Ex-Banker Faces Fresh EFCC Probe Over Alleged N515m Fraud
The Economic and Financial Crimes Commission (EFCC) is investigating a former bank operations manager, Obinna Nwaobi, over the alleged fraudulent diversion of N515 million from a customer’s account.
Nwaobi, a former Head of Operations of a new-generation bank, is accused of authorising the unauthorised movement of N515 million belonging to DAHUA Paper Company from its Debt Service Reserve Account (DSRA).
In a statement, the EFCC said its Enugu Zonal Directorate commenced the investigation following a petition submitted by the bank on June 22, 2026.
The bank alleged that the money was withdrawn on July 17, 2024, through three transactions involving N200 million, N150 million and N165 million.
It claimed that the account was reactivated in June 2024 without being placed on Post No Debit (PND), as required, thereby creating an opportunity for the alleged fraudulent withdrawals.
The bank further alleged that the transactions were processed at its Okpara Avenue branch in Enugu using forged documents and authorised by Nwaobi, who was serving as Head of Operations at the time.
Findings from the EFCC’s preliminary investigation indicated that the account was specifically created for the repayment of a Bank of Industry loan and was not meant for customer withdrawals or transfers to third parties.
The Commission noted that any withdrawal or transfer from such an account requires the approval of the Account Officer, Regional Manager and Credit Monitoring Team.
However, the alleged transactions were carried out without the necessary approvals, with forged documents reportedly used in processing them.
The latest investigation comes as Nwaobi is already standing trial over an alleged $510,000 unauthorised withdrawal involving another customer of the same bank, Lantern Gate Nigeria Limited.
The EFCC said he was arraigned before a Federal High Court in Enugu on November 13, 2025, on a nine-count charge bordering on forgery and criminal diversion of the $510,000.
The bank had alleged in a separate petition that the funds belonging to Lantern Gate Nigeria Limited were transferred into six different accounts without the customer’s consent.
The Commission stated that Nwaobi would be prosecuted over the alleged N515 million fraud after the conclusion of investigations.
