Former Access Bank Operations Head Arraigned for Alleged $510,000 Fraud and Document Forgery

A former Head of Operations at Access Bank Plc, Mr. Obinna Nwaobi, has been brought before the Federal High Court in Enugu over allegations that he diverted $510,000 belonging to a bank customer and forged documents to facilitate the transaction. His arraignment follows months of investigation initiated by the Economic and Financial Crimes Commission (EFCC).

The EFCC disclosed the development in a statement on Friday, noting that its Enugu Zonal Directorate had filed a nine-count charge against the defendant. The charges revolve around criminal diversion, forgery, and actions said to violate Section 1(b) of the Advance Fee Fraud and Other Fraud-Related Offences Act of 2006.

How the Case Began

According to the EFCC, the matter was formally reported on September 11, 2024, when Access Bank submitted a petition alerting investigators to suspicious withdrawals. The petition alleged that $510,000, belonging to a corporate customer, Lantern Gate Nigeria Limited, had been transferred out of its account without authorization.

The bank stated that internal checks linked the unauthorized transactions to Mr. Nwaobi, who at the time served as Head of Operations. Six separate accounts allegedly received the funds. Representatives of Lantern Gate Nigeria Limited reportedly confirmed that they never issued or approved any instruction for such transfers—raising immediate red flags.

Following preliminary investigations, the EFCC invited the former bank official for questioning, eventually leading to his arrest and subsequent arraignment.

Court Proceedings

When the matter was called before Justice F. O. Giwa-Ogunbanjo, the defendant pleaded not guilty to every count. His counsel, F.C. Obinna, drew the court’s attention to an earlier bail application dated October 24, 2025. He argued that the defendant was prepared to meet any reasonable bail conditions and should not be subjected to prolonged detention.

However, EFCC counsel, Assistant Commander Adaka Ekwu, opposed the request. In an 11-paragraph counter-affidavit filed on November 12, 2025, the Commission argued that the weight of evidence contained in its case file may motivate the defendant to abscond if granted unrestricted freedom. Ekwu urged the court to adopt stricter conditions or deny bail altogether.

Judge’s Ruling on Bail

After listening to both sides, Justice Giwa-Ogunbanjo granted bail but set stringent conditions. The defendant must provide a bail bond of ₦250 million and three sureties of the same amount. Two of the sureties must possess landed property within Enugu State, with ownership documents deposited at the court registry.

The third surety must be a blood relative who can show evidence of tax payments for the past three years. Additionally, the defendant is required to submit his international passport, National Identification Number slip, and two passport photographs. His sureties must also submit passport photographs.

Until the bail conditions are fully met, the former bank manager will remain in the custody of the Nigerian Correctional Service in Enugu.

Next Steps in the Case

The court has fixed March 10, 11, and 12, 2026 for the commencement of full trial. The EFCC, which maintains that the funds were intentionally diverted, says it is prepared to present extensive documentary evidence and witness testimonies.

Meanwhile, the case has renewed public conversations about internal fraud within banking institutions and the importance of accountability in financial operations.