EFCC: ex-bank manager accused of diverting ₦515m from customer's loan account in Enugu

The Economic and Financial Crimes Commission (EFCC) is investigating a former bank operations head, Obinna Nwaobi, after ₦515 million allegedly went missing from a company's account at an Enugu branch.

According to the EFCC, the money was taken from a debt service reserve account belonging to DAHUA Paper Company at the Okpara Avenue branch of the bank, which the commission did not name. The account was meant only for repaying a Bank of Industry loan.

Investigators say three withdrawals of ₦200 million, ₦150 million and ₦165 million were made on 17 July 2024 using forged documents, and that Nwaobi approved them even though bank rules required three other officials to approve such withdrawals. The account had been reactivated a month earlier without a block on withdrawals.

EFCC spokesman Dele Oyewale said the bank petitioned the commission in June, and that Nwaobi would be charged once investigations end.

Nwaobi is already standing trial at the Federal High Court in Enugu on nine separate counts of forgery and diversion involving $510,000 belonging to another bank customer. He has pleaded not guilty and is on bail. The new allegations have not been tested in court.