According to the EFCC spokesperson, Dele Oyewale, the commission received a petition from the bank on 22 June, alleging that funds were withdrawn from the company’s Debt Service Reserve Account (DSRA) without authorisation.
The petition alleged that the withdrawals were carried out in three separate transactions of ₦200 million, ₦150 million and ₦165 million on 17 July 2024.
The bank claimed that the transactions were processed at its Okpara Avenue branch in Enugu using forged documents and were authorised by Mr Nwaobi, who was then serving as its head of operations.
The bank also alleged that the account, which was reactivated in June 2024, was not placed under a Post No Debit (PND) restriction, a measure expected to prevent unauthorised withdrawals.
The EFCC said preliminary investigations revealed that the account was specifically opened for the repayment of a Bank of Industry loan and was not intended for regular transactions.
The commission explained that withdrawals or transfers to third-party accounts from such accounts require approval from the account officer, regional manager and credit monitoring team. However, it alleged that the ₦515 million transactions were processed without the necessary approvals.
The latest investigation comes as Mr Nwaobi is also facing trial over the alleged diversion of $510,000 belonging to another Access Bank customer, Lantern Gate Nigeria Limited.
He was arraigned before the Federal High Court in Enugu in November 2025 on nine charges bordering on forgery and criminal diversion.
The EFCC alleged that the $510,000 was transferred into six different accounts without the customer’s consent. One of the charges accused him of misleading the bank into believing that Lantern Gate had authorised the transactions.
Mr Nwaobi pleaded not guilty to the charges. The court granted him bail in the sum of ₦250 million, with three sureties required to provide the same amount.
The case was subsequently adjourned to 10, 11 and 12 March 2026 for trial.
The EFCC has not disclosed the name of the bank involved in the latest ₦515 million allegation, although it confirmed that the transactions were processed through its Okpara Avenue branch in Enugu.
The commission said Mr Nwaobi would be charged in connection with the latest allegation after investigations have been concluded.
