The Economic and Financial Crimes Commission (EFCC) has launched an investigation into a former bank head of operations, Obinna Nwaobi, over allegations that he authorised the transfer of N515 million belonging to a customer, DAHUA Paper Company.
Key Highlights
- The EFCC Enugu Zonal Directorate is probing ex-bank operations chief Obinna Nwaobi over N515 million.
- The funds were allegedly withdrawn in three transactions on July 17, 2024: N200m, N150m and N165m.
- The bank says the transfers were processed with forged documents at its Okpara Avenue branch, Enugu.
- The account was reserved for repaying a Bank of Industry loan and had strict withdrawal controls.
- Nwaobi is already on trial over a separate alleged $510,000 diversion.
The Enugu Zonal Directorate of the anti-graft agency is investigating how the funds were allegedly withdrawn from the company’s debt service reserve account in three separate transactions without the customer’s approval.
According to the EFCC, the bank reported the incident in a petition dated June 22, 2026, accusing Nwaobi, who was its head of operations at the time, of authorising the transactions.
The alleged withdrawals, which occurred on July 17, 2024, involved N200 million, N150 million and N165 million, bringing the total to N515 million.
Forged Documents, Restricted Account
In its petition, the bank alleged that the transactions were processed through its Okpara Avenue branch in Enugu using forged documents.
The bank further explained that the account had been reactivated in June 2024 but was not placed on post no debit, a restriction that would have prevented withdrawals and transfers.
Preliminary findings by the EFCC reportedly showed that the account was maintained specifically for the repayment of a Bank of Industry loan and was not meant for ordinary customer transactions.
The account was also subject to strict withdrawal restrictions, with transfers to third-party accounts requiring approval from the account officer, regional manager and credit monitoring team.
However, the commission alleged that the transactions were illegally processed with forged documents and authorised by Nwaobi, in disregard of the required approval procedures.
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Already On Trial Over $510,000
The new investigation adds to the former banker’s legal troubles, as he is already facing trial over another alleged unauthorised withdrawal of $510,000 belonging to a different customer of the same bank.
Nwaobi was arraigned before the Federal High Court in Enugu on November 13, 2025, on a nine-count charge bordering on forgery and criminal diversion of funds.
That case followed a separate petition by the bank, which alleged that $510,000 belonging to Lantern Gate Nigeria Limited was transferred into six different accounts without the customer’s consent. The bank also accused Nwaobi of authorising the movement of the funds while serving as head of operations.
The EFCC said it would charge the suspect to court over the alleged N515 million diversion once investigations are concluded.
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