Wale Igbintade

A new-generation bank has uncovered an alleged $510,000 diversion carried out by one of its former staff members, Obinna Nwaobi, leading to his arraignment by the Economic and Financial Crimes Commission (EFCC) before the Federal High Court in Enugu.

In a statement, the EFCC confirmed that Nwaobi was brought before Justice C.O. Ajah on a five-count charge bordering on criminal diversion, fraudulent conversion, and abuse of office.

The Commission said the suspect allegedly manipulated a customer’s domiciliary account and diverted a total of $510,000 for personal use.

Investigations began after the new-generation bank detected irregular transactions during routine scrutiny by its strengthened anti-fraud unit.

The bank immediately escalated its findings to the EFCC, prompting the comprehensive investigation that resulted in Nwaobi’s arrest and prosecution.

The bank noted that the incident further highlights the importance of robust internal controls and reaffirmed its commitment to sanitising the banking sector.

It explained that it has invested in enhanced fraud-monitoring systems, continuous staff ethics training, and stronger compliance processes to safeguard customer funds and maintain public trust.

The EFCC told the court that Nwaobi used his position to access and manipulate account records without authorisation.

The defendant, however, pleaded not guilty to all the charges.

Justice Ajah ordered that the defendant be remanded in EFCC custody pending consideration of his bail application and adjourned the case to a later date for trial.

The EFCC assured that it will continue to collaborate with financial institutions to curb insider fraud and protect the integrity of Nigeria’s financial system.

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