Access Bank Ex-Operations Head Faces Court Over $510,000 Fraud Scandal

Obinna Nwaobi, ex-Operations Head of Access Bank (NGX: ACCESSCORP), has been arraigned by the EFCC in Enugu for allegedly diverting $510,000 belonging to customers through unauthorized transfers to different accounts without approval. Access Bank admitted to the unauthorized transfers supervised by Nwaobi.

Despite pleading not guilty, the EFCC opposed bail due to strong evidence against Nwaobi. The court granted bail at ₦250 million with stringent conditions.

This case highlights corruption and internal control issues within Access Bank.