EFCC Probes Ex-Bank Manager Over Alleged N515m Fraudulent Transfer From Customer’s Account -

The Economic and Financial Crimes Commission (EFCC) has launched an investigation into a former bank operations manager, Obinna Nwaobi, over the alleged unauthorised transfer of N515 million from a customer’s account in Enugu State.

The money reportedly belonged to DAHUA Paper Company and was kept in a Debt Service Reserve Account (DSRA) meant for repaying a Bank of Industry loan.

The EFCC said its Enugu Zonal Directorate began investigating Nwaobi after receiving a petition from his former bank on June 22, 2026.

According to the petition, the N515 million was transferred in three separate transactions on July 17, 2024. The transactions involved N200 million, N150 million and N165 million.

The bank alleged that the transfers were carried out without the customer’s authorisation after the account was reactivated in June 2024 without being placed on Post No Debit (PND), a restriction that prevents withdrawals and transfers.

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EFCC Probes Ex-Bank Manager Over Alleged N515m Fraudulent Transfer From Customer’s Account

It further accused Nwaobi, who was Head of Operations at the time, of authorising the transactions using forged documents processed through its Okpara Avenue branch in Enugu.

Preliminary investigations reportedly showed that the account was strictly meant for loan repayments and could not be used for ordinary withdrawals or transfers to third parties without approval from the Account Officer, Regional Manager and Credit Monitoring Team.

However, the EFCC alleged that the funds were moved without the required approvals.

The latest investigation comes as Nwaobi is already facing trial over another alleged financial crime involving $510,000 belonging to Lantern Gate Nigeria Limited, another customer of the same bank.

The commission said the money was allegedly 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 nine counts bordering on forgery and the alleged diversion of the $510,000.

The EFCC said the former banker would be charged to court over the alleged N515 million diversion after investigations are concluded.