The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into Obinna Nwaobi, a former bank operations manager, over the alleged diversion of N515 million from the account of DAHUA Paper Company. According to EFCC spokesperson Dele Oyewale, the commission received a petition from the bank on 22 June, alleging that the funds were withdrawn without authorization from the company's Debt Service Reserve Account (DSRA).
The alleged diversion occurred through three transactions totaling N515 million, carried out on 17 July 2024, at the bank's Okpara Avenue branch in Enugu. The transactions involved N200 million, N150 million, and N165 million, respectively. The bank claims that the transactions were processed using forged documents and authorized by Mr. Nwaobi, who was then the head of operations.
Preliminary investigations by the EFCC revealed that the account in question was opened for the repayment of a Bank of Industry loan and was not intended for ordinary transactions. As such, withdrawals or transfers to third parties from the account required approval from the account officer, regional manager, and credit monitoring team. However, the commission alleges that the N515 million transactions were carried out without the necessary approvals.
This is not the first time Mr. Nwaobi is facing allegations of financial impropriety. He is currently standing trial on charges of diverting $510,000 belonging to Lantern Gate Nigeria Limited, another customer of Access Bank. He was arraigned before the Federal High Court in Enugu in November 2025 on nine charges of forgery and criminal diversion.
The EFCC alleges that the $510,000 was transferred to six different accounts without the customer's approval. One of the charges accuses Mr. Nwaobi of inducing the bank to transfer the funds on the false pretence that Lantern Gate had authorized the transactions. He pleaded not guilty to the charges and was granted bail in the sum of N250 million, with three sureties in like sum.
The investigation into the alleged N515 million diversion is ongoing, and the EFCC has stated that Mr. Nwaobi will be charged in connection with the latest allegation once the investigations are concluded. The commission did not disclose the name of the bank involved in the latest allegation but confirmed that the transactions were processed through its Okpara Avenue branch in Enugu.
The EFCC's probe into Mr. Nwaobi's activities highlights the commission's efforts to tackle financial crimes and protect the integrity of Nigeria's banking system. The case is set to continue on 10, 11, and 12 March 2026, with the EFCC seeking to bring Mr. Nwaobi to justice for his alleged role in the diversion of funds.
Key points
- The EFCC is investigating Obinna Nwaobi, a former bank operations manager, over the alleged diversion of N515 million from DAHUA Paper Company's account.
- Mr. Nwaobi is also facing trial on charges of diverting $510,000 belonging to Lantern Gate Nigeria Limited.
- The investigation into the alleged N515 million diversion is ongoing, and Mr. Nwaobi will be charged once the investigations are concluded.
