E-Financial
Phillips Oduoza: Inspirational Giant of Banking Industry
Phillips Oduoza, founder and chairman, NOVA Merchant Bank Limited is inspired by Nigeria’s future, which he believes holds potential waiting to be harnessed.
Phillips Oduoza
NOVA Merchant Bank offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.
Phillips, also former group managing director (GMD), United Bank for Africa (UBA), is gifted, a deep thinker, selfless with a knack for seeing what others couldn’t see and making the seemingly impossible possible in addition to great leadership skills.
In this article, we will look at his new bank, banking career, his leadership skills and background.
NOVA Merchant Bank
NOVA Merchant Bank founded by Phillips is a licensed merchant bank with a focus on wholesale and investment banking.
The bank which began operation in 2018- became an instant success and broke-even in the first year of operations.
Recall at the time of commencement of operations by NOVA Merchant Bank, the economic environment was quite challenging, because the country just exited from recession.
Secondly, there was still turbulence in the industry resulting from interventions in some banks by the Central Bank of Nigeria (CBN).
But the new bank’s growth trajectory has also continued as it reported a profit after tax of N3.49bn for the financial year ended December 31, 2020.
This represents a 112% increase when compared to N1.65bn in 2019.
All the key financial parameters recorded major improvement over the prior year performance; Gross Earnings showed a quantum leap of 130% growth over 2019 and Profit Before Tax at N3.52bn recorded a 135% growth over the 2019 figure of N1.5bn.
The bank achieved such growth amidst the unprecedented nature of the COVID-19 pandemic and resulting macro-economic headwinds.
Also, the Nigerian Exchange Limited (NGX) recently admitted the bank’s N10 billion bond on its platform.
The bank made history as the youngest merchant bank to issue a bond in Nigeria which also oversubscribed by 300 per cent
The success of the bond is an indication of the level of investor confidence in the bank’s reputation, brand and corporate performance.
Banking Career
Phillips started his banking career in 1989 with Citibank as the first set of Executive Trainees where he trained in every aspect of banking after a brief stint with International Merchant Bank (IMB) as a Credit Officer in 1987.
Within the three years at Citibank, he was equipped with knowledge of banking operations, relationship management, credit/marketing, efficient implementation of technology, risk management and lean banking methods.
He moved from Citibank to Diamond bank in 1991, as one of the pioneer staff who built the bank to become a strong and notable brand in the industry.
Phillips rose through the ranks to become an Executive Director, serving as ED, Operations and Technology (1999-2002) the period where most banks had to do the IT transformation to meet up with global standards and practices.
He was also Executive Director, Commercial/Retail Banking from 2002 to 2004.
His next stop was at the Reliance Bank Limited where he had a blinking stint as Deputy Managing Director for 4 months before moving on to join the Management and Board of Standard Trust Bank PLC in December 2004.
He was with STB at the time of the merger with UBA and became a key player in the new UBA, rising through the ranks to serve two terms as MD/CEO before his retirement in 2016.
He was succeeded by Kennedy Uzoka.
Leadership Skills
Phillips is a consummate banker with limitless energy who believes in team work.
He is hard worker who avoids shortcuts and do not jump leadership ladder.
He possess the Midas touch, everything he touches turns into gold
Phillips has mentored and is mentoring crops of young bankers and entrepreneurs.
He is also my benefactor.
Tony O. Elumelu, chairman, United Bank for Africa (UBA), described Philips as “a man with a very cerebral mind, very diligent, loyal and astute”
He is man who loves and encourages progress and a man who always works for the best of everything.
Elumelu said that the performance of UBA today, both financial and brand management are all attributable to Philips and all the team he worked with.
Alex Otti, former CEO of Diamond Bank Plc, praised Philips for his extra-ordinary talent and management skills and leaving the banking industry with his integrity intact.
Philips has won several awards and is one of the most popular bankers in the continent of Africa.
In 2013 and in 2015, he emerged as the Africa investor (Ai) Socially Responsible Investment (SRI) 30 CEO of the year.
He currently serves on the boards of Veritas University Abuja, Lagos State Security Trust Fund, and the Development Bank of Nigeria.
Philips has also served on several boards including Interswitch Plc (representing UBA), Valuecard Plc (Unified Payment Services Plc), Nigeria Interbank Settlement System, Nigeria Economic Summit Group, Financial Markets, and Dealers Quotations (FMDQ).
Background
Phillips was born into a large family in Owerri, Imo state Nigeria.
He attended St. Kelvins Primary School, Owerri, and Government College, Owerri before moving down to Lagos state for his university education.
He bagged a Civil Engineering degree (with First class honours) from the University of Lagos.
He was intelligent and excelled in his studies.
According to Phillips, he never considered banking or accounting in his first degree because he did not want a sedentary career.
Instead, he wanted a career in civil engineering where he felt he would be more actively engaged.
“As a student, I was very proficient in science subjects,” he recalled, “and I could have studied Medicine or any other such course. However, I wanted a profession that is involved in physical activities, as against research. That was why I chose to study engineering because it has physical applications. As a civil engineer, you are involved in building roads, bridges, houses and so many diverse things.”
However, in the course of his engineering study, he took a couple of courses that were business-related and his interest was piqued.
After school, he considered several career options before eventually settling for banking, and this became the epicentre of his entire career.
He went back to UNILAG and obtained an MBA in finance to guide his new career path.
Since then, he has attended numerous banking, management and leadership courses including the Advanced Management Programme of the Harvard Business School.
He is an honorary fellow of the Chartered Institute of Bankers.
