EFCC Investigates Ex-Banker Over Alleged N515m Diversion From Customer’s Account
The Economic and Financial Crimes Commission (EFCC) has commenced investigations into a former Head of Operations of a new-generation bank, Obinna Nwaobi, over the alleged unauthorised diversion of N515 million belonging to a customer, DAHUA Paper Company.
The EFCC disclosed that operatives of its Enugu Zonal Directorate were investigating Nwaobi for allegedly authorising the diversion of funds from the customer’s Debt Service Reserve Account (DSRA) without approval.
According to the Commission, the bank petitioned it on June 22, 2026, alleging that N515 million was withdrawn from the customer’s account in three separate transactions of N200 million, N150 million and N165 million on July 17, 2024.
The bank reportedly stated that the account was reactivated in June 2024 but was not placed on Post No Debit (PND) status as required, a development that allegedly facilitated the fraudulent withdrawals.
The petitioner further alleged that the transactions were processed through its Okpara Avenue branch in Enugu using forged documents and authorised by Nwaobi, who was the Head of Operations at the time.
Preliminary investigations by the EFCC reportedly revealed that the account was a Bank of Industry loan repayment account, which was not accessible to customers and was specifically designated for loan repayments.
The Commission explained that withdrawals or transfers to third-party accounts from such accounts require approval from the Account Officer, Regional Manager and Credit Monitoring Team.
However, the transactions were allegedly carried out without the required approvals and with forged documents, with Nwaobi suspected of authorising them.
The EFCC also disclosed that the former banker is currently facing trial before a Federal High Court in Enugu over another alleged unauthorised withdrawal involving $510,000 belonging to a customer of the same bank, Lantern Gate Nigeria Limited.
He was arraigned on November 13, 2025, on a nine-count charge bordering on forgery and criminal diversion of the funds.
The earlier case followed a petition by the bank alleging that the $510,000 was transferred into six different accounts without the customer’s authorisation.
The Commission said Nwaobi would be charged to court over the alleged N515 million diversion once investigations are concluded.
