Posted by Chinenye on Fri 06th Nov, 2026 - tori.ng
A former bank manager is under investigation over claims that more than N515 million belonging to a company was secretly withdrawn from its account.
(Obinna. Photo Credit: Premuim Times)
The EFCC, is investigating Obinna Nwaobi, a former operations manager at a bank, over the alleged diversion of N515 million from DAHUA Paper Company's account.
EFCC spokesperson Dele Oyewale said in a statement on Thursday that the bank filed a petition with the commission's Enugu zonal office on June 22.
The bank alleged that the money was withdrawn from the company's Debt Service Reserve Account without permission.
According to the petition, the withdrawals were made in three transactions on July 17, 2024.
They came to N200 million, N150 million and N165 million.
The bank said the transactions were done at its Okpara Avenue branch in Enugu using forged documents, and that Nwaobi, then head of operations, approved them.
The bank also said the account had been reactivated in June 2024 but was not placed under a Post No Debit restriction, which should have blocked withdrawals.
The EFCC said early checks showed the account was opened to repay a Bank of Industry loan and was not meant for everyday transactions.
It said withdrawals or transfers to third parties from such accounts need approval from the account officer, the regional manager and the credit monitoring team.
The commission alleges these approvals were not obtained for the N515 million transactions.
Nwaobi is already facing a trial over a separate case.
He is accused of diverting $510,000 from Lantern Gate Nigeria Limited, a customer of Access Bank.
He was arraigned at the Federal High Court in Enugu in November 2025 on nine counts of forgery and criminal diversion.
He denies the charges.
The court granted him bail of N250 million with three sureties, and the trial is set to resume in March 2026.
EFCC said they will take Nwaobi to court vover a missing N515 million as soon as they finish investigating the matter.