Operatives of the Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have commenced investigations into the activities of one Obinna Nwaobi, a former Head of Operations of a new generation bank for allegedly authorising the criminal diversion of the sum of N515,000,000.00 (Five Hundred and Fifteen Million Naira) from the Debt Service Reserve Account (DSRA) belonging to a customer, DAHUA Paper Company, without authorization.
The Commission had received a petition dated June 22, 2026 from the bank against Nwaobi, alleging that the said sum left their customer’s account in three tranches of N200,000,000.00 (Two Hundred Million Naira), N150,000,000.00 (One Hundred and Fifty Million Naira) and N165,000,000.00 (One Hundred and Sixty-five Million Naira), respectively, on July 17, 2024.
According to the petitioner, the said account from which the money was moved, was reactivated in June 2024 and upon reactivation, the account was not placed on Post No Debit, PND as required, which led to the fraudulent withdrawals from the account. “These transactions were processed from our Okpara Avenue, Enugu Branch, using forged documents and authorised by Obinna Nwaobi (Head of Operations),” the petitioner alleged.
Preliminary investigations revealed that the said account is a Bank of Industry loan repayment account which is not accessible to customers as it is meant for repayment of loan. Withdrawals or transfers to third parties are not allowed on loan repayment accounts without the approval of the Account Officer, the Regional Manager and the Credit Monitoring Team.
However, transactions that took place on the account were made illegally with forged documents and allegedly authorised by the suspect who happened to be the Head of Operations at that time.
The suspect is currently standing trial for another case of unauthorised withdrawal of $510,000.00 (Five Hundred and Ten Thousand United States Dollar) before a Federal High Court in Enugu. He was arraigned on Thursday, November 13, 2025 on a nine-count charge bordering on forgery and criminal diversion of $510,000, also belonging to a customer of the same bank.
The bank had alerted the Commission through a petition, alleging that the sum of $510,000 belonging to its customer, Lantern Gate Nigeria Limited was moved to six different accounts on the authorisation of the suspect (the Head of Operation at that time), without the approval of the customer.
The suspect will be charged to court as soon as investigations are concluded.
