KEY POINTS
-
EFCC investigates ex-bank manager over alleged N515m diversion from DAHUA Paper Company.
-
Bank alleges the funds were transferred in three tranches using forged documents.
-
Nwaobi is already facing trial over an alleged $510,000 diversion involving another customer.
The Economic and Financial Crimes Commission, EFCC, has commenced an investigation into a former bank operations manager, Obinna Nwaobi, over the alleged unauthorised transfer of N515 million from a customer’s account belonging to DAHUA Paper Company in Enugu.
The commission’s Enugu Zonal Directorate opened the investigation following a petition submitted by Nwaobi’s former employer on June 22, 2026.
According to the EFCC, the bank accused the former Head of Operations of authorising the movement of the funds from the company’s Debt Service Reserve Account (DSRA) without the customer’s consent.
The alleged transfers occurred on July 17, 2024, in three separate transactions involving N200 million, N150 million and N165 million.
Bank Alleges Transfers Were Made With Forged Documents
In its petition, the bank claimed that the account was reactivated in June 2024 but was not placed under a Post No Debit (PND) restriction, which would have prevented withdrawals and transfers.
The bank alleged that the failure to impose the restriction enabled the unauthorised transactions to take place through its Okpara Avenue branch in Enugu.
It further accused Nwaobi of approving the transfers using forged documents while serving as the branch’s Head of Operations.
The bank maintained that the transactions were processed without the customer’s authorisation, resulting in the alleged diversion of N515 million.
EFCC Says Account Was Reserved for Loan Repayment
Preliminary investigations by the commission reportedly established that the account was a Bank of Industry loan repayment account, specifically designed to receive funds for servicing a loan.
The EFCC explained that such accounts are not ordinarily accessible for customer withdrawals or transfers to third parties. Any transaction involving the movement of funds from the account requires approval from the Account Officer, Regional Manager and Credit Monitoring Team.
However, the commission said the transactions were allegedly processed without the necessary approvals and involved forged documents.
Nwaobi, who was the Head of Operations when the transfers occurred, is suspected of authorising the transactions.
Former Banker Faces Separate $510,000 Diversion Trial
The latest investigation comes as Nwaobi is already standing trial over another alleged unauthorised withdrawal involving $510,000 belonging to Lantern Gate Nigeria Limited, another customer of the same bank.
According to the EFCC, the bank had earlier petitioned the commission, alleging that the funds were 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 it would charge him to court over the N515 million case once investigations have been concluded.
The allegations in both cases remain subject to judicial determination.
