EFCC probes ex-banker over alleged N515m diversion

The EFCC says Obinna Nwaobi, who is already on trial in a separate case, will be charged once its investigation into the N515 million is complete.

The Economic and Financial Crimes Commission (EFCC) is investigating a former bank operations manager, Obinna Nwaobi, over the alleged diversion of N515 million from a customer’s account, Premium Times reports.

EFCC spokesperson Dele Oyewale said in a statement on Thursday that the commission received a petition from the bank at its Enugu zonal office on 22 June. The petition alleged that the money was withdrawn without authorisation from the Debt Service Reserve Account of DAHUA Paper Company.

The withdrawals were made in three transactions of N200 million, N150 million and N165 million on 17 July 2024, the bank alleged. It said they were processed at its Okpara Avenue branch in Enugu using forged documents and authorised by Nwaobi, then its head of operations.

The EFCC said the account was opened to repay a Bank of Industry loan, and that withdrawals required approvals the transactions allegedly lacked.

Nwaobi is also on trial for allegedly diverting $510,000 belonging to another customer. He was arraigned in November 2025 and pleaded not guilty. The EFCC said he would be charged in the latest case after investigations conclude.