The Economic and Financial Crimes Commission has begun investigating a former bank operations manager, Obinna Nwaobi, over the alleged unauthorised diversion of N515m belonging to a customer, DAHUA Paper Company.
The EFCC said the money was allegedly withdrawn from the company’s Debt Service Reserve Account in three transactions of N200m, N150m and N165m on July 17, 2024, using forged documents.
The commission’s Enugu Zonal Directorate commenced the investigation following a petition submitted by the bank on June 22, 2026, accusing Nwaobi, a former Head of Operations, of authorising the transactions without the customer’s consent.
In a statement issued on Thursday by its Head of Media and Publicity, Dele Oyewale, the EFCC said preliminary investigations showed that the account was a Bank of Industry loan repayment account, which was not accessible to customers for withdrawals or transfers to third parties.
According to the commission, such transactions required approval from the Account Officer, Regional Manager and Credit Monitoring Team.
However, it alleged that the funds were illegally transferred using forged documents and with the authorisation of Nwaobi, who was the Head of Operations at the time.
The bank reportedly told the EFCC that the account was reactivated in June 2024 but was not placed on Post No Debit, a restriction that would have prevented unauthorised withdrawals.
The petitioner alleged that the transactions were processed through its Okpara Avenue branch in Enugu.
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The EFCC disclosed that Nwaobi was already standing trial before a Federal High Court in Enugu over the alleged unauthorised withdrawal 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 criminal diversion of the funds.
The commission said the $510,000 was allegedly transferred to six different accounts without the customer’s approval, with the suspect accused of authorising the transactions.
The EFCC said Nwaobi would be charged to court over the alleged N515m diversion after the conclusion of investigations.
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