The Economic and Financial Crimes Commission (EFCC) has commenced investigations into the alleged diversion of N525 million in customer funds by a former Head of Operations of a new-generation bank, Obinna Nwaobi.
EFCC spokesperson Dele Oyewale disclosed this in a statement on Thursday in Abuja.
According to Oyewale, Nwaobi is under investigation for allegedly authorizing the criminal diversion of N515 million from the Debt Service Reserve Account belonging to a customer, DAHUA Paper Company, without proper authorization.
The commission received a petition dated June 22, 2026, from the bank alleging that the funds were moved from the customer’s account in three tranches—N200 million, N150 million, and N165 million—on July 17, 2024.
The petitioner stated that after the account was reactivated in June 2024, it was not placed on “Post No Debit” status as required. The fraudulent transactions were subsequently processed at the bank’s Okpara Avenue branch in Enugu using forged documents authorized by Nwaobi.
Preliminary investigations revealed that the account was a Bank of Industry loan repayment account, which restricts customer access and prohibits third-party transfers without approvals from the Account Officer, Regional Manager, and Credit Monitoring Team.
Oyewale added that Nwaobi is currently standing trial before a Federal High Court in Enugu over a separate case involving the unauthorized withdrawal of $510,000 from the same bank, noting that he will be charged to court for the new offense upon conclusion of investigations.
