Obinna Nwaobi
By Victory Oghene
The Economic and Financial Crimes Commission (EFCC) has commenced investigation into the activities of former bank operations manager, Obinna Nwaobi, over the alleged unauthorised transfer of ₦515 million from a customer’s Debt Service Reserve Account belonging to DAHUA Paper Company in Enugu.
The EFCC disclosed this in a statement, saying its Enugu Zonal Directorate began investigating Nwaobi following a petition submitted by his former bank on June 22, 2026.
The bank accused him of authorising the transfer of the funds in three separate transactions of N200 million, N150 million and N165 million on July 17, 2024, without the customer’s approval.
According to the petition, the account was reactivated in June 2024 but was allegedly not placed on Post No Debit (PND), a restriction that prevents withdrawals and transfers.
The bank claimed that the transactions were processed through its Okpara Avenue branch in Enugu using forged documents, with Nwaobi allegedly authorising the transfers in his capacity as Head of Operations.
“These transactions were processed from our Okpara Avenue, Enugu Branch, using forged documents and authorised by Obinna Nwaobi (Head of Operations).”
Preliminary investigations by the EFCC revealed that the account was a Bank of Industry loan repayment account, which was not designed for ordinary customer withdrawals or transfers to third parties. Such transactions reportedly require approval from the Account Officer, Regional Manager and Credit Monitoring Team.
However, the commission said the ₦515 million was transferred without the required approvals, allegedly through forged documents and with the authorisation of Nwaobi, who occupied the position of Head of Operations at the time.
The latest investigation comes as Nwaobi is already facing trial over another alleged unauthorised withdrawal involving $510,000 belonging to Lantern Gate Nigeria Limited, another customer of the same bank.
The EFCC said the funds were allegedly transferred into six different accounts without the customer’s approval.
Nwaobi was arraigned before the Federal High Court in Enugu on November 13, 2025, on a nine-count charge bordering on forgery and the alleged criminal diversion of the $510,000.
The commission said the former banker would be charged to court over the ₦515 million case after the conclusion of investigations.
