Economic and Financial Crimes Commission (EFCC) has nabbed the Chairman of NOVA Merchant Bank Limited, Phillips Oduoza, and the Managing Director/Chief Executive Officer, Nath Ude.
NewsBeatng reports that 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 reports, EFCC officials stormed the bank’s head office at 23, Kofo Abayomi Street, Victoria Island in Lagos on Friday at noon to pick up Oduoza and Ude.
The duo were said to be under investigation following a petition by a staff member which 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 alleged fraud relating to the conversion of tax, dollar round-tripping,” a worker disclosed.
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.
