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 loan repayment account belonging to DAHUA Paper Company. The EFCC disclosed this investigation in a post on its official X account on November 6, 2026, following a petition submitted by the bank.

The funds were reportedly withdrawn in three transactions using forged documents and without the customer's authorization after the account was reactivated in June 2024. The EFCC's Enugu Zonal Directorate began its investigation after receiving the petition dated June 22, 2026.

The bank alleged that Nwaobi authorized the diversion of funds from the Debt Service Reserve Account (DSRA) for a Bank of Industry (BOI) loan, with transfers made in three tranches of N200 million, N150 million, and N165 million on July 17, 2024. The account was not placed on Post No Debit (PND) to prevent unauthorized transactions.

Nwaobi is expected to be charged in court once the investigation concludes.