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Aftermath Of EFCC Arrest: Nova Merchant Bank Chairman,  Phillip Oduoza Returns To Work



Phillip Oduoza, the embattled Chairman of Nova Merchant Bank Limited has resumed work days after he was arrested by operatives of the Economic and Financial Crimes Commission (EFCC).
Oduoza returned to work on Monday, June 16, alongside the Managing Director of Nova Merchant Bank, Nath Ude.
Recall that men of the Ibrahim Bawa-led agency had stormed the headquarters of the financial institution located at 23, Kofo Abayomi Street, Victoria Island and picked up Oduoza and Ude.
The duo were arrested over allegations relating to fraud. A petition signed by a former staff of Nova Merchant Bank Limited alleged the duo of fraud, conversion of tax and dollar round-tripping, hence their arrest on Friday, June 10.
Reacting to the arrest in a statement, the bank confirmed that its Chairman and Managing Director had actually been arrested over a petition written by an ex-staff to the bank.
The statement also said that the duo who were arrested had  since been released, assuring its customers that the bank’s operations have been without ethical blemish and are in strict compliance with all rules and regulations.
Interestingly, since the arrest, Oduoza has been trying to put up a proper front of being free of the blemish brought on him by the arrest by the EFCC.
Painting the image of an unruffled executive, Oduoza over the weekend was one of the popular face spotted at a special golf competition held at Ikoyi Golf Club in Lagos.
Oduoza, was in the company of golfer, Junior Egbakumeh; Chairman, NOVA Asset Management Co, Osemwengie Ede; and Enterprise Commercial Lead, Middle East and Africa, Microsoft, Akin Banuso. He played for a while and took photos with his compatriots.
Meanwhile, the EFCC has maintained that investigation is still ongoing on the allegation brought against the duo of Oduoza and Ude.
Nova Merchant Bank’s Full Statement On The Arrest Of Its Bosses below:
The statement read, “On Friday 10 June 2022, the operatives of the Economic and Financial Crimes Commission (EFCC) visited our Bank’s headquarters. The operatives claimed the visit was as a result of a petition signed by a former staff of the bank.
“The Board and management of NOVA Merchant Bank want to assure all our esteemed customers and other principal stakeholders that the board and management led by its Chairman, Mr Phillips Oduoza and Managing Director, Nath Ude, honoured the invitation by the agency as we are convinced that the Bank’s operations have been without ethical blemish and are in strict compliance with all Banking rules and regulations.
“The Bank wishes to state that the complainant was a former staff of the Bank, and has been in discussion with the Management of the Bank on the various infractions.
“It is pertinent to mention that the Bank had previously reported the complainant to EFCC and is currently undergoing investigation by the Commission before the counter petition on which yesterday’s invitation was effected.
“Having made appearances at the Lagos Office of the Agency, the officers of the Bank have since been released. Again, our Bank, being a technology driven financial institution, would like to reassure our stakeholders including our valued customers that its operations are not in any way disrupted or affected as NOVA Merchant Bank is committed to providing value driven merchant banking services to our customers.”
Junior Egbakumeh, Phillips Oduoza, Osemwengie Ede; and Akin Banuso
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