EFCC grills Ex-Access Bank Manager over alleged ₦515m diversion, uncovers second fraud case
Maureen Aguta
The Economic and Financial Crimes Commission (EFCC) is investigating a former operations manager of Access Bank, Obinna Nwaobi, over the alleged diversion of ₦515 million belonging to DAHUA Paper Company, in a fresh financial fraud allegation that adds to an existing criminal case against him over the alleged diversion of $510,000 belonging to another bank customer.
The latest investigation centres on three unauthorised withdrawals totalling ₦515 million from the paper company’s Debt Service Reserve Account (DSRA), allegedly carried out at the bank’s Okpara Avenue branch in Enugu on July 17, 2024.
According to a statement issued on Thursday by EFCC spokesperson, Dele Oyewale, the commission received a petition from the bank at its Enugu Zonal Directorate on June 22, alleging that the funds were withdrawn through forged documents and with the authorisation of Nwaobi, who was then the branch’s head of operations.
The petition alleged that the money was withdrawn in three separate transactions of ₦200 million, ₦150 million and ₦165 million.
The bank further alleged that the transactions were processed after the company’s account, which had been reactivated in June 2024, was left without a Post No Debit (PND) restriction.
A PND restriction is a banking control measure that prevents withdrawals and other debit transactions from an account, thereby providing an additional layer of protection against unauthorised access to funds.
The EFCC said preliminary investigations indicated that the account was specifically opened to facilitate the repayment of a loan obtained by DAHUA Paper Company from the Bank of Industry (BoI) and was not designed for ordinary banking transactions.
It explained that withdrawals or transfers to third-party accounts from such an account required the approval of the account officer, regional manager and credit monitoring team.
However, the commission alleged that the three transactions were executed without obtaining the requisite approvals, raising questions about compliance with the bank’s internal control procedures and the circumstances surrounding the alleged withdrawals.
The latest investigation is particularly significant because Nwaobi is already facing prosecution over a separate allegation involving the diversion of $510,000 belonging to Lantern Gate Nigeria Limited, another customer of Access Bank.
The former bank manager was arraigned before the Federal High Court in Enugu in November 2025 on nine counts bordering on forgery and criminal diversion of funds.
In that case, the EFCC alleged that $510,000 belonging to the company was transferred into six different accounts without the customer’s authorisation.
One of the charges accused Nwaobi of inducing the bank to execute the transfers by falsely representing that Lantern Gate Nigeria Limited had authorised the transactions.
He pleaded not guilty to the charges.
The court subsequently granted him bail in the sum of ₦250 million, with three sureties in like sum, and fixed March 10, 11 and 12, 2026, for trial.
The commission, however, did not disclose whether the latest ₦515 million allegation is connected to the circumstances surrounding the earlier $510,000 case, beyond the fact that both investigations involve alleged unauthorised transactions and Nwaobi.
It also did not expressly identify the bank in the latest allegation, although its statement referred to transactions processed through the institution’s Okpara Avenue branch in Enugu.
The EFCC said Nwaobi would be charged in connection with the alleged diversion of the ₦515 million after the conclusion of investigations.
The latest development raises fresh concerns about internal banking controls, the protection of customers’ funds and the potential abuse of operational privileges by bank officials.
It also brings renewed attention to the importance of strict compliance with account restrictions and approval procedures, particularly in the management of specialised accounts established to service institutional loans.
For now, the allegations remain subject to investigation and judicial determination. Nwaobi is presumed innocent until proven guilty by a court of competent jurisdiction.