The EFCC is investigating Obinna Nwaobi, a former Head of Operations of a new-generation bank, for allegedly diverting N515 million from DAHUA Paper Company’s Debt Service Reserve Account (DSRA). BrowseReference
According to The Nation, the Enugu Zonal Directorate of the Commission is probing Nwaobi for authorising firm account withdrawals without consumer consent. CompareCRMs
The probe followed the bank’s June 22, 2026 appeal to the commission stating that N515 million was unlawfully removed from its customer’s account in three transactions on July 17, 2024.
The petition reported withdrawals of N200 million, N150 million, and N165 million.
The bank claimed that the account was reopened in June 2024 but not placed on Post No Debit (PND) status, which allowed the fraudulent transactions.
The petitioner further claimed that Nwaobi, the Head of Operations, allowed the transactions through its Okpara Avenue branch in Enugu using falsified documents.
The account was a Bank of Industry (BoI) loan repayment account, which consumers could not withdraw or transfer to third parties, according to EFCC preliminary investigations.
The Account Officer, Regional Manager, and Credit Monitoring Team had to approve such account transfers before monies could be transferred to third parties, according to the Commission.
Incorrect procedures, fake paperwork, and dubious authorisation were found in the transactions.
While on trial in the Federal High Court in Enugu for another alleged unauthorised withdrawal of $510,000 from Lantern Gate Nigeria Limited, Nwaobi is under investigation.
On November 13, 2025, he was charged with nine counts of forgery and illegal diversion of $510,000.
The bank also petitioned the EFCC for the alleged diversion of foreign dollars into six accounts without customer consent.
The Commission said Nwaobi would be prosecuted with N515 million diversion after investigations.
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