Philips Odozua, chairman Nova Merchant Bank lands in EFCC net for alleged illegal trading on forex, tax conversion, others

Operatives of the Economic and Financial Crimes Commission (EFCC) earlier today visited  the head office of NOVA Merchant Bank Limited on Kofo Abayomi Street, Victoria Island to arrest the Chairman of the institution, Phillips Oduoza and its Managing Director/Chief Executive Officer, Nath Ude, according to Sahara Reporters.

NOVA Bank, an investment-grade merchant bank in Nigeria 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.

The duo of Ude and Odozua are said to be under investigation following a petition by a staff member who accused them of fraud, conversion of tax and dollar round-tripping.

Godwin Emefiele, Governor of Central Bank of Nigeria had in September 2021 vowed to deal decisively with perpetrators of fraud of this nature adding that the apex bank would continue to restrict the activities of illegal forex dealers, advising banks to adhere strictly to CBN guidelines on forex sales.

Emefiele also said the CBN would hunt Nigerians who buy forex for personal travel purposes and later cancel such trips.

He warned bank customers involved in such fraudulent practices to desist from it.

“People buy forex from banks with PTA/BTA and cancel the flight later. We will find them and they must return the currency,” Emefiele had said.

Oduoza with about 30 years of banking experience, was the 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.