EFCC Investigates Ex-Banker Obinna Nwaobi for N515M Fraud
The Economic and Financial Crimes Commission (EFCC) is investigating Obinna Nwaobi, a former head of operations at a bank, for the alleged diversion of N515 million from a Bank of Industry (BOI) loan repayment account belonging to DAHUA Paper Company. This investigation was initiated following a petition from the bank dated June 22, 2026.
The EFCC reported that the funds were withdrawn in three transactions of N200 million, N150 million, and N165 million on July 17, 2024, using forged documents without the customer’s authorization after the account was reactivated in June 2024. The account was not placed on Post No Debit (PND), which would have prevented unauthorized withdrawals.
Preliminary investigations revealed that the account was not meant for ordinary transactions and required multiple approvals for withdrawals. Nwaobi allegedly bypassed these requirements, leading to the unauthorized withdrawals.
The EFCC plans to charge Nwaobi in court once investigations are complete.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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