By CS News
The Economic and Financial Crimes Commission (EFCC) has commenced investigations into the alleged diversion of N515 million from a customer’s account by Obinna Nwaobi, a former Head of Operations of a new-generation bank.
The investigation is being handled by the Commission’s Enugu Zonal Directorate following a petition dated June 22, 2026, submitted by the bank against the former banker. The petition alleged that funds belonging to DAHUA Paper Company were transferred from its Debt Service Reserve Account (DSRA) without authorisation.
According to the petition, the EFCC N515 million diversion investigation concerns three transactions of N200 million, N150 million and N165 million, allegedly carried out on July 17, 2024.
The bank alleged that the account had been reactivated in June 2024 but was not placed on Post No Debit (PND), as required. It further claimed that the transactions were processed through its Okpara Avenue Branch in Enugu using forged documents and were allegedly authorised by Nwaobi.
Preliminary investigations by the EFCC reportedly revealed that the account was a Bank of Industry loan repayment account, which was not ordinarily accessible for customer withdrawals or transfers to third parties without the approval of the Account Officer, Regional Manager and Credit Monitoring Team.
The Commission further stated that the transactions were allegedly carried out with forged documents and authorised by the suspect, who was serving as Head of Operations at the time.
Nwaobi is also standing trial before a Federal High Court in Enugu over an alleged unauthorised withdrawal and diversion of $510,000 belonging to another customer of the same bank, Lantern Gate Nigeria Limited. He was arraigned on a nine-count charge bordering on forgery and criminal diversion in November 2025.
The EFCC said the suspect would be charged to court over the N515 million allegation upon the conclusion of investigations.
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