Sofri, Powered by Links Microfinance Bank plans a massive rollout of Point of Sale, PoS terminals for merchants and agency banking in the third quarter of this year.
This is coming against the backdrop of the banks revamp of its digital platforms to support better customer experience.
Paul Adebayo, managing director, Sofri, said the bank is technology and purpose-driven, with focus on financial inclusion and sustainability. As well with the determination of making banking simpler, inclusive, and impactful.
He said that the revamped mobile app features, faster onboarding, cleaner interface, real-time alerts, enhanced security and seamless loan applications.
“Our corporate internet banking Launched for SMEs and institutional clients features, secure payments, transfers, account management and enhances business banking experience.
“Laying the groundwork for greater reliability, product innovation and operational efficiency is our new core banking infrastructure. This change enables us to scale faster and serve customers better.
“Our Terminal Management System (TMS) improves the performance, uptime, and remote monitoring of our POS terminals. This ensures merchants and field agents enjoy better stability, quicker settlements, and stronger support,” he added.
On sustainability impact, Adebayo, added that Sofri is embedding ESG principles into its lending and operational models — from offering green financing options, to supporting waste-to-wealth entrepreneurs, and making inclusive finance part of Nigeria’s circular economy.
Sofri is a trademark of Links Microfinance Limited (Links Mfb). Links Mfb is licensed and regulated by Central Bank of Nigeria (CBN) and deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). Links Mfb is a member of DLM Capital Group, owners of DLM Asset Management as regulated by the Securities and Exchange Commission (SEC).
Current market research has confirmed that buyside investors are increasingly focused on high-growth sectors such as small businesses and consumer lending— sectors that fuel both the demand and supply sides of the economy.
However, capital allocation to these areas requires robust risk mitigation frameworks to preserve principal and ensure returns that are not just economically viable but outpace inflation.
Against the backdrop that DLM Capital Group has developed an innovative solution – the Sovereign Bond Backed Composite Notes (SBCNs) to meet this critical economy needs.
According to Sonnie Babatunde Ayere, the Group CEO of DLM Capital Group, “We believe that the consistent issuance of SBCNs by qualified entities will play a key role in de-risking corporate bond portfolios.
“By blending sovereign-backed security with enhanced yield exposure, portfolio managers gain a rare opportunity to simultaneously increase portfolio safety and performance”.
The first of its kind fixed income product combines the security of direct sovereign bond-backed principal protection, such as FGN Bonds, with the enhanced yield potential of corporate and consumer lending cash flows. This hybrid structure, the first of its kind in the local market, merges public-sector credit safety with private-sector income generation.
The instrument is designed as such that the private sector credit tranche will be secured by the FGN-bonds, which will be the senior tranche.
The N30 billion Sovereign Bond Backed Composite Notes issued by DLM Funding SPV Plc is being packaged as a AAA-rated note. With a held-to-maturity yield of 49.9 percent, the notes are designed to be attractive to institutional investors seeking a balance between capital preservation and superior returns.
Sonnie Babatunde Ayere, noted about the SBCN, “For asset managers, it enhances portfolio quality, improves credit profiles, supports diversification, and delivers competitive returns.
In a media parley describing the instrument, Ayere highlighted the role of the instrument in driving credit expansion to the underserved private sector. He highlighted how the note could help drive institutional capital into sectors that were previously considered too risky.
“By channeling domestic capital into these critical but underserved sectors without exposing investors to excessive risk, it becomes possible to mobilize funding for parts of the economy that have long been neglected.” He added.
E-Financial
Fidelity MD,Onyeali-Ikpe Champions Lifelong Learning and Sisterhood for Women’s Career Growth
Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, has encouraged women professionals to embrace continuous learning, courage, and collaboration as key habits for achieving long-term career success and breaking through professional barriers.
Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, (Middle) flanked by participants of a Women’s Roundtable themed, “Mentorship with Dr. Nneka Onyeali-Ikpe” hosted by the bank over the weekend at the Fidelity SME Hub, Gbagada, Lagos recently.
She gave the charge during a Women’s Roundtable hosted by the bank over the weekend at the Fidelity SME Hub in Gbagada, Lagos. Themed “Mentorship with Dr. Nneka Onyeali-Ikpe”, the event drew female professionals from various sectors and was held under the Recognition and Networking arm of the bank’s HerFidelity Proposition—a flagship initiative designed to empower women entrepreneurs and professionals across Nigeria.
Explaining the vision behind HerFidelity, Dr. Onyeali-Ikpe noted that the initiative was born out of a strong need to provide women with holistic support beyond access to finance.
“In my engagements with women across different industries, I’ve seen first-hand that while talent and ambition abound, many still lack access to capital, skills development, health support, and networks,” she said.
“HerFidelity was created to bridge that gap by focusing on four key pillars: access to capital, capacity building, wellness for work-life balance, and entrepreneurship support. It’s one of the initiatives I’m most proud of, because when women thrive, communities prosper and economies flourish.”
The interactive mentorship session, held in a Q&A format, offered participants an opportunity to learn directly from the trailblazing CEO, who shared personal experiences and career insights.
Advising young women aspiring to leadership, she said: “Believe in yourself, be ready to work hard, and never shy away from taking smart risks. Seek out mentors, invest in meaningful relationships, and above all, collaborate—because no one truly succeeds alone.”
The event also featured fun competitions and giveaways, with attendees winning exciting gifts courtesy of Fidelity Bank.
Dr. Onyeali-Ikpe’s session left participants inspired, reinforcing Fidelity Bank’s position as a champion for gender empowerment and a leading supporter of women’s advancement in business and leadership.
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