No, there is no overload that accepts a string. So you are actually using the overload of String.Split which accepts a ParamArray Char(). But this will check if any of these chars match, so not only if the whole sub-string matches. It is the same as this:
Dim first = text.Split(" "c, "|"c, "|"c, " "c)(0) ' "EFT-"
Use this instead:
Dim first = text.Split({" || "}, StringSplitOptions.RemoveEmptyEntries)(0)
Note that you can also use StringSplitOptions.None, that's not the problem.
String.Split Method(String(), StringSplitOptions)
Returns a string array that contains the substrings in this string
that are delimited by elements of a specified string array. A
parameter specifies whether to return empty array elements.
But note that you should set OPTION STRICT to on, then your code would not even compile since a string is not a Char() implicitly. With OPTION STRICT off it will be converted silently.
Option Strict on by default in VB.NET