Nigerian Ex-Bank Manager Allegedly Diverts N515 million From Customer’s Account

○ ‘Man Trusted To Guard The Vault Now The One Who Emptied It;’ This Is What EFCC Says It Knew About How Obinna Nwaobi Did It

ENUGU — He was the person trusted to protect the vault. Now, the EFCC says he’s the person who emptied it.

The Economic and Financial Crimes Commission (EFCC) is investigating a former financial institution operations supervisor, Obinna Nwaobi, over the alleged diversion of N515 million from an account belonging to a buyer, DAHUA Paper Company. It is a case that has shocked Nigeria’s banking sector and raised a terrifying query: if the top of operations can do that, who’s secure?

According to an announcement from EFCC spokesperson Dele Oyewale on Thursday, the fee acquired a petition at its Enugu zonal workplace from the financial institution on 22 June, alleging that the cash was withdrawn from the corporate’s Debt Service Reserve Account (DSRA) with out authorisation. A DSRA shouldn’t be a traditional present account. It is a sacred account, opened particularly for the reimbursement of a Bank of Industry mortgage, and it was not meant for bizarre transactions.

The withdrawals, based on the petition, had been made in three transactions of N200 million, N150 million and N165 million on 17 July 2024. Three withdrawals. One day. N515 million gone. The pace alone, investigators say, suggests this was not a mistake. It was a plan.

The financial institution alleged that the transactions had been processed at its Okpara Avenue department in Enugu utilizing solid paperwork and authorised by Mr Nwaobi, who was then its head of operations. As head of operations, he was the ultimate gatekeeper — the person whose signature might open or shut the vault. The EFCC says he allegedly used that energy to approve his personal crime.

But how did the cash transfer so simply? The financial institution advised the EFCC a chilling element: the account had been reactivated in June 2024 however was not positioned on a Post No Debit (PND) restriction, which ought to have prevented withdrawals. A PND is the crimson lock banks placed on delicate accounts. Without it, the account was left extensive open.

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The EFCC acknowledged that preliminary investigations confirmed withdrawals or transfers to 3rd events from such accounts require approval from the account officer, regional supervisor and credit score monitoring staff. The fee alleged that the N515 million transactions had been carried out with none of the required approvals. In different phrases, the three layers of safety had been allegedly bypassed in a single swoop.

This shouldn’t be Nwaobi’s first dance with the EFCC. The investigation comes as Mr Nwaobi can be going through trial on costs of diverting $510,000 belonging to a different buyer of Access Bank, Lantern Gate Nigeria Limited. That is over N750 million at in the present day’s price, allegedly taken from a second sufferer.

He was arraigned earlier than the Federal High Court in Enugu in November 2025 on 9 costs of forgery and prison diversion. The EFCC alleged that the cash was transferred to 6 totally different accounts with out the shopper’s approval. One of the fees accused Mr Nwaobi of inducing the financial institution to switch the funds on the false pretence that Lantern Gate had authorised the transactions.

He pleaded not responsible to the fees. The court docket granted him bail within the sum of N250 million, with three sureties in like sum, and adjourned the case to 10, 11 and 12 March 2026 for trial. He walked out of court docket a free man, pending trial — and now, months later, a second huge allegation has landed.

The EFCC didn’t identify the financial institution concerned within the newest N515 million allegation, though it mentioned the transactions had been processed by its Okpara Avenue department in Enugu. The silence has fueled hypothesis in Enugu’s banking circles, with prospects quietly asking their banks: is my DSRA secure?

For DAHUA Paper Company, the ache is actual. The N515 million was meant to service a Bank of Industry mortgage — cash put aside to maintain the corporate in good standing and preserve its manufacturing unit operating. If the cash is gone, the mortgage is in danger, and so are jobs.

The fee mentioned Mr Nwaobi can be charged in reference to the newest allegation after investigations are concluded. Until then, he stays harmless till confirmed responsible, however the EFCC’s message is evident: the period when financial institution insiders might allegedly forge, approve and divert tens of millions in a single day is over.

NOP NIGERIA