Phillips Oduoza, chairman of NOVA Merchant Bank Limited and its managing director, Nath Ude are currently being investigated by the Economic and Financial Crimes Commission, EFCC, for alleged fraud.
This is as the operatives of the EFCC on Friday, June 10, stormed the headquarters of NOVA Merchant Bank Limited in Victoria Island, Lagos, to arrest Oduoza and Nath Ude.
The EFCC’s intervention followed allegations of fraud, tax conversion, and dollar round-tripping leveled against the executives by a staff member of the bank.
“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.
A source within the bank said, “EFCC is at NOVA Bank to pick up the Chairman and MD over fraud allegations. T
“They are being investigated because a staff wrote a petition on fraud relating to the conversion of tax, dollar round-tripping against them.”