The Economic and Financial Crimes Commission is investigating a former bank operations manager. Obinna Nwaobi is accused of diverting ₦515 million from a customer’s account. The customer is DAHUA Paper Company. The account was a Debt Service Reserve Account. The EFCC’s Enugu Zonal Directorate began investigating after a petition from Nwaobi’s former bank on 22 June 2026.
The suspect is already standing trial for a separate case. He was arraigned on 13 November 2025 on nine counts. That case involved the alleged forgery and diversion of $510,000 belonging to Lantern Gate Nigeria Limited. The bank accused him of moving the funds to six accounts without the customer’s approval. The current investigation adds to his legal troubles. Bank fraud is a recurring problem in Nigeria. Insider involvement makes it harder to detect.
The EFCC said the ₦515 million left the customer’s account in three tranches. They were ₦200 million, ₦150 million and ₦165 million. The transfers occurred on 17 July 2024. The account was reactivated in June 2024. It was not placed on Post No Debit as required. That omission enabled the withdrawals.
The Okpara Avenue branch in Enugu processed the transactions. Forged documents were used. Nwaobi allegedly authorised them. The account was a Bank of Industry loan repayment account. Customers cannot access such accounts. Transfers to third parties require approval from the Account Officer, Regional Manager and Credit Monitoring Team. None was obtained.
The suspect will be charged to court when investigations conclude. The EFCC has not announced an arrest. The bank has not commented beyond the petition. The customer has not spoken publicly.
Winners: The EFCC, which shows investigation capacity. The bank, if it recovers funds. The customer, if justice follows. Losers: Nwaobi, who faces a second case. The bank, whose internal controls failed. The customer, whose funds were diverted. The banking sector, whose reputation suffers. Depositors, who bear the cost of fraud.
Bottom Line: ₦515 million moved in three tranches. Forged documents. A reactivated account without a hold. The suspect was the head of operations. The investigation continues. The court will decide.