the banking experience to the retail end of the market.

‘’As we expand our services, we remain dedicated to delivering an unparalleled banking experience that seamlessly integrates the physical and digital realms.

“Our trademarked PHYGITAL experience combines a select number of strategically located physical branches with high-tech, seamless digital banking capabilities, ensuring that our customers receive the best of both worlds. This approach allows us to provide personalized, in-person service where it is most needed, while also offering the convenience and efficiency of cutting-edge digital solutions.”

On his part, Wale Oyedeji, the Managing Director/CEO of NOVA Bank, said, “For over half a decade, NOVA has been instrumental to the success of leading corporates and high-net-worth individuals, delivering tailored solutions to meet the unique needs of their businesses.

‘’As we evolve to serve a broader customer base, we remain committed to delivering innovative services, building on our legacy as a leading Merchant Bank.

“Through disruptive seamless digital products and services, we are poised to deepen financial inclusion, provide convenient and secure banking solutions, and elevate the SME market as a key economic driver”.

Speaking in the same vein, Mrs. Esther Adino, the Bank’s Group Head, Retail and Digital Banking, highlighted the innovative financial solutions that NOVA Bank offers, adding, “At NOVA Bank, we provide a comprehensive suite of banking services tailored to meet the diverse needs of individuals, SMEs, and large corporations.

‘’Our card solutions ensure convenience and security for everyday transactions. Our state-of-the-art mobile app empowers customers to manage their accounts, transfer funds, pay bills, and do much more, all from the convenience of their mobile devices.

‘’Additionally, we offer quick and efficient POS solutions that facilitate seamless transactions for SMEs and large businesses, along with flexible account options designed to cater to the varied financial needs of our customers.”

FBN Quest Limited, Renaissance Securities Limited, Greenwich Merchant Bank Limited and Nova Bank Limited acted as Arrangers. The Bond is rated BBB+ (Stable Outlook) by Global Credit Ratings (GCR) and Bbb+ (Stable Outlook) by Agusto & Co. and is listed on the FMDQ Exchange.

The issuance attracted participation from a broad array of institutional investors, including local pension funds, insurance companies and asset managers. The relative strong demand despite the very difficult economic and operating environment confirms the market’s confidence in the Company’s creditworthiness, long-term resilience, and significant growth potential.

The bond issuance, coming after Accelerex’s successful private equity round in 2020, provides its Nigerian subsidiary with critical long-term and local currency capital to fund expansion and support its mission of accelerating the financial inclusion of businesses and individuals across Africa. 

Accelerex is only the 2nd ever Nigerian fintech or payments company to successfully place a long-term, investment grade, unsecured bond in the Nigerian capital market. Proceeds from the issuance will be used to finance expansion of distribution channels and general working capital.

Olukayode Ariyo, Managing Director of Global Accelerex Limited, stated: “We are very happy with the result of this bond issuance as it confirms the market’s interest in advancing digital payments and financial inclusion across Nigeria. It is an attestation of the confidence reposed in us, despite the difficult market environment. We thank our bondholders for their belief in our Company. We will press forward with our mission of simplifying everyday life for Africans through accessible, convenient and affordable digital payments and financial services.”

Paul Kokoricha, Director at Accelerex Holdings, and Chief Investment Officer at Africa Capital Alliance (ACA) said: “The medium-term bond issuance significantly strengthens the balance sheet and liquidity of Accelerex’s Nigerian operations and provides it with much-needed local currency funding and duration to support its expansion plans. 

As equity investors in Accelerex, we are very excited that Nigerian debt investors were supportive of the deal, thereby providing useful financial leverage and local currency diversification to the Company’s balance sheet. With its strengthened balance sheet, Accelerex and its management team can confidently continue their quest to expand access to Nigeria’s financially under-served population”.

Accelerex is renowned for its excellent customer service and commitment to payment solutions that evolve with the needs of the customer. Since it began operations in 2013, Accelerex has grown into a formidable player in the fintech industry and has established itself as the preferred physical payments partner to all merchant acquiring banks in Nigeria. 

The Company has over 150,000 merchant and agent endpoints across Africa and has consistently ranked as a top 3 provider of payment channel services (by value of transactions processed) in Nigeria since 2018. 

It currently operates in Nigeria, Ghana and East Africa, with plans to expand to other parts of the continent in the future. In May 2022, Accelerex was recognized by Financial Times as one of the fastest growing companies in Africa.