A former Head of Operations at Access Bank, Obinna Nwaobi, has been arraigned before the Federal High Court in Enugu for allegedly diverting $510,000 belonging to a bank customer and forging documents to cover the transaction. Akahi News gathered that the Economic and Financial Crimes Commission (EFCC) brought the charges following a petition lodged by the bank in September 2024.
How the Alleged Fraud Was Uncovered
According to information released by the EFCC, the matter originated from a petition dated September 11, 2024, in which Access Bank Plc alerted the Commission to suspicious and unauthorised transfers made from the account of Lantern Gate Nigeria Limited.
The petition alleged that $510,000 was moved into six different accounts based on authorisation supposedly issued by the defendant, who was then the Head of Operations. However, representatives of the customer reportedly denied giving any such instruction, prompting a deeper probe.
Journalists gathered that the EFCC’s investigation led to a nine-count charge bordering on forgery and criminal diversion, offences said to contravene Section 1(b) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
What Happened in Court
When the matter came up before Justice F. O. Giwa-Ogunbanjo, the defendant pleaded not guilty to all nine charges. His counsel, F.C. Obinna, immediately adopted a bail application filed on October 24, 2025, urging the court to grant bail on liberal terms.
However, the EFCC, represented by Assistant Commander Adaka Ekwu, strongly objected to the request. He relied on an 11-paragraph counter-affidavit filed on November 12, 2025, arguing that the weight of evidence already assembled could motivate the defendant to flee if released without strict conditions.
According to Akahi News, the prosecution insisted that “the quality of evidence we have in our proof of evidence might put fear in him, and he might want to abscond.”
The Court’s Decision on Bail
After listening to arguments from both sides, Justice Giwa-Ogunbanjo granted bail in the sum of N250 million, with three sureties in like sum.
Key bail conditions include:
- Two sureties must possess verifiable landed properties in Enugu State, and their title documents must be deposited with the court.
- The third surety must be a relative of the defendant and must present evidence of tax payment for the last three years.
- The defendant and his sureties must each submit two passport photographs.
- The defendant must deposit his international passport and National Identification Number (NIN) with the court until the case concludes.
The judge further ordered that the defendant be remanded at the Nigeria Correctional Service facility in Enugu pending the perfection of his bail requirements.
Next Steps and Adjourned Dates
The case has been adjourned to March 10, 11, and 12, 2026, for continuation of trial.
Observers note that the matter will test the EFCC’s evidence and the defence’s ability to counter allegations of unauthorised financial diversion within one of Nigeria’s leading banking institutions.
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By Joseph Iyaji | Akahi News
Joseph Iyaji is a journalist, educator, and founder of Akahi G. International, Akahi Tutors, and Akahi News. Read more about him here.
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