The Economic and Financial Crimes Commission (EFCC) has launched an investigation into Obinna Nwaobi, a former head of operations at a commercial bank, concerning the alleged illicit diversion of N515 million from a customer’s account. The Enugu Zonal Directorate of the anti-graft agency confirmed the commencement of the probe following a formal petition received from the financial institution on June 22, 2026.
According to the petition, Mr. Nwaobi is accused of facilitating the illegal withdrawal of funds from a Debt Service Reserve Account (DSRA) domiciled to DAHUA Paper Company. The bank’s report alleges that the substantial sum was moved in three separate transactions on July 17, 2024, involving tranches of N200 million, N150 million, and N165 million.
Internal disclosures indicate that these transactions were executed at the bank’s Okpara Avenue branch in Enugu. The financial institution maintains that the operation was conducted using falsified documentation and was personally authorized by Mr. Nwaobi during his tenure as the head of operations.
Preliminary findings by the EFCC suggest that the compromised account served as a dedicated loan repayment vehicle for the Bank of Industry. Under standard banking protocols, this account is restricted from direct customer access, as it is strictly earmarked for debt servicing. Consequently, any transfers or withdrawals are prohibited without the express approval of the account officer, the regional manager, and the designated credit monitoring team.
This development adds to an existing legal battle involving the suspect. Mr. Nwaobi is currently standing trial before a Federal High Court in Enugu regarding a separate allegation of diverting $510,000 belonging to Lantern Gate Nigeria Limited. In that ongoing case, he was arraigned on November 13, 2025, on a nine-count charge including forgery and criminal diversion of funds, following accusations that he funneled the foreign currency into six unauthorized accounts.
The EFCC has stated that further legal proceedings will be initiated against Mr. Nwaobi regarding the N515 million allegation as soon as the current investigative process is concluded.
Source: NaijaProbe