“₦515m Diverted From Customer’s Account Using Forged Documents” — EFCC Probes Former Access Bank Manager Obinna Nwaobi

The Economic and Financial Crimes Commission has commenced an investigation into Obinna Nwaobi, a former Head of Operations at Access Bank Plc, over the alleged unauthorised diversion of ₦515 million from the Debt Service Reserve Account of DAHUA Paper Company.

The EFCC said its Enugu Zonal Directorate commenced the investigation following a petition dated June 22, 2026, submitted by the bank against its former employee.

According to the commission, Access Bank alleged that ₦515 million was withdrawn from DAHUA Paper Company’s account in three separate transactions of ₦200 million, ₦150 million and ₦165 million on July 17, 2024.

The bank alleged that the transactions were processed through its Okpara Avenue branch in Enugu using forged documents and authorised by Nwaobi, who was Head of Operations at the time.

The petition further alleged that the account had been reactivated in June 2024 but was not placed on a Post No Debit restriction as required, thereby making the disputed withdrawals possible.

“These transactions were processed from our Okpara Avenue, Enugu Branch, using forged documents and authorised by Obinna Nwaobi (Head of Operations),” the bank alleged.

The EFCC said preliminary investigations showed that the account was a Debt Service Reserve Account established specifically for the repayment of a Bank of Industry loan and was not meant for ordinary customer transactions.

According to the commission, withdrawals or transfers to third-party accounts from such loan repayment accounts require approvals from the Account Officer, Regional Manager and Credit Monitoring Team.

The EFCC alleged that the ₦515 million transactions were carried out without the required approvals and with forged documents.

The commission said Nwaobi would be charged to court over the latest allegation after investigations are concluded.

The latest investigation comes while Nwaobi is already standing trial before the Federal High Court in Enugu over a separate allegation involving the unauthorised diversion of $510,000 belonging to Lantern Gate Nigeria Limited, another customer of Access Bank.

Nwaobi was arraigned on November 13, 2025, on nine counts bordering on forgery and alleged criminal diversion of the funds.

In that case, the EFCC alleged that the $510,000 belonging to Lantern Gate Nigeria Limited was transferred to six different accounts without the customer’s approval.

One of the charges alleges that Nwaobi induced Access Bank to transfer the funds on the false representation that Lantern Gate 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.

The EFCC said the latest ₦515 million allegation is still under investigation and that Nwaobi would be charged upon the conclusion of the investigation.

Although the commission did not expressly name Access Bank in its latest public statement on the ₦515 million investigation, reports identifying Nwaobi as a former Access Bank Head of Operations and his existing prosecution involving another Access Bank customer link him to the bank.

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