The Economic and Financial Crimes Commission, EFCC, is investigating a former Head of Operations of a new-generation bank, Obinna Nwaobi, over the alleged unauthorised diversion of ₦515 million belonging to a customer, DAHUA Paper Company.
The EFCC’s Enugu Zonal Directorate says the money was allegedly withdrawn from the customer’s Debt Service Reserve Account in three transactions of ₦200 million, ₦150 million and ₦165 million on July 17, 2024.
According to a petition submitted by the bank on June 22, 2026, the account was reactivated in June 2024 but was allegedly not placed on Post No Debit restrictions as required.
The bank further alleges that the transactions were processed at its Okpara Avenue branch in Enugu using forged documents and authorised by Nwaobi, who was Head of Operations at the time.
Preliminary investigations indicate that the account was linked to a Bank of Industry loan repayment facility, which was not meant for withdrawals or transfers to third parties without the required approvals.
The EFCC also notes that Nwaobi is facing trial before the Federal High Court in Enugu over a separate allegation involving the diversion of 510,000 dollars belonging to another customer, Lantern Gate Nigeria Limited.
He was arraigned on November 13, 2025, on a nine-count charge bordering on forgery and criminal diversion.
The Commission says the suspect will be charged in connection with the alleged ₦515 million diversion once investigations are concluded.
The allegations remain subject to proof before a court of law.
