The Economic and Financial Crimes Commission (EFCC) has commenced investigations into the alleged diversion of N525 millions customer’s fund by a former Head of Operations of a new generation bank , Obinna Nwaobi.
EFCC Spokesperson, Dele Oyewale, said this in a statement on Thursday in Abuja.
According to him, Nwaobi is being investigated over alleged authorisation of the criminal diversion of N515 million from the Debt Service Reserve Account (DSRA) belonging to a customer, DAHUA Paper Company, without authorisation.
“The commission had received a petition dated June 22, 2026 from the bank against Nwaobi, alleging that the said sum left its customer’s account in three tranches of N200 millions N150 millions and N165 millions respectively on July 17, 2024.
“The petitioner explained that the said account from which the money was moved, was reactivated in June 2024.
“Upon reactivation, the account was not placed on Post No Debit 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.
Oyewale said preliminary investigations revealed that the said account was a Bank of Industry loan repayment account, 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.
“Transactions that took place on the account were, however, made illegally with forged documents and allegedly authorised by the suspect who happened to be the Head of Operations at that time.”
He said that the suspect was currently standing trial for another case of unauthorised withdrawal of 510,000 dollars from the same bank before a Federal High Court in Enugu.
He said that the suspect would be charged to court as soon as investigations were concluded.
