The Economic and Financial Crimes Commission has commenced investigations into Obinna Nwaobi, a former Head of Operations at a commercial bank, over the alleged unauthorised diversion of ₦515 million belonging to DAHUA Paper Company.
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The commission disclosed this in a statement published on its official X account, saying its Enugu Zonal Directorate was investigating transactions allegedly authorised by Nwaobi from the company’s Debt Service Reserve Account.
According to the EFCC, the investigation followed a petition dated June 22, 2026, submitted by the bank against its former employee.
The petitioner alleged that the ₦515 million was moved from the customer’s account in three transactions of ₦200 million, ₦150 million and ₦165 million on July 17, 2024.
The bank further alleged that the account was reactivated in June 2024 but was not placed on Post No Debit status as required, allowing the disputed withdrawals to take place.
“These transactions were processed from our Okpara Avenue, Enugu Branch, using forged documents and authorised by Obinna Nwaobi (Head of Operations),” the petitioner alleged.
The EFCC said preliminary investigations showed that the account was a Bank of Industry loan repayment account, designated specifically for loan repayments rather than ordinary customer withdrawals.
It explained that withdrawals or transfers to third parties from such accounts require approval from the account officer, regional manager and credit monitoring team.
However, the commission alleged that the transactions were processed using forged documents and authorised by Nwaobi, who was the bank’s Head of Operations at the time, without the required approvals.
The commission also disclosed that Nwaobi is already standing trial before the Federal High Court in Enugu over a separate allegation involving the unauthorised withdrawal of $510,000 belonging to Lantern Gate Nigeria Limited, another customer of the same bank.
He was arraigned on November 13, 2025, on a nine-count charge bordering on forgery and alleged criminal diversion of the funds.
According to the EFCC, the bank had petitioned the commission, alleging that the $510,000 was transferred into six different accounts on Nwaobi’s authorisation without the customer’s approval.
Nwaobi pleaded not guilty to the charges in that earlier case.
The latest ₦515 million allegation remains under investigation. The EFCC said the former banker would be charged to court upon the conclusion of its investigation.
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