EFCC Investigates Former Bank Operations Chief Over Alleged ₦515m Diversion
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 ₦515 million belonging to a customer, DAHUA Paper Company.
The EFCC Enugu Zonal Directorate began the investigation following a petition dated June 22, 2026, submitted by the bank, accusing Nwaobi of authorising the movement of the funds from the customer’s Debt Service Reserve Account (DSRA) without approval.
According to the petition, the money was transferred in three separate transactions of ₦200 million, ₦150 million and ₦165 million on July 17, 2024.
The bank alleged that the account was reactivated in June 2024 but was not placed on a Post No Debit (PND) restriction as required. It further claimed that the transactions were processed through its Okpara Avenue Branch in Enugu using forged documents and were authorised by Nwaobi, who was the Head of Operations at the time.
Preliminary investigations by the EFCC revealed that the account was a Bank of Industry loan repayment account, which was not designed for customer withdrawals or third-party transfers without approval from the Account Officer, Regional Manager and Credit Monitoring Team.
The Commission also disclosed that Nwaobi is currently facing trial before the Federal High Court in Enugu over the alleged unauthorised withdrawal and diversion of $510,000 belonging to another 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 the alleged criminal diversion of the funds, which were reportedly transferred to six different accounts without the customer’s approval.
The EFCC said Nwaobi would be charged to court over the alleged ₦515 million diversion after the conclusion of investigations.
EFCC Investigates Former Bank Operations Chief Over Alleged ₦515m Diversion