The Economic and Financial Crimes Commission (EFCC) has commenced an investigation into a former bank operations manager, Obinna Nwaobi, over the alleged unauthorised diversion of N515 million belonging to a customer, DAHUA Paper Company.
The EFCC’s Enugu Zonal Directorate is investigating allegations that Nwaobi authorised the transfer of the funds from the customer’s Debt Service Reserve Account (DSRA) without approval.
According to the Commission, the investigation followed a petition submitted by the bank on June 22, 2026, alleging that the money was transferred in three separate transactions on July 17, 2024.
The transactions comprised N200 million, N150 million and N165 million, bringing the total amount allegedly diverted to N515 million.
The petition alleged that the account was reactivated in June 2024 but was not placed on Post No Debit (PND), a restriction required to prevent withdrawals and transfers.
The bank 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.
How the Alleged N515m Diversion Happened
Preliminary investigations by the EFCC reportedly revealed that the affected account was a Bank of Industry (BOI) loan repayment account.
Such accounts are not ordinarily accessible to customers because they are specifically designated for loan repayments.
Withdrawals or transfers to third-party accounts are prohibited without approval from the Account Officer, Regional Manager and Credit Monitoring Team.
However, the EFCC said the transactions were allegedly carried out illegally using forged documents, with Nwaobi accused of authorising them in his capacity as Head of Operations.
Ex-Banker Faces Another $510,000 Fraud Trial
The former banker is also facing trial over a separate alleged unauthorised withdrawal of $510,000 belonging to another customer of the same bank, Lantern Gate Nigeria Limited.
He was arraigned before a Federal High Court in Enugu on Thursday, November 13, 2025, on a nine-count charge bordering on forgery and criminal diversion of the funds.
According to the EFCC, the bank had petitioned the Commission, alleging that the $510,000 was transferred into six different accounts on the suspect’s authorisation without the customer’s approval.
EFCC to Charge Suspect After Investigation
The Commission said Nwaobi would be charged to court over the alleged N515 million diversion once investigations were concluded.
The latest investigation adds to the separate $510,000 case already pending before the Federal High Court in Enugu.
