EFCC Investigates Ex-Banker Obinna Nwaobi for ₦515m Fraud
The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into Obinna Nwaobi, the former Head of Operations of a new-generation bank, for the alleged criminal diversion of ₦515 million belonging to DAHUA Paper Company. The investigation stems from a petition submitted by the bank on June 22, 2026, which accused Nwaobi of authorizing unauthorized withdrawals and transfers from the company's Debt Service Reserve Account (DSRA).
The bank reported that the funds were withdrawn in three transactions of ₦200 million, ₦150 million, and ₦165 million on July 17, 2024, processed through the Okpara Avenue branch in Enugu. The bank claimed that the account was reactivated in June 2024 but was not placed on a Post No Debit (PND) restriction, which is necessary to prevent unauthorized transactions.
This failure allegedly allowed for the fraudulent withdrawals, which were processed using forged documents and authorized by Nwaobi.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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