From Premium Times Nigeria · Emmanuel Agbo · · 1m 50s
EFCC investigates ex-banker over N515 million diversion
EFCC probes ex-banker for N515 million customer account theft.
In brief
EFCC probes ex-banker for N515 million customer account theft. EFCC is investigating former bank operations manager Obinna Nwaobi over alleged diversion of N515 million from DAHUA Paper Company's Debt Service Reserve Account. Originally reported by Premium Times Nigeria.
EFCC investigation
The Economic and Financial Crimes Commission is investigating former bank operations manager Obinna Nwaobi over alleged diversion of N515 million from DAHUA Paper Company's account.
Alleged withdrawals
The petition claims N200 million, N150 million and N165 million were withdrawn from the Debt Service Reserve Account on 17 July 2024.
Bank allegation
The bank says transactions were processed at its Okpara Avenue branch in Enugu using forged documents and authorized by Nwaobi.
Account reactivation
The account was reactivated in June 2024 but not placed on Post No Debit restriction.
EFCC's claim
EFCC states the account was opened for Bank of Industry loan repayment and not for ordinary transactions.
Approval process
Withdrawals require approval from account officer, regional manager and credit monitoring team.
Investigation status
Preliminary investigations show N515 million transactions were carried out without required approvals.
Other charges
Nwaobi faces trial on charges of diverting $510,000 from Access Bank customer Lantern Gate Nigeria Limited.
Court case
He was arraigned in November 2025 on nine charges of forgery and criminal diversion.
Bail granted
The court granted him bail in N250 million with three sureties in like sum.
Trial date
The case is adjourned to 10, 11 and 12 March 2.026 for trial.
Bank identity
EFCC did not name the bank involved in the N515 million allegation but said transactions were processed through Okpara Avenue branch in Enugu.
Charges expected
Nwaobi will be charged after EFCC completes investigations into the latest allegation.
The main idea
EFCC is investigating former bank operations manager Obinna Nwaobi over alleged diversion of N515 million from DAHUA Paper Company's Debt Service Reserve Account.
