Nova Bank Chairman, Phillips Oduoza, MD, Nath Ude Allegedly In EFCC Palaver!
News flying all over the place have it that operatives of the Economic and Financial Crimes Commission (EFCC) are allegedly after NOVA Merchant Bank Limited Chairman, Phillips Oduoza as well as the Managing Director/Chief Executive Officer, Nath Ude.
NOVA Bank is an investment-grade merchant bank in Nigeria which offers an integrated suite of financial solutions covering Wholesale Banking, Investment Banking, Asset Management, Securities Trading, Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.
According to SaharaReporters, some EFCC officials allegedly stormed the bank’s head office at 23, Kofo Abayomi Street, Victoria Island in Lagos on Friday, June 10, 2022, at about noon, to pick up the duo.
The reason, we learnt, was as a result of a petition by a staff member who allegedly accused them of fraud, conversion of tax and dollar round-tripping.
“EFCC is at NOVA bank to pick up the Chairman and MD on fraud. They are being investigated because a staff wrote a petition on fraud relating to the conversion of tax, dollar round-tripping,” a worker told SaharaReporters.
Oduoza, with about 30 years of banking experience, is the founder and Chairman of the board of Nova Merchant Bank Limited. He retired as the global CEO of UBA Group and was part of a small team that pioneered and established Diamond Bank Plc in the early 90’s.
The bank announced the appointment of Ude as its Acting Managing Director/Chief Executive Officer effective 3rd of October 2020.
Ude was Executive Director at First City Monument Bank (FCMB) and later Executive Director at Union Bank from where he joined NOVA. He started his banking career with Citibank.