The Economic and Financial Crimes Commission (EFCC) has begun investigating a former bank operations manager, Obinna Nwaobi, over the alleged unauthorised withdrawal of ₦515 million from a customer’s account.
The EFCC’s Enugu Zonal Directorate commenced the investigation following a petition dated June 22, 2026, from the bank, accusing Nwaobi of authorising the transfer of the funds from a Debt Service Reserve Account (DSRA) belonging to its customer, DAHUA Paper Company, without the customer’s authorisation.
Citing the petition, the commission said the money was transferred in three tranches of ₦200 million, ₦150 million and ₦165 million on July 17, 2024.
The bank alleged that the account was reactivated in June 2024 but was not placed on Post No Debit (PND), as required, leaving it vulnerable to unauthorised withdrawals.
The petitioner further alleged that the transactions were processed at its Okpara Avenue Branch in Enugu using forged documents and authorised by Nwaobi, who was the Head of Operations at the time.
The EFCC said preliminary investigations revealed that the account was a Bank of Industry loan repayment account, which was not accessible to customers and was meant exclusively for loan repayments.
The commission explained that withdrawals or transfers to third parties from such accounts require approval from the Account Officer, Regional Manager and Credit Monitoring Team.
However, it alleged that the transactions were carried out using forged documents, without the required approvals, and authorised by the suspect.
Nwaobi is also standing trial in a separate case involving the alleged unauthorised withdrawal of $510,000 belonging to another customer of the same bank, Lantern Gate Nigeria Limited.
He was arraigned before the Federal High Court in Enugu on November 13, 2025, on a nine-count charge bordering on forgery and criminal diversion of the funds.
In that case, the bank had petitioned the EFCC, alleging that the $510,000 was transferred to six different accounts on Nwaobi’s authorisation without the customer’s approval.
The commission said Nwaobi would be charged to court over the latest allegations upon the conclusion of investigations.
