NOVA Bank one of the newest in the commercial banking space in Nigeria may be in serious mess following the unexpected exit of its pioneer managing director.

The bank which recently converted to commercial banking as against its original field of play in the Merchant banking space.is currently going through one of the most challenging periods of its operations as a commercial bank.

While still struggling to position itself as a leading financial institution in Nigeria, offering a wide range of banking services to individuals, businesses, and organizations, NOVA’s challenge is one which analysts say may likely rock its very foundations.

NOVA Bank had at a recent opening of one of its new branches in Lagos and the formal unveiling of its commercial banking status given the assurance that it has the capacity to compete effectively in the Nigerian banking terrain particularly as competition had become even more fierce in the sector..

In doing this, the bank had relied on the ability skill and experience of one man to lead the transformation process, but recent development has shown that the ship (bank) may not be able to sail as smoothly as intended. This is because the sudden exit of the captain of the ship will definitely produce some unintended consequences.

The exit of the Managing Director of NOVA Bank, Mr. Wale Adedeji is seen in several quarters as a development that is going to affect the ability of the bank to immediately register its brand as a leading deposit money Bank in Nigeria. Moreso, when it has only just transferred to commercial banking: a terrain dominated by such big players as Access, GT, Zenith and FirstBank to mention a few.

Established in 2006, the bank which grew to become one of the most respected and trusted financial institutions in the Merchant banking space many had thought would demonstrate the same feat in its new area of operations as a commercial bank, hence NOVA’¡s mission to provide innovative and customer-centric banking solutions that meet the evolving needs of its customers may not be a dream that is realizable at least in the short run.

Meanwhile, as the bank makes arrangements for a replacement, there is no doubt that whoever is stepping into the shoes of the erstwhile managing director who has moved on to FirstBank Holdings in search of greener pastures will definitely need some time to fully appreciate and implement the initial strategies as outlined by his predecessor and the bank. This becomes even more worrisome when it is realized that the bank had earlier revealed plans to compete effectively through the vigorous deployment of its Digital Banking – Online and mobile banking, platforms employing an innovative banking application known as “Phigital banking”

With a vision to become the leading financial institution in Nigeria, known for its excellence, integrity, and commitment to customer satisfaction, NOVA Bank may simply be on a long and torturous journey to stamp it’s feet in the highly competitive commercial banking apace in Nigeria, especially for a bank that has received numerous awards and recognition for its outstanding performance and commitment to customer satisfaction, notable amongst which are “Best Bank in Nigeria” by the African Banker Awards; “Most Innovative Bank” by the Global Banking and Finance Awards; “Best Customer Service” by the Nigerian Customer Service Awards, Analysts say it is unclear whether the bank will be able to reenact this feat soonest owing to issues on ground.

Whether NOVA Bank previously known for its innovative banking solutions, excellent customer service, and strong branch network, with a commitment to customer satisfaction and excellence will be able reestablish its presence and position will only become evident with time