Ex-Banker Arraigned for Allegedly Diverting Customer’s $510,000

An ex-banker has been arraigned for allegedly diverting a customer’s $510,000.

Glamtush reports that Access Bank is once again grappling with damaging publicity after its former Head of Operations, Obinna Nwaobi, was arraigned for allegedly diverting $510,000 belonging to a customer and forging documents to cover his tracks, an incident that raises new concerns about internal controls and corporate governance within the bank.

The Economic and Financial Crimes Commission (EFCC) revealed the development in a statement on Friday, confirming that Nwaobi was brought before Justice F. O. Giwa-Ogunbanjo of the Federal High Court in Enugu, where he pleaded not guilty.

According to the EFCC, Access Bank itself filed a petition on September 11, 2024, admitting that massive unauthorized transfers had been carried out under the supervision of its senior operations executive.

The Commission stated that Nwaobi allegedly authorized the movement of $510,000 from the account of Lantern Gate Nigeria Limited into six different accounts without customer approval, a breach that raises serious questions about Access Bank’s monitoring systems and oversight practices.

The customer’s representatives reportedly denied ever issuing instructions for the transfers, further exposing gaps in the bank’s internal authentication processes.

Nwaobi now faces a nine-count charge bordering on forgery and criminal diversion, offences which violate Section 1(b) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

Count seven of the charge read: “That you, Obinna Nwaobi while being (Head of Operations) of Access Bank Nigeria Plc, Enugu branch on or about the 8th day of August, 2024 in Enugu State, within the jurisdiction of the Federal High Court of Nigeria, induced Access Bank Nigeria Plc to transfer a total sum of Five Hundred and Ten Thousand United States Dollars ($510, 000.00) from LANTERN GATE NIGERIA LIMITED Access Bank Account number 0761770127 under the false pretence that Lantern Gate Nigeria Limited gave her consent and mandate for the said transfer which pretence you knew to be false and you thereby committed an offence contrary to Section 1 (b) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act.”

Count eight of the charge read: “That you, Obinna Nwaobi while being (Head of Operations) of Access Bank Plc, Enugu branch on or about the eight day of August, 2024 in Enugu State, within the jurisdiction of the Federal High Court of Nigeria, knowingly forged a document to Wit: “Access Bank Domestic Fund Transfer Form “D”, dated 28th August 2024, knowing same to be false and with intent that it may be acted upon as genuine to the prejudice of Access Bank Plc and you thereby committed an offence contrary to Section 1 (2) (a) of the Miscellaneous Offences Act 2004 and punishable under Section 1 (2) of the same Act.”

The defendant pleaded not guilty to all the charges when they were read to him.

However, defence counsel, F. C. Obinna, informed the court about a bail application before it, dated October 24, 2025, and supported by an eight-paragraph affidavit. He adopted the same and prayed the court to admit his client to bail.

Reacting to the said application, counsel to the EFCC, Assistant Commander of the EFCC, ACE II Mainforce Adaka Ekwu, vehemently opposed the application via an 11-paragraph counter affidavit filed on November 12, 2025.

While relying on the said counter affidavit, the prosecution urged the court to refuse the said application because “the quality of evidence we have in our proof of evidence might put fear in him, and he might want to abscond.”

After listening to both parties, the court granted the defendant bail in the sum of N250 million (Two hundred and fifty million naira) and three sureties in like sum. Two of the sureties shall have landed properties in Enugu State, and the papers of the said properties must be submitted to the court.

“The third surety shall be a relative of the defendant, who shall deposit evidence of tax payment for three years. The defendant and the sureties shall deposit two passports each to the court, and the defendant shall deposit his international passport and National Identification Number to the court until the determination of this case.”

The matter was adjourned to March 10, 11, and 12, 2026, for trial, while the defendant remains remanded at the Nigeria Correctional Service facility in Enugu.