close
Friday, November 6, 2026

EFCC grills ex-banker over alleged diversion of customer’s N515 million

According to the EFCC, the money was transferred in three tranches.

• November 5, 2026
EFCC logo
EFCC logo(Photo Credit:X)

The Economic and Financial Crimes Commission (EFCC) says it is investigating a former head of operations of a commercial bank, Obinna Nwaobi, over the alleged unauthorised diversion of N515 million belonging to a customer.

The commission, in a statement on Thursday, said its Enugu Zonal Directorate commenced the investigation following a petition dated June 22, 2026, from the bank, alleging that Mr Nwaobi authorised the withdrawal of the funds from a Debt Service Reserve Account (DSRA) belonging to DAHUA Paper Company.

According to the EFCC, the money was transferred in three tranches of N200 million, N150 million and N165 million on July 17, 2024.

The bank alleged that the transactions were processed at its Okpara Avenue branch in Enugu using forged documents and authorised by Mr Nwaobi, who was the head of operations at the time.

“These transactions were processed from our Okpara Avenue, Enugu Branch, using forged documents and authorised by Obinna Nwaobi (Head of Operations)”, the petitioner alleged.

It explained that preliminary investigations revealed that the account in question was a Bank of Industry loan repayment account, which was not accessible to customers because it was meant for loan repayments.

“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,” it said.

The suspect is also facing trial before a Federal High Court in Enugu over the alleged diversion of $510,000 belonging to another customer of the same bank, Lantern Gate Nigeria Limited.

He was arraigned on November 13, 2025, on a nine-count charge bordering on forgery and the criminal diversion of the funds.

The EFCC said the $510,000 was allegedly transferred to six different accounts without the customer’s authorisation.

The commission said Mr Nwaobi would be charged to court over the N515 million allegation upon the conclusion of investigations.

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Nigerian Bar Association

States

Independence: NBA urges Nigerians to expect better future

The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.

farmers

Agriculture

FG tasks ECOWAS on leveraging financing strategies for agroecology

The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

Troop members of the Nigerian Army and some rescued hostages

States

Kidnapping: Several terrorists killed, 16 hostages rescued in Niger, says army

Troops of the Nigerian Army have rescued 16 hostages and recovered arms and ammunition in Mashegu and Tungan Kawo in Rijau council area of Niger.

cryptocurrency

Economy

CBN imposes N1 billion capital requirement on crypto operators, gives 180 days to obtain licence

The directive is contained in the bank’s Regulations for the Operations of Non-Security Virtual Assets in Nigeria, issued on Thursday.

Mohammed Koko, Olanipekun Olukoyede

Anti-Corruption

Alleged fraudster poses as EFCC chairman’s PA to defraud NPA boss of $700,000

The former NPA boss was allegedly defrauded of $700,000 after claims that the EFCC was investigating him.

Mining site

Economy

Kano govt warns mining firms against abandoning sites without reclamation

The Kano government has warned mining companies operating in the state not to abandon mining sites without carrying out mandatory environmental reclamation measures.

Nyesom Wike in PDP attire

Politics

Cross River PDP ratifies Bullem as chairman, endorses Wike’s coalition

PDP in Cross River has ratified Francis Bullem as its substantive chairman and endorsed the Rainbow Coalition led by Nyesom Wike.

Yobe State Governor, Mai Mala Buni

Politics

Gov Buni’s achievements make APC’s 2027 campaign easier: Commissioner

Kaigama Umar, Yobe’s commissioner for commerce, industry and tourism, says Governor Mai Buni’s developmental achievements will shape the party’s election campaign.