The Economic and Financial Crimes Commission (EFCC) is investigating a former Head of Operations at Access Bank, Obinna Nwaobi, over the alleged diversion of N515 million belonging to the bank’s customer, DAHUA Paper Company.
Nwaobi is accused of authorising the unauthorised withdrawal of funds from the customer’s Debt Service Reserve Account (DESRA) without the company’s approval.
The EFCC’s Enugu Zonal Directorate reportedly received a petition from Access Bank dated June 22, 2026, alleging that the money was withdrawn in three separate transactions of N200 million, N150 million and N165 million on July 17, 2024.
According to the bank, the account was reactivated in June 2024 but was not placed on a Post No Debit (PND) restriction as required. The alleged lapse reportedly allowed the funds to be moved from the account.
In its petition, the bank claimed that the transactions were processed through its Okpara Avenue branch in Enugu using forged documents and were authorised by Nwaobi, who was the Head of Operations at the time.
Preliminary investigations reportedly showed that the account was linked to a Bank of Industry loan repayment facility and was not designed for ordinary customer withdrawals.
The bank explained that withdrawals or transfers to third-party accounts from such facilities require approval from the account officer, regional manager and credit monitoring team.
However, the transactions were allegedly carried out using forged documents without the required approvals, with the former operations head accused of authorising the transfers.
Ex-bank official faces another fraud trial
The latest investigation comes as Nwaobi is already facing trial over an alleged $510,000 diversion involving another customer of Access Bank, Lantern Gate Nigeria Limited.
He was arraigned before a Federal High Court in Enugu on November 13, 2025, on a nine-count charge bordering on forgery and the alleged diversion of the funds.
The earlier case followed a petition by Access Bank, which alleged that $510,000 belonging to Lantern Gate Nigeria Limited was transferred into six different accounts without the customer’s consent.
The bank accused Nwaobi, who was also its Head of Operations at the time, of authorising the transactions.
The EFCC is expected to charge him to court over the alleged N515 million diversion once investigations are concluded.
