NOVA Bank Limited, formerly known as NOVA Merchant Bank, says it has officially commenced operations as a national commercial bank.

The development came after the Central Bank of Nigeria (CBN) approved “a final licence”, allowing the bank to operate as a national commercial bank.

In January, the bank had announced its readiness to transition to a full commercial banking business.

Speaking on its latest move in a statement on Wednesday, NOVA said it has opened its first commercial banking branch in Victoria Island (VI), Lagos, adding that there will be more branches in the state as well as Abuja, Port Harcourt, and Kano.

Speaking on the milestone, Phillips Oduoza, chairman and founder of NOVA Bank, emphasised the firm’s unwavering commitment to its customers and exceptional service delivery.

“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,” Oduoza said.

“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.”

Oduoza said the approach allows the bank to provide personalised and in-person service, while also offering the convenience and efficiency of cutting-edge digital solutions.

On his part, Wale Oyedeji, managing director and chief executive officer (CEO) of NOVA Bank, said the organisation has been instrumental in the success of leading corporations and high-net-worth individuals for over half a decade, providing customised solutions to meet their unique business needs.

“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,” he said.

Oyedeji said the bank plans to enhance financial inclusion, provide secure banking solutions, and boost the small and medium-sized enterprises (SMEs) market as a key economic driver, through disruptive digital products and services.

Ibadan Electricity Distribution Company Plc has announced an upward review of the electricity tariff for Band A customers.

The Acting Managing Director, IBEDC, Francis Agoha, stated that the Nigerian Electricity Regulatory Commission has approved the tariff increase from N206.80/kWh to N209.50/kWh for users in the category.

According to a public notice signed by Agoha on Wednesday, the tariffs for Bands B, C, D, and E remain unchanged.

The statement read, “Effective immediately, the tariff will be adjusted from N206.80/kWh to N209.50/kWh. This review has been duly approved by the Nigerian Electricity Regulatory Commission (NERC) as captured in the multi-year tariff supplementary order.

“The adjustment is necessitated by several key economic indices, including fluctuations in the exchange rate, the current inflation rate, available generation capacity, and the cost of gas. These factors have significantly impacted operational costs, and the new tariff will mitigate these financial pressures while continuing to deliver high-quality electricity services.

“It is important to note that this adjustment affects only our Band A customers. The tariffs for Bands B, C, D, and E remain unchanged. We remain committed to providing reliable and efficient electricity services to all our customers across different bands.

“We understand that any change in tariffs can be a concern for our customers, and we assure you that this adjustment is necessary to maintain and improve the quality of our services. Our goal is to ensure that you receive the best possible value for your money,” Agoha said.

The Central Bank of Nigeria has warned against the continued rejection of old series and lower denominations of the United States of American dollars by its regulated entities in Nigeria.

The bank threatened to sanction lenders that rejected the currencies.

This was contained in a circular dated June 27, signed by the acting director of the currency operations department, Solaja Olayemi, which was recently released on the website of the apex bank.

The circular directed at Deposit Money Banks, Bureau De Change operators and the general public cautioned against the continued rejection of the old series and lower denomination of the American greenback.

CBN said the fresh circular followed the outcome of its consumer market intelligence, which revealed the continued rejection of old/lower denominations of dollar bills by banks and other authorised forex dealers.

“Kindly be reminded that the Central Bank of Nigeria circular referenced COD/DIR/INT/CIR/001/002 and dated 9th April 2021, which explicitly frowned at this selective acceptance of deposit, is still in force and must be adhered to and complied with by all relevant parties.

“For the avoidance of doubt and further guidance on the circular, the content is hereby reissued as follows for strict compliance: All DMBs /authorized forex dealers should henceforth accept both old series and lower denominations of United States Dollars that are legal tender for deposit from their customers. The CBN will not hesitate to sanction any DMB or authorised forex dealers who refuse to accept old series/lower denominations of US Dollar bills from their customers,” the circular partly read.

The circular also warned authorised forex dealers against defacing/stamping US Dollar banknotes as such notes always fail authentication tests during processing/sorting.

CBN first issued the warning in a circular signed by then director of the currency operations department, Ahmed Umar, on April 9, 2021.