EFCC operatives stormed the company at 23, Kofo Abayomi Street, Victoria Island office of the financial institution to arrest its Chairman, Phillips Oduoza and Managing Director/Chief Executive Officer, Nath Ude.

According to a report by SaharaReporters, the management of NOVA Merchant Bank Limited has explained why operatives of the Economic and Financial Crimes Commission (EFCC) were at the bank’s head office in Lagos State on Friday.

SaharaReporters had reported that EFCC operatives stormed the company at 23, Kofo Abayomi Street, Victoria Island office of the financial institution to arrest its Chairman, Phillips Oduoza and Managing Director/Chief Executive Officer, Nath Ude.

Reacting in a statement, the bank said the duo had been released.

It added that Oduoza and Ude were initially arrested over a petition signed by a former staff of the bank.

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.”