NOVA Bank has strengthened its leadership by appointing Mr. David Isiavwe and Mrs. Chinwe Iloghalu as Executive Director, Operations and Information Technology, and Executive Director, Institutional and Commercial Banking, respectively.

David Isiavwe and Chinwe Iloghalu are both experts in the banking sector, and with their wealth of experience, the bank is set to drive its innovation and growth, particularly after its recent transition to a national commercial bank.

Mr. Phillips Oduoza, the bank’s chairman, stated that the addition of Isiavwe and Iloghalu marks a critical point in the bank’s growth.

With these seasoned professionals on board, NOVA aims to become a key player in Nigeria’s banking sector.

Announcing the appointments, Phillips Oduoza noted, “The addition of Dr. Isiavwe and Mrs. Iloghalu marks a pivotal moment in constituting the management team that will lead NOVA into its next phase of growth.

“David’s expertise in technology will be key in enhancing our phygital model, while Chinwe’s strong business drive and relationship management, coupled with the retail and product engine of the bank, will be instrumental in driving the bank’s strategic intent to become a formidable player in the banking industry.”

He added, “Their deep understanding of digital and electronic banking will significantly contribute to our trademarked phygital experience, which seamlessly combines the best of in-person service and bespoke digital solutions to serve our customers.

Both leaders bring valuable experience that aligns perfectly with NOVA’s vision to be Africa’s preferred financial solutions provider.”

Mrs. Iloghalu brings nearly 30 years of experience across sectors like energy, corporate, and digital banking. She holds an MSc in Media and Communications, an MBA, and is a Fellow of the Institute of Credit Administration.

Meanwhile, Mr. Isiavwe, with over 30 years of experience in banking and a PhD in Accounting, will focus on driving NOVA’s digital transformation.

Vestergaard Sàrl announced today that the Government of the Federal Republic of Nigeria, acting through the Presidential Initiative for Unlocking the Healthcare Value Chain (PVAC), has signed a Memorandum of Understanding (MoU) with the company, as an initial step to establish the country as the first West African manufacturing hub for insecticide-treated nets (ITNs) to combat malaria – and the first on the continent to produce dual active-ingredient nets to help combat insecticide resistance.

Nearly every minute a child under 5 years old dies from malaria. The African continent accounts for almost 95% of the world’s malaria cases – one quarter of these are in Nigeria. New approaches are needed to boost access to tried-and-tested, cost-effective tools to combat the disease, and local manufacturing of nets, medicines and vaccines is a priority for the continent.

The MoU announced today lays the foundation for Vestergaard to establish a joint venture with a local manufacturing partner in Nigeria, potentially supported by MedAccess, a social investor founded by British International Investment, the UK’s development finance institution and impact investor. Selection of an appropriate partner is currently underway and will be subject to the satisfactory conclusion of a due diligence process. Vestergaard is also discussing opportunities for financing with the U.S. International Development Finance Corporation (DFC).

If successful, the joint venture will result in a state-of-the-art manufacturing facility that is expected to function as a flagship on ITN quality and bioefficacy performance, as well as industrial health, safety and sustainability practices. At scale, the planned facility would produce 10 million PermaNet® Dual long-lasting insecticidal nets every year, for both domestic use in Nigeria and international export. It would create around 600 jobs in Nigeria.

Dr Muhammad Ali Pate, Hon. Minister of Health for Nigeria, said: “Increasing access to long-lasting insecticide-treated nets is crucial. We cannot afford to underestimate the power of prevention in our fight against malaria. Collaborative efforts, such as this, are essential to mobilizing the resources and expertise needed to combat malaria effectively.”

Dr Abdu Mukhtar, National Coordinator of PVAC, said: “High standards in local production are non-negotiable. By investing in local bed net production, we are not only improving health outcomes but also paving the way for a self-sufficient healthcare system that can withstand global challenges. This partnership with Vestergaard is a significant step towards attaining this for Nigerians and the broader West African population. ”

Michael Anderson, CEO of MedAccess, said: “Next generation mosquito nets are powerful tools to save lives and prevent debilitating disease. Regional manufacturing is in turn a critical tool to ensure that the nets are available quickly, reliably, and sustainably. This agreement between the Government of Nigeria and Vestergaard underlines an important commitment to protecting people from malaria while strengthening supply chain resilience in the region. MedAccess is looking forward to working in partnership to explore how innovative finance can support this initiative.”

Jim Polan, Vice President, Office of Health & Agribusiness at the U.S. International Development Finance Corporation (DFC), said: “DFC’s investments in regional manufacturing, particularly in Africa, aim to strengthen health system resilience and diversify supply chains. We are exploring a variety of opportunities to expand access to critical health products, including bed nets, to ensure the region is better prepared to respond to malaria and other vector-borne transmission due to changing climate patterns.”

Amar Ali, CEO of Vestergaard, said: “This partnership exemplifies the leadership and commitment of the Nigerian government in the fight against malaria. We are very grateful for their engagement and support as we work together with partners to create a cutting-edge facility that will set a global benchmark in the manufacturing of dual-insecticide nets.”

The Adamawa State government has announced plans to reconstruct Yola Town Market, which was razed five months ago.

During a visit to the market, Professor Kaletapwa Farauta, the Deputy Governor, said the government was yet to ascertain the cause of the inferno and pledged to support the affected traders.

Farauta stated that the exact number of affected traders is yet to be determined, but the government would do everything possible to provide them with the necessary assistance.

“We are here to commiserate with our brothers and sisters who have been affected by this fire incident.

“The government will look into what has happened, as the source of the fire and the number of burnt shops is yet to be ascertained,” the deputy governor said.

However, in a recent development, the Adamawa State Commissioner for Commerce and Industry, John Dabari, revealed that the state government has approved the sum of N2.9 billion for the reconstruction of the market.

Dabari, who spoke after a meeting of the State Executive Council (SEC) presided over by the deputy governor, Kaletapwa Farauta, at the Government House in Yola, disclosed that the reconstruction of the market is set to be completed in nine months.

Investor King understands that the fire outbreak halted business activities in some parts of the town market.

However, with the government’s decision to rebuild the market, the resumption of full commercial activities is guaranteed.

The new market, which is expanded to house 69 modern shops, features a modern architectural plan and design.

According to Dabari, traders and business owners can rest assured that the modern design will reduce the risk of future fire outbreaks in the new market.